Asset Protection Services in Glendale

Safeguarding your valuable possessions from potential creditors, lawsuits, and unexpected events is a crucial step toward financial security. Asset protection involves employing various legal strategies to shield your assets from potential threats.

Understanding Asset Protection

Asset protection strategies are designed to separate legal ownership from beneficial enjoyment, making assets unreachable to creditors. Some common methods include:

1. Trusts: Trusts are legal entities that separate legal ownership from beneficial enjoyment, making assets unreachable to creditors.
2. Business Entities: Limited liability companies (LLCs) and corporations protect assets by separating personal property from business liabilities.
3. Strategic Transfers: Strategically transferring assets to family members or trusted individuals can remove them from your name, subject to certain conditions.

The Importance of an Asset Protection Attorney in Glendale

Asset protection demands expert guidance. An experienced asset protection attorney in Glendale can provide invaluable assistance by:

1. Assessing and Analyzing Assets: Thoroughly reviewing your assets, including real estate, investments, and business interests, to identify potential vulnerabilities.
2. Tailoring Strategies: Developing customized protection plans based on your individual circumstances and goals, ensuring maximum asset protection.
3. Handling Legal Documentation: Drafting necessary legal documents, such as trust agreements and business formation documents, ensuring compliance with all applicable laws.
4. Monitoring and Updating: Providing ongoing monitoring and updates to your plan to adapt to changing circumstances and emerging threats, ensuring continued asset protection.

Types of Asset Protection Trusts

Various trusts offer asset protection, with two common types being:

Asset Protection Trust

An irrevocable trust created to safeguard 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 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.