What is Asset Protection?
Are You Looking for “Asset Protection Near Me”?
Contact Elder Law Services of California for a free consultation with an estate planning attorney to have your questions about asset protection answered. Asset Protection involves the legal methods and strategies used to protect the assets of an individual, family, or estate in the event of lawsuits, bankruptcy, creditor claims, and other liabilities.
How Does an Asset Protection Trust Work?
Generally speaking, an asset protection trust is a type of trust that has the specific purpose of protecting your assets from creditors. Setting up this type of trust may be necessary if you’re concerned about the possibility of a claim being made against your assets as part of a lawsuit settlement or a court judgment. An asset protection trust is irrevocable, which means any transfer of assets into the trust is permanent. The trust would be the owner of the assets and the assets would be managed by a trustee. You can protect your assets against creditor lawsuits by removing the assets from your ownership and placing them into the asset protection trust.
Consulting with an asset protection attorney is recommended if you’ve been wondering:
- What are the best strategies for asset protection and wealth preservation?
- Does an irrevocable trust protect assets from nursing home claims?
- How is an asset protection trust taxed?
The Los Angeles asset protection attorneys at Elder Law Services of California are available to assist you with the best asset protection strategies that make sense for your specific situation.
Call 800-403-6078 to schedule a free consultation with experienced legal professionals who are ready to help you with all concerns and matters related to asset protection in the State of California.