FAQ Friday: Older trusts-do you need an update?

On Friday, March 29th attorney Steven M. Berger discusses older trusts and whether or not you might need an update.

Trusts done 15-25 years ago and they are out of date. They are AB trusts and were often advertised as the only appropriate trust out there. At the time that made sense, but that is no longer the case.

In the year 2000, the federal and Maryland exemption was $675,000. By 2009, the federal was 3.5 million and Maryland was $1M.

A lot of trusts weren’t administered in the meantime due to the complexity. With all the changes in exemption amounts and estate law, the AB trusts are no longer a good option.

Give us a call and we would love to update your documents so that your representatives aren’t left with a complex estate.

---

Submit your question

Bring your questions about estate planning and administration to our weekly Facebook Live with Mr. Berger on Fridays at 11am EST. Leave your email if you’d like to receive a notification of our response.