Glen Burnie Asset Protection Trusts Lawyer

Asset Protection Trusts Attorney in Glen Burnie

Your future and financial stability are under scrutiny, so your most suitable option is to approach a well-informed Glen Burnie asset protection trusts lawyer. Our trusts lawyers in Glen Burnie at Liberty Legacy Law Group assist families with creating trusts that meet the requirements of Maryland asset protection trust laws and are customized to maintain wealth across generations.

We know the community well and have resources in the area, like the Circuit Court for Anne Arundel County in Annapolis, which helps us assist the residents of Glen Burnie with preserving their assets and having their families well taken care of.

Why You Should Hire an Asset Protection Trusts Lawyer

One of the most effective ways to protect your assets and make sure that your wishes are fulfilled in the event of your death is by establishing a trust that is precise and adheres to Maryland laws. Your trust may be the subject of legal disputes or court hold-ups, particularly when there is an error in how it was created.

To protect your wealth in Glen Burnie, you should hire an asset protection trusts lawyer who is familiar with Maryland trust laws and local court procedures.

According to recent data, 10.2 percent of Americans aged 65 and above, or 5.9 million individuals, live below the official poverty line. This highlights the importance of appropriate financial and estate planning for the elderly.

A survey by WealthCounsel found that 35 percent of respondents have experienced, or know someone who has experienced, conflict within their family as a result of having no estate plan in place.

An experienced Glen Burnie trusts attorney can assist you in drafting the appropriate trust, establishing clear terms, and making sure that everything is in compliance with state regulations to minimize the risks of expensive litigation.

Navigating Trust Laws in Maryland

The creation and administration of a trust in the state of Maryland should be done with the state law in mind. The Maryland Trust Act establishes the requirements for creating a trust, the duties of trustees, and the rights of beneficiaries. The laws also state the manner in which assets should be managed and provide a solution in case of breach of fiduciary duty or conflict.

Types of Trusts in Maryland

There are several types of trusts that you can create to fit the needs of your estate. Each one can serve a different purpose in your estate plan.

• Revocable Living Trusts: You can move assets in your lifetime, but still maintain control over them. Revocable living trusts may be changed or dissolved, and they can prevent the lengthy probate process in the Circuit Court for Anne Arundel County.
• Irrevocable Trusts: These trusts may be used to protect your assets from creditor, lawsuits, and long-term care costs, as well as potentially minimizing taxes.
• Testamentary Trusts: You establish a testamentary trust in your will. It comes into effect when you pass on and allows you to manage how and when your beneficiaries can access the assets.
• Spendthrift Trusts: These trusts are created to ensure that an inheritance is not squandered by beneficiaries or lost to creditors.

There are other specialized trusts, like special needs trusts and charity trusts, that allow you to protect loved ones without risking their eligibility for government programs and give you the opportunity to leave a philanthropic legacy, respectively.

Why Choose Liberty Legacy Law Group?

Liberty Legacy Law Group founders Kaitlyn Tauber and Melissa Paddy are lifelong Maryland residents and have been friends for more than three decades, bringing a unique sense of trust and collaboration to the practice. They combine their personal bond with professional dedication to serve hardworking families and individuals with care and integrity.

Speak With Liberty Legacy Law Group

The right trust can provide a sense of ease. A seasoned trusts attorney can take you through the process of establishing and managing a trust, making sure it is up to date with Maryland law, and assist with any disputes.

At Liberty Legacy Law Group, we are dedicated to offering helpful advice for your specific situations. Contact us today to set up a consultation and find out how we can assist you with estate planning.