Annapolis Asset Protection Attorney
You have worked hard throughout your life to reach certain milestones such as buying a house, owning your own company, or sending your children to college. As your assets grow, it is important you manage them wisely, both during your lifetime and also deciding how they will be distributed among those you love are your death. There are many ways within estate planning and elder law to protect assets and property. The best solution is one that is custom-tailored to meet your individual family situation and your wishes. If you are considering how best to protect your assets, it is time to speak with a qualified Annapolis asset protection attorney about trusts, tax implications, and more.
What Assets Need to Be Protected?
According to the 2017 Phoenix Wealth & Affluent Monitor, Maryland ranked as the wealthiest state in the nation with the most number of penta-millionaires, who have over $5 million in assets. Regardless of whether or not you sit in that upper-echelon of Maryland residents, chances are you have assets to protect. The average house in Annapolis was reported to be $429,000 by RedFin in April 2020.
Asset protection is a way to ensure that your wealth isn’t seized by creditors or through other losses while still following the laws and accurately reporting assets. At Frame and Frame we help our clients with a range of asset protection plan for the following:
- Retirements accounts, including IRAs and ERISA plans;
- Creating Family Limited Partnerships (FLPS);
- Setting up asset protection trusts;
- Homestead exemption and tenancy;
- Annuities and life insurance;
- Disability income;
- Tax implications from inheritance; and
Why is Asset Protection Necessary For Me?
Yes, there are certain professions, such as doctors or business owners, that may be more likely to be involved in a lawsuit and need asset protection, but there are many other reasons to look into asset protection including:
- If one spouse gets ill, the medical care costs associated with long-term care could destroy the assets of both partners unless there is asset protection in place;
- A trust allows a special needs child to get continued care after the parents die;
- If you become involved in a civil lawsuit from an event such as a car collision, the injured party cannot go after your assets that are protected;
- After a parent dies, asset protection ensures family members can have access to retirement accounts and other benefits;
- If a business owner passes away, asset protection can safeguard the profits and company assets from creditors; and
The Best Time For Asset Protection is Now
Asset protection is about planning for the unforeseeable future. While you may be thriving now, you want to ensure you and your family retain control over your assets by doing the necessary asset protection planning. An experienced Annapolis asset protection attorney can examine your situation and help you determine what solution is best. Contact Frame & Frame in Annapolis at 410-255-0373 to schedule a free consultation today.