Did you realize that you can protect your assets from creditors, lawsuits and bankruptcies throughout your lifetime and upon your death? Asset protection and estate planning are critical to protecting your future and the future of your family. Steiner Law Group, LLC can assist with every step of the asset protection process and help you to choose the best tools for your specific situation. Our goal is to maximize your legacy and minimize asset reduction from creditors.
Asset Protection in Maryland
In Maryland, both state and federal laws restrict some assets from creditors. While other states allow the choice between state or federal asset exemptions, Maryland requires you to only utilize the state exemptions. Many people are shocked to realize how little is protected. For many adults, it can be prudent to convert non-exempt assets into exempt assets for greater protection. Steiner Law Group can assist you with determining the best ways to protect your Maryland assets and guard yourself against future liability.
Limiting Liability as a Business Owner
In Maryland, many entrepreneurs work as sole proprietors instead of through legal entities, like an LLC or Corporation. Sole proprietorship is less formal and requires no legal fees to form or maintain. However, a business that is a legal entity comes with many risk management and asset protection benefits that are not available otherwise.
If you are faced with a lawsuit as a sole proprietor, your personal assets are considered assets of the business. However, if you are a legal entity and facing a lawsuit only the entity’s assets will be up for grabs. We can guide you through determining which legal entity is right for you to protect your assets.