Asset Protection Services in Broward County

Understanding Asset Protection

Asset protection is safeguarding valuable possessions from creditors, lawsuits, and unexpected events using legal strategies like:

1. Trusts: Separating legal ownership from beneficial enjoyment to make assets unreachable to creditors.
2. Business Entities: Creating LLCs or corporations to shield personal property from business liabilities.
3. Strategic Transfers: Transferring assets to family or trusted individuals (conditions apply).

Importance of an Asset Protection Attorney

In Broward County, an experienced asset protection attorney can:

1. Assess and Analyze Assets: Review real estate, investments, and business interests.
2. Tailor Strategies: Develop customized protection plans based on individual circumstances.
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 safeguarding assets for the settlor’s benefit. Creditors cannot access assets due to the relinquished ownership.

Medicaid Asset Protection Trust (MAPT)

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

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