Asset Protection Services in Metairie

Understanding Asset Protection

Asset protection safeguards your valuable possessions from potential creditors, lawsuits, and unforeseen events. Various legal strategies can achieve this, including:

1. Trusts: Separate legal ownership from beneficial enjoyment, making assets unreachable by creditors.
2. Business Entities: LLCs and corporations shield assets by separating personal property from business liabilities.
3. Strategic Transfers: Judicious asset transfers to family members or trusted entities can remove them from your name under specific conditions.

Importance of an Asset Protection Attorney

Asset protection requires expert guidance. An experienced asset protection lawyer can:

1. Assess and Analyze Assets: Review your assets, including real estate, investments, and business interests.
2. Tailor Strategies: Develop customized protection plans tailored to your circumstances and goals.
3. Handle Legal Documentation: Draft essential legal documents, ensuring compliance with state laws.
4. Monitor and Update: Provide ongoing monitoring and revisions to your plan to adapt to changing situations and emerging threats.

Types of Asset Protection Trusts

1. Asset Protection Trust: An irrevocable trust created to shield assets for the settlor’s benefit, with creditors unable to access them due to relinquished ownership.
2. Medicaid Asset Protection Trust (MAPT): A specialized irrevocable trust designed to protect assets from Medicaid estate recovery, facilitating asset transfer and commencing the five-year lookback period for Medicaid eligibility.

Note: The settlor cannot simultaneously serve as the trustee and beneficiary of a MAPT.