How can I protect my assets from creditors?

Asset protection law in Maryland provides several strategies that can be used to protect your assets from creditors. The first strategy is to create a revocable trust. This type of trust allows the owner to keep control of the assets and modify or terminate the trust agreement at any time. Additionally, assets placed in trust are not considered part of the owner’s taxable estate. Another tool for asset protection in Maryland is to create a limited liability company (LLC). An LLC provides a layer of protection between personal assets and business liabilities. It works by separating the assets and liabilities held by the LLC from those of the owners. This means that creditors can only go after the assets of the LLC and not the owners’ personal assets. A third asset protection strategy is to create a domestic asset protection trust, which is a self-settled trust that is only available in certain states, including Maryland. This type of trust is designed to keep assets safe from creditors, and the assets transferred into the trust are not subject to attachment or levy by a judgment-creditor. Finally, it is important to keep assets out of joint names with another person. This will prevent them from being taken away in the event that the other person has a court judgment against them. Additionally, regularly transferring assets to family members is a useful asset protection strategy, as this can help put assets out of reach of creditors.

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How can I protect my assets from creditors?

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