Asset Protection Services for Decatur Residents

Understanding Asset Protection

Asset protection safeguards your valuable possessions from creditors, lawsuits, and unexpected events. Strategies include:

1. Trusts: 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, but conditions apply.

Importance of an Asset Protection Attorney

Asset protection demands expert guidance. A skilled Decatur asset protection attorney can:

1. Assess and Analyze Assets: Thoroughly review your real estate, investments, and business interests.
2. Tailor Strategies: Develop customized protection plans based on your individual circumstances and goals.
3. Handle Legal Documentation: Draft essential legal documents, ensuring compliance with laws.
4. Monitor and Update: Provide ongoing monitoring and updates to your plan in response to changing circumstances.

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 assets due to relinquished ownership.

Medicaid Asset Protection Trust (MAPT)

A specialized 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.