Asset Protection Services in Orange County

Understanding Asset Protection

Asset protection involves safeguarding your possessions from potential creditors, lawsuits, and unexpected events. Various legal strategies can provide this protection, including:

1. Trusts: Trusts separate ownership and enjoyment of assets, making them unreachable to creditors.
2. Business Entities: LLCs and corporations shield assets by isolating personal property from business liabilities.
3. Strategic Transfers: Transferring assets to family members or trusted individuals can remove them from your name but adhere to specific conditions.

The Importance of an Asset Protection Attorney

Asset protection demands expert guidance. An experienced asset protection attorney in Orange County can:

1. Assess and analyze your assets, including real estate, investments, and business interests.
2. Tailor protection plans based on your specific circumstances and goals.
3. Draft legal documents such as trust agreements and business formation documents.
4. Monitor and update your plan to adapt to changing circumstances and emerging threats.

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 initiates the five-year lookback period for Medicaid eligibility.

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