When an individual wants to prepare for what will happen after their death, they can create an estate plan. This allows them to have control over what happens to their assets and cherished belongings when their life is over. It is important that when an individual does this, they create a comprehensive plan. There are many factors to consider when creating an estate plan. One part of this process to create a thorough estate plan is asset preservation. Asset preservation allows a person to pass along their assets and limited tax liability to preserve their wealth and give more to their beneficiaries. Doing this is often complex, which is why it is helpful to enlist an experienced attorney to navigate the process.
It is important for a person to plan for their future. A comprehensive estate plan allows them to do just that. This allows them to protect their wealth in a way that benefits themselves as well as their heirs. When an individual wants to protect their wealth, there are certain factors to consider when creating an estate plan. This can include:
- Creating trusts that aim to preserve assets
- Family limited partnerships
- Foreign annuities
- Private placement insurance
Asset Protection Plans
It is important to create an asset protection plan that keeps financial exposure to a minimum. Life can create many unpredictable situations for people. This is why it is important to be prepared for the future. Like many things, it is always beneficial to be over-prepared for the unknown rather than to be caught off guard by the unexpected. This is why it is beneficial to have an asset protection plan in place before issues may arise where it can become needed.
There are a number of things to take into consideration while creating an asset preservation plan. Some things an individual may want to keep in mind is their professional status, family status, the state of Maryland’s estate laws, asset holdings, insurance coverage, and charitable giving. Because no one can predict what may happen in their life, it is important to plan ahead to ensure the safety of their wealth. There are several situations that an individual may benefit from if they have an asset protection plan in place. This can include:
- Debt claims
- Failed business ventures
Contact our Firm
If you or someone you know is looking to create an asset preservation plan and needs the assistance of an experienced attorney, contact JD Katz, Attorneys at Law today.
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.