Asset Protection Services in Zanesville

Understanding Asset Protection

Asset protection is a crucial practice that shields your valuable possessions from potential creditors, lawsuits, and unforeseen events. Various legal strategies can achieve it, including:

1. Trusts: Trusts separate legal ownership from beneficial enjoyment, rendering assets unreachable to creditors.
2. Business Entities: LLCs and corporations safeguard assets by isolating personal property from business liabilities.
3. Strategic Transfers: Transferring assets to family members or trusted individuals may remove them from your name, subject to certain conditions.

Importance of an Asset Protection Attorney in Zanesville

Asset protection demands specialized guidance. An experienced asset protection attorney in Zanesville can:

1. Assess and Analyze Assets: Thoroughly examine your real estate, investments, and business interests.
2. Tailor Strategies: Develop tailored protection plans aligned with your specific circumstances and goals.
3. Handle Legal Documentation: Draft essential legal documents, ensuring compliance with laws.
4. Monitor and Update: Provide ongoing monitoring and updates to adapt your plan to changing circumstances and threats.

Types of Asset Protection Trusts

Various trusts offer asset protection. Two common types include:

Asset Protection Trust

An irrevocable trust created to protect 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 shield assets from Medicaid estate recovery. It facilitates 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.