Asset Protection Services in Folsom

Understanding Asset Protection

Asset protection involves safeguarding prized possessions from creditors, lawsuits, and unforeseen events using legal strategies such as:

1. Trusts: Separate legal ownership from beneficial enjoyment, shielding assets from creditors.
2. Business Entities: LLCs and corporations protect assets by segregating personal property from business liabilities.
3. Strategic Transfers: Transferring assets to family or trusted individuals removes them from your name, subject to specific conditions.

The Importance of an Asset Protection Attorney

Asset protection requires expert guidance. An experienced Folsom asset protection attorney can:

1. Assess and Analyze Assets: Review real estate, investments, and business interests.
2. Tailor Strategies: Develop customized protection plans based on individual circumstances.
3. Handle Legal Documentation: Draft trust agreements and business formation documents, ensuring legal compliance.
4. Monitor and Update: Provide ongoing monitoring and updates to adapt to changing circumstances.

Types of Asset Protection Trusts

Various trusts offer asset protection, including:

Asset Protection Trust

An irrevocable trust created to protect 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 shield assets from Medicaid estate recovery. It allows for asset transfer and initiates the five-year lookback period for Medicaid eligibility.

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