As you go throughout your life and plan ahead for your future years, asset protection becomes important alongside your estate plan. Having built your life or even your business in Maryland, you must think about how your own accumulation of wealth and assets might be perceived by others.
In looking at your total financial life, integrated estate and asset protection planning is not just about accumulating personal wealth. From insurance coverage to legal documents and strategies, asset protection planning can both deter lawsuits and allow for protection if a lawsuit or claim is brought against you.
It is also about protecting your personal savings, assets, and your income from unexpected events can damage your finances. A fully prepared asset protection plan can accomplish:
- Offer asset protection from creditors who might try to attach personal assets in a judgment
- Determine who maintains control of assets in situations involving incapacitation
- Enable controlled gifts to family members that protect those family members from spendthrifts
- Protect yourself and your financial future from frivolous lawsuits or malpractice claims lodged due to the perception that you have assets open to attach
As a professional, you have put too much energy, time, and passion into building your life and career without unnecessarily exposing yourself to creditors. For more information about proper asset protecting planning in Maryland, contact an experienced estate planning lawyer today.