How can I protect my assets from creditors?

In Maryland, there are a few steps you can take to protect your assets from creditors. First, you can set up an estate plan with an attorney who specializes in estate planning. Estate plans typically include a will, trust, or combination of both, which are used to designate how your assets will be dispersed after your death. The trust that is created can also be used to protect your assets from creditors, since the trust is unable to be accessed by them. You can also set up an irrevocable trust which further protects your assets, since it is unchangeable after it has been established. Additionally, you can set up asset protection trusts. These are trusts that are created to protect certain assets from creditors. A good example is a living trust, which allows you to transfer ownership of certain assets to the trust in order to protect them from your creditors. Lastly, you can also use legal entities such as corporations and LLCs to protect your property from creditors. These entities limit your liability and ensure that your assets are not reachable by creditors. In summary, estate planning law in Maryland offers several methods for protecting your assets from creditors. You can set up a will, trust, or asset protection trust, as well as use legal entities such as corporations and LLCs. These steps can give you peace of mind that your assets will remain protected.

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How can I protect my assets from creditors?

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