Maryland Asset Protection

Strategies to protect your assets with Annuities and Life Insurance for residents living in Maryland, D.C. and Virginia

Maryland Asset Protection Strategy Consultation

[afop]

Asset Protection with Annuities and Life Insurance

large pig house and money

[afop]

Maryland Asset Protection Strategy Consultation

Comrade Financial Group has partnered with legal professionals that help you safeguard your assets with legal and ethical strategies to protect what you have worked so hard in life for. Find out what Annuities and Life Insurance can do to protect your assets.

Asset Protection in MD, DC and VA

Asset Protection is obtained with products such as Fixed Indexed Annuities and Cash Value Life Insurance. We can help Individuals, Families and Business’s in Maryland, Virginia and District of Columbia.

Click on Annuities or Life Insurance to get a Free Quote.

Maryland

NON-BANKRUPTCY – Death Benefit: Proceeds are exempt from debts of the insured if payable to spouse, child or dependent relative of the insured. ACM, INS, §16-111; ACM, ET, §8-115. ACM, CJP, §11-504(b)(2). Cash Value: Cash value exemptions are the same as for the death benefit. ACM, INS, §16-111(b).

BANKRUPTCY – Federal Exemptions: Federal bankruptcy exemptions are not available. ACM, CJP, §11-504(g).

State Exemptions: Same exemptions as in non-bankruptcy context. ACM, CJP, §11-504(g).

Virginia

NON-BANKRUPTCY – Death Benefit: Proceeds are exempt from debts of insured or owner if payable to someone other than insured, owner or their executors or administrators, except for premiums paid with intent to defraud creditors. VC §38.2-3122. Cash Value: Same exemptions as for the death benefit. VC §38.2-3122, §38.2-3123.

BANKRUPTCY – Federal Exemptions: Federal bankruptcy exemptions are not available. VC §34-3.1.

State Exemptions: Same exemptions as in the non-bankruptcy context. VC §34-3.1.

District of Columbia

NON-BANKRUPTCY – Death Benefit: Proceeds are exempt from the debts of the owner or insured, except if the premiums are paid with the intent to defraud creditors. DCA §31-4716. Cash Value: Same exemptions as the death benefit. DCA §31-4716.

BANKRUPTCY – Federal Exemptions: Federal exemptions are available.

State Exemptions: Same exemptions as are available in the non-bankruptcy context. Debtor can exempt cash value and proceeds of life insurance if debtor was dependent of insured and proceeds are reasonably necessary for support. DCA §15-501(a)(11)(c).

Asset Protection with Annuities in Maryland are defined in Md. Code Ann., Ins. 16-11  Proceeds wholly exempt if payable to the spouse, child, or dependent relative of the insured.

Asset Protection with Annuities in Virginia are defined in Va. Code as NONE.       (Life Insurance only) Beneficiary’s interest in proceeds wholly protected from creditors of owner and insured, provided that beneficiary is not owner or insured.

Asset Protection with Annuities in the District of Columbia are defined in D.C. Code Ann. 15-503 as Maximun exemption of $200 per month for a beneficiary providing principal support of a family or $60 per month for a beneficiary not providing principal support of a family.

To see State Specific information about Asset Protection click Here

[afop]

Maryland Asset Protection Strategy Consultation