Asset Protection Services for Kingston Residents
Understanding Asset Protection
Asset protection safeguards your valuable possessions from potential creditors, lawsuits, and unexpected events. It is achieved through legal strategies such as trusts and business entities.
- Trusts: Separate legal ownership from beneficial enjoyment, making assets unreachable to creditors.
- Business Entities: LLCs and corporations protect assets by separating personal property from business liabilities.
Importance of an Asset Protection Attorney
Asset protection demands expert guidance. An experienced asset protection attorney in Kingston can:
- Assess Assets: Review real estate, investments, and business interests.
- Tailor Strategies: Develop customized protection plans based on your unique circumstances.
- Handle Legal Documentation: Draft necessary documents, ensuring compliance with applicable laws.
- Monitor and Update: Provide ongoing monitoring and updates to adapt to changing circumstances.
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 settlor’s relinquished ownership.
Medicaid Asset Protection Trust (MAPT)
A specialized irrevocable trust designed to protect assets from Medicaid estate recovery. It allows for asset transfer and starts the five-year lookback period for Medicaid eligibility.
Note: The settlor cannot be both the trustee and the beneficiary of a MAPT.
Benefits of Asset Protection
- Protect assets from creditors, lawsuits, and unexpected events
- Preserve assets for your beneficiaries
- Reduce estate taxes
- Maintain control and management of your assets (in some cases)
Contact an Asset Protection Attorney
If you are looking to protect your assets, contact an experienced asset protection attorney in Kingston. They can assess your assets, tailor strategies, and guide you through the legal process. Secure your financial future today.
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