An asset protection lawyer specializes in legal strategies that are designed to safeguard your assets for the future—and it's not just a service for the wealthy. Asset protection strategies can help people of all ages and many different walks of life protect what they've worked so hard to acquire. Here are three ways that an asset protection attorney can protect you from the uncertainties of the future:
1. They Can Keep You From Losing Your Possessions in a Divorce
You may hope for marital bliss, but not every marriage ends up being happily ever after. If you own property, have a small business, are an author or artist, or expect to inherit someday from your parents, you need to consider the possibility that you may one day face a divorce. Even a prenup may not be secure if the court deems it unenforceable, but a trust can protect your assets and keep them from being commingled with your spouse's. That can allow you to benefit from the assets without putting them at risk in a split with your spouse
2. They Can Help You Plan for Your Long-Term Needs
A huge part of long-term care planning is coping with the realities of aging. Even the affluent can find it difficult to manage the overwhelming costs of a long-term stay in an assisted living facility or nursing home without Medicaid. An attorney can help you create a Medicaid Asset Protection Trust (MAPT) that will keep the state from draining your assets (including the family home) while still allowing you to financially qualify for Medicaid benefits.
3. They Can Protect Your Personal Assets From Business Creditors
A lot of professionals and entrepreneurs are financially vulnerable, and they don't even realize it. A lawsuit for professional malpractice or a claim against your business could put your personal assets at risk. If the lawsuit is successful and your malpractice insurance or business holdings aren't enough to cover the judgment, your real estate, vehicles, bank accounts, and more can all be taken to satisfy the claim.
An asset protection attorney can help you with insurance strategies that can protect you from losses, and show you how to create contracts and operational structures that minimize your personal liability for business claims.
It's wise to consult with an asset protection lawyer well before you anticipate any problems. Contact an asset protection lawyer in your area to learn more.
Share18 August 2023
When your neighbor's tree comes down on your house, their insurance company should pay for the damages. If you find yourself in a situation where the insurance company is fighting the claim, it's time to talk with an attorney. When you retain an attorney, he or she will help you to get your claim processed the way that it is supposed to be. Hiring an attorney also shows the insurance company that you are aware of your rights and are willing to pursue your legal options to enforce them. I created this site to share my experience, including what happened when I did talk with a lawyer. I hope the information here helps you to get the reimbursement you deserve.
