Asset Protection Services

Understanding Asset Protection

Protect your valuable possessions from creditors, lawsuits, and unexpected events with asset protection. Implement legal strategies, including:

1. Trusts: Separate 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: Remove assets from your name by transferring them to family members or trusted individuals, subject to specific conditions.

The Importance of an Asset Protection Attorney

Expert guidance is essential for effective asset protection. An experienced asset protection attorney in Vineland can:

1. Assess your assets thoroughly, including real estate, investments, and business interests.
2. Develop customized protection plans tailored to your unique circumstances and goals.
3. Draft necessary legal documents, such as trust agreements and business formation documents, ensuring compliance with laws.
4. Provide ongoing monitoring and updates to adapt your plan to changing circumstances.

Types of Asset Protection Trusts

Various trusts offer asset protection, including:

Asset Protection Trust

An irrevocable trust safeguards assets for the benefit of the settlor, protecting them from creditors due to relinquished ownership.

Medicaid Asset Protection Trust (MAPT)

A specialized irrevocable trust designed to shield assets from Medicaid estate recovery, allowing for asset transfer and initiating the five-year lookback period for eligibility.

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