Asset Protection Services in Beaverton

Understanding Asset Protection

Asset protection involves safeguarding valuable possessions from creditors, lawsuits, and unexpected events. This can be achieved through various legal strategies, including:

1. Trusts: Separate legal ownership from beneficial enjoyment, making assets unreachable to creditors.
2. Business Entities: LLCs and corporations protect assets by separating personal property from business liabilities.
3. Strategic Transfers: Transferring assets to family members or trusted individuals can remove them from your name, but conditions apply.

The Importance of an Asset Protection Attorney

Asset protection demands expert guidance. A seasoned Beaverton 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

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

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, allowing for asset transfer and initiating the five-year lookback period for Medicaid eligibility.

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

Asset protection is crucial for safeguarding financial security. Contact a skilled Beaverton asset protection attorney to discuss your needs and protect your assets effectively.