Asset Protection Services in Hagerstown

Asset Protection Understanding

Asset protection safeguards your valuable possessions against potential creditors, lawsuits, and unexpected events through legal strategies such as:

1. Trusts: Trusts separate legal ownership from beneficial enjoyment, protecting assets from creditors.
2. Business Entities: LLCs and corporations separate personal property from business liabilities.
3. Strategic Transfers: Targeted asset transfers can remove assets from your name, but specific conditions apply.

Importance of an Asset Protection Attorney

Asset protection necessitates expert guidance. A skilled asset protection attorney in Hagerstown can:

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

Types of Asset Protection Trusts

Asset Protection Trust

An irrevocable trust protects assets for the settlor’s benefit. Creditors cannot access assets due to relinquished ownership.

Medicaid Asset Protection Trust (MAPT)

A specialized irrevocable trust protects assets from Medicaid estate recovery. It allows for asset transfer and initiates the five-year Medicaid eligibility lookback period.

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