There are several types of trusts you can create in Maryland, including inter vivos trusts such as revocable and irrevocable trusts, each of which can have specific goals like special needs for disabled beneficiaries, generation skipping trusts, marital trusts, or qualified terminable interest property trust (QTIP trusts). Trusts in Maryland are governed by the Maryland Trust Act which is codified in the Estates and Trusts Article of the Maryland Annotated Code. Trusts can also be created in a will as well, in which case they are called testamentary trusts. Different types of trusts have different tax obligations. Reach out to Saltzman Law if you have questions about what type of trust might be best for you.

Purchases can range from the purchase of the assets of a business to the purchase of stock or membership interests. If you have identified a business you would like to purchase, make sure to conduct your due diligence and obtain a fair valuation of the business. If you will need financing, it is a good idea to have a loan set up prior to moving forward. You will then need to agree to the material terms of the sale prior to executed a Purchase Agreement. It is crucial to hold all necessary permits and licenses, which might involve purchasing these from the prior owner. If you are purchasing membership interests in an LLC, you will likely need to update the LLC’s Operating Agreement. Purchasing a business can be complicated and case dependent, so it is important to have an attorney assist you during the process.