In Maryland, certain laws provide heightened protection for estate owners. These laws prevent the seizure of property during the probate process. They help estate owners secure their wealth for their heirs through estate planning practices. An estate law attorney in Bel Air, MD, identifies methods for acquiring this greater level of asset protection.
Reducing the Tax Implications for Heirs
The early transfer of ownership for key properties reduces the tax implications. The estate owner could transfer the title of their primary home to their children, once they reach a certain age. This gives the estate owner rights to the property and helps their heirs avoid inheritance taxes entirely.
Setting Up Trust Funds for Children
Trust funds are a vital method of providing financial support for children. The estate owner can deposit any value they choose into these accounts. They won’t face tax implications for any funds they place into the trust fund. They can control the tax implications for their children by limiting the value disbursed each year. They could also add provisions to prevent the unethical use of the funds by a caregiver.
Creating an Irrevocable Trust
An irrevocable trust allows the transfer of any property out of the estate. Once it is transferred, it is the property of the trust. These properties aren’t included in the probate process as they are excluded from the estate. The estate owner has full control over the trust throughout their entire lives.
Setting Up a Health Care Plan
A health care plan identifies an individual who will pay medical decisions for the estate owner. A power of attorney also provides this individual with access to the estate owner’s assets. Provisions prevent the unlawful use of assets and properties.
In Maryland, certain laws apply to asset protection strategies. These strategies allow the estate owner to make decisions about their property and assets. They also prevent creditors from seizing vital properties if the estate owner has outstanding debts when they die. Estate owners who need help with these strategies should hire an estate law attorney in Bel Air, MD, by contacting Michael S. Birch, attorney at law, or browsing through this website for more details.
