Physicians Should Consider Asset Protection Planning with a Bethesda or Largo Estate Planning Attorney

As medical malpractice claims continue to rise in the U.S., more physicians than ever are turning to asset protection strategies to help them avoid financial catastrophe in the face of a malpractice lawsuit.

While nearly every physician is at risk for a lawsuit, there are some doctors who experience legal claims more than most.  Three of the most at-risk medical professions for lawsuits include obstetrics, neurosurgery, and radiology.

The reasons for the high percentage of medical claims in these fields are varied and complicated, but it often boils down to the rate of risk associated with these areas, rather than with lack of skill or professionalism on the part of the physician.  Of course, there is the case of frivolous lawsuits as well.

Whether a lawsuit against a physician is well-founded or not, it can still cost an incredible amount of time, effort, and money.  While it may help to reevaluate laws regarding malpractice litigation, there are more immediate things that doctors can do to protect themselves, and their personal assets, if a lawsuit is filed.

Traditionally, physicians have attempted to protect their assets by setting up living trusts and even placing their property in another person’s name. Now, however, physicians may find the asset protection vehicle they are looking for in a Family Limited Partnership.

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Working with an Estate Planning Attorney to Secure Your Children’s Financial Future

One of the most important aspects of estate planning is the overall effect it will have on an individual’s or couple’s children.  Whether these are minor children who will need a guardian or adult children who are already on their own, the need for financial planning exists.  A good estate planning attorney in Bethesda or Largo can help you determine what needs there are and how best to go about meeting them.  It’s possible that creating a trust will be the right path for you.

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Elder Law Attorney’s Advice on Helping Parents Create an Estate Plan

In Maryland, just as everywhere else in the nation, there is a tendency for people to put off estate planning.  Elder law attorneys recognize that there are multiple factors that lead people to procrastinate when it comes to the process.

One of the biggest factors, of course, is that most people don’t want to consider their own mortality, and estate planning forces you to do just that.  When it comes to adult children, we are just as guilty of not wanting to think about the inevitability of losing our parents, and therefore, we choose not to push them.

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How You Can Work With A Bethesda or Upper Marlboro Elder Law Attorney to Shield Your Assets From Nursing Home Costs

Many Bethesda and Upper Marlboro seniors are making strides toward estate planning by working with their elder law attorneys to set up what they believe are the appropriate wills and trusts.  The goals with this type of planning are most commonly to:

  • avoid probate,
  • make decisions regarding trust administration,
  • and—most importantly—to protect your assets for your heirs.

Unfortunately, this final criterion isn’t always met in traditional wills and trusts.

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Maryland Asset Protection Lawyer Explains How to Shield Your Investment Properties Using Multiple LLC’s

As an asset protection lawyer in Bethesda and Upper Marlboro, I find that sometimes it makes sense to advise clients to create multiple LLCs when they own more than one investment property. While it might seem more convenient to simply set up one LLC for all of your properties, you can maximize your asset protection by putting each into its own limited liability company. This LLC should not include any business activity that is not directly related to that particular investment property.

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Trust attorney in Bethesda and Upper Marlboro Asks, “Do You Need a Gun Trust?”

When it comes to wills and trust administration, it seems like we see it all here in Bethesda and Upper Marlboro.  From pet trusts to special needs trusts, there are a variety of unique circumstances that need to be addressed in many people’s estate planning.  One such concern is that of a gun trust.

Wills in Maryland are created specifically to dictate how one’s assets are to be distributed, and trusts do the same, while sometimes affording extra protection and benefits.  Those who collect guns for various reasons often have reason to add this type of protection to their estate plan.

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Maryland Estate Planning for Couples Marrying Later in Life

Couples who choose to marry later in life have different concerns from those marrying earlier, and a good Bethesda estate planning lawyer can help you make the right decisions for your circumstances.  Each situation is a little different, but there are some fairly common topics that should be considered:

  1. Do the husband and wife have grown children?  If so, then the estate plans will likely need to include specific instructions regarding how inheritance will work.  This is fairly important to ensure that each biological and step child receives what the parent wishes, rather than allowing Maryland laws to supersede your desires.

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Estate Planning – It’s About Taking Care of Your Loved Ones

I hear the same excuses over and over….

I don’t have an “estate.”

I have more debt than assets.

The only thing I have is my home.

As you may have guessed, these are excuses that people make for not preparing an estate plan. These people are sadly misinformed. They think estate planning is only about money. Estate planning does take care of financial issues, but the way I see it, the most important reason for doing an estate plan is for the benefit of the people that you leave behind.

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