Asset Protection and Elder Law
Elder Law Attorney Serving the Greater Boston Area
Offices in Plymouth, Brockton, Holliston & Hingham, MA
Asset Protection Planning | Preserving Your Estate for Your Loved Ones
If you become ill or are unable to care for yourself in your declining years, you may need to go to an assisted living facility or even need nursing home care. Without proper planning, most or all of the estate that you have worked so hard to build can be lost, taken to pay for the costs of care. You want to work with a knowledgeable attorney to create a solid and effective asset protection plan, so that you and your loved ones get the benefits of your labors.
Helping You Put an Effective Asset Protection Plan in Place
Asset protection is an important estate planning tool for the elderly. Having a good asset protection plan in place will allow you to ensure that you can live a good life in old age, while also ensuring that your spouse, your family, and other beneficiaries are provided for following your death.
What is Asset Protection Planning?
Asset protection planning is the process of making sure that your assets are protected from creditors. Deciding to create an asset protection plan requires one to be aware of the fact that lawsuits, either just or not, can be brought by creditors, disgruntled employees/customers and others who claim you are the cause of their injuries. If a lawsuit against you is brought and won by the accuser, your family and estate could go bankrupt trying to pay off such judgments. A properly crafted asset protection plan would prohibit certain assets from being taken from your estate in order to satisfy a judgment that has been won against you or your spouse.
The key to a solid asset protection plan is that it must be put in place before a suit has been brought. Attempting to shield your assets from judgment after a suit has been brought could be considered an act of fraud, and ultimately could create more difficulties and complications for you, your family and your estate. In fact the court could even reverse any transfer of assets that are made after a suit has been brought against you.
There are quite a few asset protection tools available that can be used to move your assets so they cannot be reached by creditors. Such asset protection tools include the transfer of assets to irrevocable trusts, the retitling of assets, the use of limited liability partnerships, and the maximization of IRA contributions, just to name a few.
Interested in learning more asset protection planning tools that can help shield assets and provide for your protection and care when you are elderly? Contact an experienced asset protection attorney or call the Baker Law Group, P.C. toll-free at 1-800-701-0352 to arrange a meeting.
At Baker Law Group, P.C., our estate planning lawyers know how to take the right steps to preserve your estate. We have years of experience protecting the rights of people just like you. Don’t risk the loss of all you’ve earned. Contact us today or call our office at 1-800-701-0352 to set up an appointment.