Estate Planning Law Firm Assisting Clients with Asset Protection in Maryland
When you begin the process of estate planning in Maryland, it is important to think about asset protection. Generally speaking, asset protection is one area that falls within the larger legal realm of estate planning and elder law.
With estate planning tools tailored to your individual needs, we can help to ensure that your assets are protected during your lifetime, and that your assets are distributed to your family members and other loved ones in the way you design after your death. Every situation is different, and there are numerous ways in which seniors can protect their assets and property. Whether you are interested in establishing a trust or learning more about estate and inheritance taxation in Maryland, one of our dedicated advocates can assist you.
Given the complexity of asset protection in Maryland, it is important to work with an experienced Maryland asset protection attorney as you establish trusts and plan for tax implications. Contact the law firm of Frame & Frame to learn more about the services we provide to our clients including seniors throughout the state.
Asset Protection Issues Our Firm Handles
At Frame & Frame, our experienced lawyers regularly assist clients with many different methods of asset protection. Whether you have a small business that you want to protect in the event of your death, or you have concerns about protecting certain property so that it can benefit your children later on, our firm can assist you. We help Maryland residents with a wide variety of asset protection plans, including but not limited to those associated with the following:
- Homestead exemption and tenancy by the entirety issues;
- Retirement accounts, including IRAs and ERISA plans;
- Disability income benefits for your family;
- Assets during Medicaid planning;
- Establishing trusts, such as a revocable living trust, irrevocable trust, or special needs trust;
- Obtaining life insurance benefits;
- Managing estate and inheritance tax implications; and
- Maryland business laws, such as the Maryland Corporations Act, the Maryland Limited Liability Company Act, or the Maryland Revised Uniform Partnership Act.
- Senior Asset Protection Issues
No matter what kind of asset protection question or concern you have, a Maryland asset protection attorney at Frame & Frame can speak with you today about your situation.
Examples of Asset Protection Issues in Maryland
Asset protection can be very broad when it comes to estate planning in Maryland. Examples of some common asset protection inquiries include but are not limited to:
- Ensuring that a healthy spouse can retain assets when an ill spouse requires long-term care;
- Creating a trust so that a special needs child can have care in the event of the parent’s illness or death;
- Limiting estate and tax liabilities for the next of kin after a parent or other loved one dies;
- Ensuring that family members have access to retirement and other accounts or benefits; and/or
- Safeguarding business profits and other assets when the business owner passes away.
As we mentioned, these are just a handful of examples of situations in which asset protection can help to shield your family from financial liabilities and losses.