Maryland Asset Protection Attorney
Estate Planning Lawyer 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.
What Types of Asset Protection Are Our Attorneys Experienced With?
For many people, what they leave behind for their loved ones is a large part of their legacy. The financial and emotional value of your property can have great significance for your heirs, spouse, and friends and family, and it is important to protect these assets so that they are not diminished upon your passing. The Maryland asset protection attorneys at our office are knowledgeable in all areas of asset protection, and regularly assist clients in the following ways:
- Homestead Exemption: According to the Maryland Department of Assessment and Taxations, increases in property tax due to rising property value are maxed out at 10 percent per year;
- Tenancy by the Entirety Issues: If one spouse dies, the property automatically goes to the other spouse and bypasses probate because when a married couple owns real property they do not own it as two individuals, but as one entity. However, issues of tenancy may arise, such as when one spouse has debt being pursued by creditors;
- Retirement Accounts such as IRAs and ERISA Plans: An attorney is necessary to ensure that your beneficiaries have access to your pension plan, IRA account, ERISA plan, and 401(k) account. Other actions may also be necessary, such as changing a traditional IRA account into a Roth IRA, according to S. News & World Report, in which taxes are paid for up front;
- Medicaid Planning: To ensure quality long term living care, such as assisted living or a nursing home, most people need to set up a Medicaid trust in order to protect their personal assets;
- Establishing Trusts: Depending on your asset protection needs, you may greatly benefit from a revocable living trust, irrevocable trust, special needs trust, or another type of trust designed to reduce taxation, avoid probate, or help a loved one continue receiving certain benefits after you are gone;
- Life Insurance Benefits: Our attorneys regularly assist clients with obtaining benefits owed to them by life insurance policies;
- Managing Estate and Inheritance Tax: Estate tax can be managed by the creation of various types of trusts or by careful gift planning, while avoiding or minimizing inheritance tax is another important thing to plan for given that Maryland is only one of six states to impose an inheritance tax; and
- Senior Asset Protection: We can help you manage the hurdles that stand in the way for senior citizens when it comes to assets loss.
We also have extensive knowledge regarding Maryland business laws, including the Maryland Corporations Act, the Maryland Limited Liability Company Act, and the Maryland Revised Uniform Partnership Act.
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.
Contact Our Maryland Asset Protection Attorneys Today
A Maryland asset protection attorney can help you maximize the assets that your beneficiaries receive by managing inheritance tax, carefully planning for Medicaid-assisted long term care, managing estate taxes, and much more. To find out about your valuable legal services and what we can do for you, reach out to the experienced Maryland asset protection attorneys of Frame & Frame today. Asset protection is a complicated area of Maryland law, and because the stakes are so high, we strongly urge you to work with a fully qualified estate planning attorney.Call or contact the Maryland asset protection attorneys at Frame & Frame today.