Asset Protection Services in Fort Myers

Understanding Asset Protection

Asset protection consists of legal techniques that shield valuable possessions from creditors, lawsuits, and unforeseen events.

Asset Protection Mechanisms

1. Trusts: Legal structures that separate ownership from control, protecting assets from creditors.
2. Business Entities: Corporations and LLCs secure assets by isolating personal wealth from business liabilities.
3. Strategic Transfers: Shifting assets to family members or trusted individuals, subject to specific conditions.

Importance of an Asset Protection Attorney in Fort Myers

An experienced Fort Myers asset protection attorney provides:

1. Asset Evaluation: Assess and analyze all assets, including real estate, investments, and business interests.
2. Customized Strategies: Tailor asset protection plans based on individual circumstances and goals.
3. Legal Documentation: Draft and execute necessary legal documents, ensuring compliance with relevant laws.
4. Ongoing Monitoring: Provide ongoing updates and modifications to adapt to changing conditions and threats.

Types of Asset Protection Trusts

Asset Protection Trust

1. Irrevocable trust designed to safeguard assets for the benefit of the creator (settlor).
2. Creditors cannot access assets due to the settlor’s relinquished ownership.

Medicaid Asset Protection Trust (MAPT)

1. Specialized irrevocable trust intended to protect assets from Medicaid estate recovery.
2. Facilitates 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.