Asset Protection Services in Henderson

Understanding Asset Protection

Asset protection involves safeguarding 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 inaccessible 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 conditions apply.

The Importance of an Asset Protection Attorney in Henderson

Asset protection demands expert guidance. An experienced attorney in Henderson can:

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

Types of Asset Protection Trusts

Asset Protection Trust: An irrevocable trust that safeguards assets for the settlor’s benefit, making them inaccessible to creditors.

Medicaid Asset Protection Trust (MAPT): Protects 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.