How can I protect my assets during my lifetime?

Protecting your assets during your lifetime can be complex, especially in Maryland where Elder Law is very complex. As a first step, speak with an Elder Law attorney in your area to make sure all of your assets are properly protected. The attorney will advise you on the best strategies to protect your assets for your individual situation. If you have not yet created a will, it is important that you do so as soon as possible. A will gives you the power to determine how your assets are distributed upon your death. It can also help protect your assets from potential creditors who may try to claim them after your death. You can also create a trust to help protect your assets. Trusts can be used for various reasons, from providing funds for your children upon your death to preventing your assets from being taken from creditors. Depending on the type of trust you establish, you may also be able to protect a portion of your assets for beneficiaries designated in the trust. Other steps you can take to protect your assets include keeping accurate records and receipts of all of your transactions, investing in a long-term care insurance policy, and setting up financial accounts that are protected from creditors. You may also want to consider creating a power of attorney to name someone to make decisions on your behalf if you become incapacitated. You should also be sure to keep your estate planning documents up to date, especially if you experience any major life changes such as getting married, having children, or moving to a new home. Protecting your assets during your lifetime requires careful planning and preparation, but these steps can help ensure that your assets are protected and managed in a way that best serves your needs.

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How can I protect my assets during my lifetime?

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