Why should I consider creating a revocable living trust? | Freilich Law | Michael Freilich | freilichlaw.com | (410) 321-0040
In many states, a revocable living trust avoids probate taxes. It will not avoid many federal estate taxes. Another reason to do it is secrecy. No one will know what you had or how you gave it away. In Maryland, we rarely do revocable living trusts because they will not save that much in taxes because most of the time the taxes come in at a 1% or no percent, because most of the time the property goes to children.
It does speed up the probate process, but again, it avoids the, if you will, the decisiveness of a court order, the getting rid of debts and other things. It’s just not necessarily preferred in Maryland. Although we do them in specific instances, there really has to be a good need to use a revocable living trust. Revocable means you can revoke it up to any time prior to your death.
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