Maryland Revocable Living Trust Lawyer: What Assets Cannot Be Included in, or Transferred to, a Maryland Revocable Living Trust?

If you have created a Revocable Living Trust, to plan for mental disability and avoid probate, among other benefits, you still have the additional step of funding the trust. Knowing what assets can be included is the next step in the process but deciding what assets should be included is just as important. For a free, confidential conversation to learn the benefits and limitations of a Revocable Living Trust, the consequences of including certain assets in a Trust, and if a Trust or other estate planning options would be best for you and your family, contact Maryland estate planning attorney Stephen J. Reichert at 410-299-4959, sreichert@reichertlegal.com or by clicking here.

Qualified retirement accounts such as 401(k)s, 403(b)s, IRAs and qualified annuities, typically should not be retitled into the name of your Revocable Living Trust as the value of the transfer is subject to income tax. Instead you can name the Trust as a primary or secondary beneficiary of the account.

Health savings accounts and medical savings accounts cannot be transferred to the Revocable Living Trust. Instead you could name the Trust as a primary or secondary beneficiary of the account.

UTMA and UGMA accounts for the benefit of a minor child cannot be added to a Revocable Living Trust as the child is deemed to be the owner of the account.

Some life insurance policies cannot be transferred to a Revocable Living Trust. You will need to review your policy and consult an attorney regarding this matter.

These are examples of the most common assets that individuals wish to transfer to a Revocable Living Trust but that they may not be able to, though there are other assets that also cannot be transferred. For a free, confidential conversation to learn the benefits and limitations of a Revocable Living Trust, the consequences of including certain assets in a Trust, and if a Trust or other estate planning options would be best for you and your family, contact Maryland estate planning attorney Stephen J. Reichert at 410-299-4959, sreichert@reichertlegal.com or by clicking here.

Mr. Reichert personally serves clients, either in-office or at your residence, throughout most of Maryland including Baltimore, Baltimore County, Anne Arundel County, Howard County, Carroll County, Harford County, Frederick County, Montgomery County, Washington County, Cecil County, Calvert County, Prince George’s County, Kent County, Queen Anne’s County and Talbot County.