Asset Protection Services for Yuma Residents

Understanding Asset Protection

Asset protection safeguards your assets from creditors, lawsuits, and unforeseen events. This is achieved through several legal strategies, such as:

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

The Importance of an Asset Protection Attorney

Asset protection requires expertise. An experienced attorney can:

1. Assess and Analyze Assets: Review your real estate, investments, and business interests.
2. Tailor Strategies: Develop customized plans based on your circumstances and goals.
3. Handle Legal Documentation: Draft trust agreements and business formation documents.
4. Monitor and Update: Provide ongoing monitoring and updates to adapt to changing circumstances.

Types of Asset Protection Trusts

Asset Protection Trust: An irrevocable trust that safeguards assets for the settlor’s benefit, securing them from creditors.

Medicaid Asset Protection Trust (MAPT): A specialized trust designed to protect assets from Medicaid estate recovery. It allows for asset transfer and initiates the five-year lookback period for Medicaid eligibility.

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