Foundational Estate Planning
For individuals planning for a Revocable Living Trust (“RLT”) Plan the planning includes:
- The wishes and desires of the individual;
- Memorializing the planning objectives the individual has for his or her property and family, including any desire for asset protection planning for the inheritance that is being passed on; and
- If the individual has minor children, any special planning that is desired for the minor children (Children’s Legacy Plan).
For married couples planning for a Revocable Living Trust plan the planning includes:
- The wishes and desires of the couple;
- The planning objectives the couple has for their property and family, including any desire for asset protection planning for the inheritance that is being passed on;
- Income and estate tax planning; and
- If the couple has minor children, any special planning that is desired for the minor children (Children’s Legacy Plan).
For unmarried domestic partners, the Revocable Living Trust Plan involves the preparation of two individual coordinated estate plans for the couple.
- The wishes and desires of the couple
- The planning objectives the couple has for their property and family, including any desire for asset protection planning for the inheritance that is being passed on; and
- If the couple has minor children, any special planning that is desired for the minor children (Children’s Legacy Plan)
Advanced Estate Planning
Advanced estate planning options may include the irrevocable life insurance trust (“ILIT”), the Supplemental Needs Trust or Special Needs Trust (“SNT”) for special needs and disabled persons, and the IRA Retirement Trust for retirement plan assets (“IRA Trust”).
Additional Advanced Estate Planning
Additional Advanced estate planning options may include the intentionally defective Grantor trust (“IDGT”), a qualified personal residence trust (“QPRT”), a Family Limited Partnership (“FLP”) or Business Succession Planning for small and medium sized businesses.
The IDGT takes advantage of a tax code quirk classifying the owner of a trust differently for estate tax purposes than for income tax purposes. The IDGT allows a person to lower his or her taxable estate while gifting assets to beneficiaries at a locked in value. The Grantor (creator) of the trust can also lower his or her taxable estate by paying income taxes on the trust assets, essentially gifting extra wealth to beneficiaries.
A Qualified Personal Residence Trust (“QPRT”) is an irrevocable Grantor trust in which the “Grantor” contributes a “personal residence” to the trust, but receives the right to use the personal residence for a term of years. This contribution counts as a gift to the trust subject to gift tax but because the Grantor retains the right to live in the residence for a term of years the value of the gift is “discounted” based upon the length of the term retained by the Grantor.
A Family Limited Partnership (“FLP”) is a partnership between at least one General Partner and at least one Limited Partner where the partners are family members. Frequently the General Partner owns the assets in the FLP but it can be a limited liability company, a corporation, a Trust or someone else in the family. FLPs are used to reduce the size of an estate, and the resultant estate taxes. This is done through “valuation discounts” meaning, the value of all the partnership interests in the partnership always add up to less than the value of the underlying assets.
Education and Special Education Legal Representation
DEDICATED TO PROVIDING ADVICE AND ADVOCACY IN EDUCATION AND SPECIAL EDUCATION MATTERS
At the Cox Law Group, we are dedicated to helping you make sure your child receives the education and assistance he or she is entitled to by law.
We regularly work with parents and schools on a wide range of education issues. Whether you are working to see that your child receives the special education programs he or she is legally entitled to receive, including whether you want your child’s Individualized Education Plan (IEP) evaluated for compliance and measurability, you are fighting to prevent the suspension or expulsion of your child from public school, your public or private school needs assistance maintaining compliance with state and federal requirements for special education programming, we can help
We represent students suffering civil rights violations and discrimination in school.
Our practice is devoted to helping you help your child.
If you believe your child is not receiving the services he or she needs, your child’s IEP is inadequate, you need representation at a Bureau of Special Education Appeals (BSEA) hearing or IEP Team Meeting, your child is being wrongly disciplined, your child has been discriminated against, your child is charged with a crime, or your school is seeking guidance on compliance with special education requirements, contact us anytime. We are happy to answer your questions and discuss how we can go to work for you.
With over 20 years of experience in Maryland public & private education, we serve clients throughout the State of Maryland.