Asset Protection Services for Greensboro Residents

Understanding Asset Protection

Asset protection involves safeguarding your valuable possessions from potential creditors, lawsuits, and unexpected events. Various legal strategies can achieve this, including:

1. Trusts: Separate legal ownership from beneficial enjoyment, making assets unreachable to creditors.
2. Business Entities: LLCs and corporations protect assets by separating personal property from business liabilities.
3. Strategic Transfers: Transferring assets to family members or trusted individuals to remove them from your name, subject to specific conditions.

The Importance of an Asset Protection Attorney

Asset protection demands expert guidance. An experienced Greensboro asset protection attorney can:

1. Assess and analyze your assets, including real estate, investments, and business interests.
2. Tailor customized protection plans based on your individual circumstances and goals.
3. Draft necessary legal documents, such as trust agreements and business formation documents, ensuring compliance with laws.
4. Provide ongoing monitoring and updates to your plan to adapt to changing circumstances and emerging threats.

Types of Asset Protection Trusts

Various trusts offer asset protection, including:

Asset Protection Trust

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

Medicaid Asset Protection Trust (MAPT)

A specialized irrevocable trust designed to protect assets from Medicaid estate recovery. It enables asset transfer and initiates the five-year lookback period for Medicaid eligibility.

Note: The settlor cannot be both the trustee and the beneficiary of a MAPT.