Asset Protection Services in El Paso

Understanding Asset Protection

Asset protection safeguards your valuable possessions from potential creditors, lawsuits, and unexpected events. It entails utilizing various legal strategies:

Trusts:

Trusts separate legal ownership from beneficial enjoyment, safeguarding assets from creditors.

Business Entities:

LLCs and corporations shield assets by segregating personal property from business liabilities.

Strategic Transfers:

Transferring assets strategically to family members or trusted individuals removes them from your name, subject to specific conditions.

The Importance of an Asset Protection Attorney in El Paso

Asset protection requires expert guidance. An experienced El Paso asset protection attorney can:

1. Assess and analyze assets, including real estate, investments, and business interests.
2. Tailor protection plans based on your specific circumstances and goals.
3. Handle legal documentation, ensuring compliance with local laws.
4. Monitor and update your plan to adapt to changing threats and circumstances.

Types of Asset Protection Trusts

Various trusts provide asset protection, with two common types being:

Asset Protection Trust

An irrevocable trust safeguards 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 trust designed to shield assets from Medicaid estate recovery. It enables asset transfer and initiates the five-year lookback period for Medicaid eligibility.

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