Asset Protection Services in Toms River

Understanding Asset Protection

Asset protection is a crucial strategy to safeguard your valuable possessions from potential creditors, lawsuits, and unforeseen events. It involves implementing legal techniques to keep your assets out of reach of those who seek to claim them.

1. Trusts: Trusts separate legal ownership from beneficial enjoyment, shielding assets from creditors.
2. Business Entities: LLCs and corporations create a protective barrier between your personal property and business liabilities.
3. Strategic Transfers: Moving assets to trusted individuals or family members can remove them from your name, but careful planning is essential.

The Role of an Asset Protection Attorney

Protecting your assets requires expert guidance. An experienced asset protection attorney can provide invaluable assistance:

1. Assessment and Analysis: Thorough assessment of your assets, including real estate, investments, and business interests.
2. Customized Strategies: Tailored protection plans designed specifically for your unique circumstances and goals.
3. Legal Documentation: Drafting of necessary legal documents, such as trust agreements and business formation documents.
4. Ongoing Support: Continuous monitoring and updates to your plan to adapt to changing circumstances.

Types of Asset Protection Trusts

Various trusts offer asset protection, including:

Asset Protection Trust

An irrevocable trust specifically created to shield assets for the settlor’s benefit. Creditors cannot access these 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 serve as both trustee and beneficiary of a MAPT.