Asset Protection Services in Lancaster

Understanding Asset Protection

Asset protection involves safeguarding your valuable possessions from potential creditors, lawsuits, and unforeseen events. It can be achieved through various legal strategies, including:

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 certain conditions apply.

The Importance of an Asset Protection Attorney

Asset protection demands expert guidance. An experienced asset protection attorney can:

1. Assess and analyze your assets, including real estate, investments, and business interests.
2. Tailor protection strategies based on your circumstances and goals.
3. Handle all necessary legal documentation, ensuring compliance with laws.
4. 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 these 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 begins the five-year lookback period for Medicaid eligibility.

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