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Asset Protection
Richard A. Burton, Jr., Esq
Asset protection is a critical component of estate planning, especially for individuals seeking to safeguard their wealth from potential legal claims, creditors, and other financial risks. In Maryland, effective asset protection strategies can include the use of trusts, which can shield assets from lawsuits and creditors while ensuring that your estate is distributed according to your wishes. Implementing these strategies involves careful planning and consideration of Maryland’s specific laws and regulations, making it essential to work with a knowledgeable estate planning attorney to tailor solutions that meet your unique needs.
Additionally, asset protection planning can help minimize estate taxes and ensure that your assets are preserved for future generations. By utilizing tools such as irrevocable trusts, charitable trusts, and family limited partnerships, you can protect your estate from potential erosion due to taxes or legal challenges. An experienced Maryland estate planning attorney can provide guidance on structuring these arrangements effectively, ensuring that your wealth remains intact and is passed on according to your desires while complying with state-specific laws.
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Estate Planning involves the drafting of documents, such as wills and trusts, to ensure that your legacy will be passed on accordingly.
Elder Law is a combination of legal fields for issues affected by aging. It includes asset projection for Medicaid Planning and long-term care.
Medicaid planning involves using strategies for using and preserving assets while enabling loved ones to qualify for Medicaid.
Probate is the administration of an estate in probate. Closely related is the administration of trusts, which become irrevocable at death.
Upon the death of the grantor, Trustees must notify beneficiaries and administer the trust according to the Trust Agreement.
Guardianship involves using the legal process to take control of a person’s affairs who is unable to manage them on their own.
Richard A. Burton, Jr., Esq.
Mr. Burton has years of experience helping families all over Maryland protect themselves and plan for the future. He was raised in Gaithersburg, Maryland and graduated from Quince Orchard High School.
As a member of the National Academy of Elder Law Attorneys and the Society of Financial Service Professionals, he has developed a reputation as a strong advocate and counselor. He works closely with other professionals in finance and accounting to deliver the best results for his clients.
Mr. Burton was admitted to practice law in Maryland in 2016. Since then, he has focused exclusively on Estate Planning and Elder Law which comprise diverse and ever-changing bodies of law.
He is an accomplished jazz pianist and in college was the pianist for Synthesis, the premier jazz ensemble at Brigham Young University.
Mr. Burton lives in Gaithersburg with his wife and two children.