Asset Protection Services in Bloomington

Understanding Asset Protection

Asset protection safeguards your valuable possessions from potential creditors, lawsuits, and unexpected events. Legal strategies for asset protection include:

1. 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: Transferring assets to family members or trusted individuals can remove them from your name, but certain conditions apply.

Why You Need an Asset Protection Attorney

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

1. Assess and analyze your assets.
2. Tailor protection strategies based on your circumstances.
3. Handle legal documentation, ensuring compliance with laws.
4. Monitor and update your plan to adapt 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 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 starts the five-year lookback period for Medicaid eligibility.

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