Woburn Asset Protection Attorneys
Helping Clients Protect Their Hard-Earned Assets and Plan for Future
One of the most under-utilized legal resources is estate planning and asset protection. You have worked hard over the years to acquire your assets and property. The last thing you want is to leave them vulnerable to probate, creditors, divorce, or being taken by or lost to a nursing home should you need long-term care.
One of the best ways to protect your financial resources is to create a proper estate plan to ensure asset protection for you and your family members.
If you have questions about asset protection and estate planning, contact Simmons & Schiavo Attorneys At Law today to schedule a consultation. One of our experienced asset protection attorneys will gladly answer your questions and provide you with more information about our legal services.
What is Asset Protection?
Although many individuals have heard the term “asset protection,” they may be unsure of what it entails and how it can help them protect their finances. In Massachusetts, asset protection is a legal method that individuals can use to protect their assets from lawsuits, creditors, or care facilities should they need long-term care.
One of the other significant benefits of asset protection is that it allows individuals to pass on their wealth and other economic resources to family members after their death and ensure they comply with state and federal laws.
Asset protection and estate planning can be overly complex and may not hold up to legal scrutiny if done incorrectly. Hiring an asset protection attorney to assist you with your legal needs is always best.
Our law firm has seen firsthand the devastating effects of individuals’ failure to protect their assets. If you have concerns about how you, your spouse, and other family members can reduce the risk of losing assets, contact us today to schedule a consultation to discuss your estate planning needs.
What are the Most Common Asset Protection Strategies?
Several asset protection strategies are available in Massachusetts, and which one you choose must be right for your unique circumstances. For example, if you are an individual who owns a business, consider creating a limited liability company. Limited liability companies allow individuals to separate their personal and business assets. Creditors could go after the company’s assets, but the individual’s home and bank accounts would be shielded from being seized.
Irrevocable trusts are another common way to protect assets. One of the most essential benefits of an irrevocable trust is that any assets placed in the trust are no longer considered your property. Transferring assets into the trust allows them to be shielded from creditors; however, once an irrevocable trust is created, it cannot be revoked or modified.
Typically, the assets placed in the trust may only be removed once the terms have been satisfied, usually when the grantor passes away. An irrevocable trust is also an ideal way to minimize estate taxes for your loved ones.
How Can I Protect My Hard-Earned Assets if I May Need Long-Term Care?
As individuals age, they usually become more focused on protecting their assets, especially if they may soon have to enter a long-term care facility. Although several methods are available to help with eligibility in programs such as MassHealth, irrevocable trusts offer the most significant advantages.
As stated, once you establish an irrevocable trust, you can no longer access the assets critical for Medicaid and MassHealth eligibility. It is also important to remember that these programs have a five-year “look back” period, and any assets placed in the trust during that time will still count against you.
If you want to protect your assets and meet eligibility requirements for long-term care, consult an asset protection lawyer who can determine what legal options suit your needs.
Why Should I Trust Your Law Firm to Help Me With My Estate Planning Needs?
One of the best ways to prepare for the future is to consult with an attorney about protecting your assets. When you come to Simmons & Schiavo Attorneys At Law for help, we will meet you and determine the best legal strategies for your circumstances.
Our attorneys are dedicated to helping clients have peace of mind and feel confident about the future. We use our extensive knowledge of estate planning to help you create a plan that will offer you maximum asset protection.
Whether putting assets into a trust or creating limited liability companies, our attorneys offer top-tier service and always put our clients’ needs first. Contact our Woburn, Massachusetts, law firm today at 781-675-1315 to schedule a consultation with a highly trained asset protection lawyer who will gladly review your case.