Asset Protection: Safeguarding Your Possessions in Tempe

Understanding Asset Protection

Asset protection, a crucial legal strategy, shields your valuable assets from creditors, lawsuits, and unforeseen circumstances.

1. Trusts: Separate legal ownership, making assets inaccessible to creditors.
2. Business Entities: LLCs and corporations shelter assets by segregating personal property from business risks.
3. Strategic Transfers: Transferring assets to family or trusted individuals may remove them from your name, subject to specific conditions.

Importance of an Asset Protection Attorney

Expert legal guidance is essential for asset protection. An experienced asset protection attorney:

1. Assesses Assets: Reviews real estate, investments, and business interests.
2. Tailors Strategies: Develops customized protection plans based on unique circumstances and goals.
3. Handles Legal Documentation: Drafts trusts and business formation documents.
4. Monitors and Updates: Adapts plans to changing circumstances and emerging risks.

Asset Protection Trusts

Various trusts offer asset protection, including:

Asset Protection Trust

An irrevocable trust safeguarding assets for the settlor’s benefit. Assets are protected from creditors due to the relinquished ownership.

Medicaid Asset Protection Trust (MAPT)

An irrevocable trust protecting 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.

Protect Your Assets in Tempe

Contact an experienced asset protection attorney in Tempe to explore customized solutions for securing your financial well-being. Safeguard your possessions and preserve your family’s legacy.