Asset Protection Services | Trusted Guidance for Athens Residents

Understanding Asset Protection

Asset protection refers to safeguarding your valuable assets from potential creditors, lawsuits, and unexpected events. It involves employing various legal strategies, including:

1. Trusts: Separate legal ownership from beneficial enjoyment, making assets untouchable by creditors.
2. Business Entities: Limited liability companies (LLCs) and corporations protect assets by segregating personal property from business liabilities.
3. Strategic Transfers: Moving assets to family members or trusted individuals can remove them from your name, but specific conditions apply.

The Importance of an Asset Protection Attorney

Asset protection requires expert legal guidance. A seasoned asset protection attorney in Athens can provide:

1. Asset Assessment and Analysis: Thoroughly review your assets, including real estate, investments, and business interests.
2. Customized Strategies: Develop tailored protection plans based on your unique circumstances and goals.
3. Legal Documentation: Draft necessary legal documents, such as trust agreements and business formation documents, ensuring compliance with laws.
4. Ongoing Monitoring: Provide constant monitoring and updates to your plan to adapt to changing circumstances and emerging threats.

Types of Asset Protection Trusts

Various trusts offer asset protection, with the following being common options:

Asset Protection Trust

An irrevocable trust designed to preserve assets for the settlor’s benefit. Creditors have no access to the assets due to the settlor’s relinquished ownership.

Medicaid Asset Protection Trust (MAPT)

A specialized irrevocable trust specifically created to shield 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 the trustee and the beneficiary of a MAPT.