Asset Protection

Prince George’s County Estate Planning Attorney Helping People Protect Their Assets

Many Marylanders acquire substantial wealth throughout their lives. If they fail to take the steps necessary to safeguard their assets, though, and pass away without a will, it can lead to contention between their loved ones, significant tax consequences, and distributions that do not align with their wishes. Additionally, many people with significant assets face the risk of exposure to liability in civil matters. It is critical, therefore, for people that want to preserve their property during and after their lifetime to speak to an attorney about their options. Robin Rucker Gaillard is a seasoned Prince George’s County estate planning lawyer who can inform you of what asset protection measures you can take to protect your interests, and if you retain her services, she will develop a comprehensive plan tailored to meet your goals. Ms. Gaillard’s office is located in Largo, and she regularly aids people with estate planning matters in cities throughout Prince George’s County.

Asset Protection

Doctors, lawyers, and other Maryland professionals that provide services or goods to clients or engage in business pursuits frequently earn a substantial income and, over time, accrue vast wealth. Unfortunately, their professional interactions often expose them to liability by way of civil lawsuits. Many people are the target of civil claims for non-business-related reasons as well. Additionally, people with substantial wealth may be at risk of losing their assets to creditors.

Regardless of the kind of exposure people face, there are estate planning tools they can use to protect their interests. For example, it may benefit people that own businesses or rental properties to create family limited partnerships. A family limited partnership, essentially, is a contract between family members that are actively involved in a trade or business, which includes owning investments or real estate. In many family limited partnerships, a parent is named as a general partner, and their children are deemed limited partners. After the creation of a family limited partnership, assets are transferred to the partnership, which offers tax benefits, and protection from judgments and creditors.

Wealth Preservation

People with substantial assets will often benefit from the use of trusts as well, as they can help them preserve generational wealth. After a grantor creates a trust, they will transfer property into the trust. The property will be distributed to the beneficiaries of the trust pursuant to the trust’s terms instead of being disbursed to parties via a will.

Generally, trusts are either living or testamentary. Living trusts are active and complete when the grantor transfers assets into the trust. In other words, they are effective while the grantor is alive, and the grantor no longer owns the assets once they are transferred to the trust. A living trust may be irrevocable or revocable; however, only irrevocable trusts offer significant asset protection. Specifically, they can reduce capital gains and income taxes, allow beneficiaries to avoid estate taxes, and protect the property within the trust from exposure.

Testamentary trusts do not become effective until the grantor’s death. Typically, they are established via wills. Testamentary trusts offer some of the benefits of living trusts, such as allowing parties to dictate the distribution of their estates, protection from lawsuits and creditors, and the potential reduction of income and capital gains taxes. They do not provide relief from estate taxes, though, or allow people to avoid probate.

Discuss Your Needs with a Skilled Prince George’s County Estate Planning Attorney

Parties with significant assets often harbor justified fears that inadequate planning and oversights could expose their estate to significant taxes, unintended disbursements, and creditors. Thus, it is smart for anyone seeking asset protection to meet with a lawyer as soon as possible. If you need assistance with an estate planning matter, Robin Rucker Gaillard is a capable Prince George’s County attorney who can advise you on what estate planning tools may be suitable to help you meet your goals. Ms. Gaillard has an office in Largo, Maryland, and she regularly represents people in divorce actions in cities throughout Prince George’s County. She also helps people with other family law issues in Montgomery, Anne Arundel, Charles, Calvert, Howard, Frederick, Queen Anne’s, and Baltimore Counties. You can contact her via her form online or by calling her at (301) 363-2933 to set up a confidential conference to discuss your case.