Asset Protection Services

Understanding Asset Protection

Asset protection involves safeguarding your valuable possessions from potential creditors, lawsuits, and unexpected events.

Various legal strategies can be employed for asset protection, including:

1. Trusts: Separate legal ownership from beneficial enjoyment, making assets unreachable to creditors.
2. Business Entities: LLCs and corporations protect assets by separating personal property from business liabilities.
3. Strategic Transfers: Strategic asset transfers to family members or trusted individuals can remove them from your name, subject to certain conditions.

The Importance of an Asset Protection Attorney

An experienced asset protection attorney is crucial for effective asset protection. They provide:

1. Assessment and Analysis: Thoroughly review your assets, including real estate, investments, and business interests.
2. Tailored Strategies: Develop customized protection plans based on your specific circumstances and goals.
3. Legal Documentation: Draft necessary legal documents, ensuring compliance with all applicable laws.
4. Monitoring and Updates: Provide ongoing monitoring and updates to your plan to adapt to changing circumstances and emerging threats.

Types of Asset Protection Trusts

Various trusts offer asset protection, including:

Asset Protection Trust

An irrevocable trust created to safeguard assets for the settlor’s benefit. Creditors cannot access the assets due to the settlor’s relinquished ownership.

Medicaid Asset Protection Trust (MAPT)

A specialized irrevocable trust designed to protect assets from Medicaid estate recovery. It allows for asset transfer and starts the five-year lookback period for Medicaid eligibility.

Note: The settlor cannot be both the trustee and the beneficiary of a MAPT.