asset protection planning

Bach, Jacobs & Byrne, P.A helps families protect their assets so they are not dissipated by long term care costs. As we are all living longer, it is necessary to plan ahead for how to pay for the care costs anticipated in later years. Our attorneys will work with you to explore options to cover those costs while helping you, your spouse, and your children avoid financial impoverishment. Some of those options include long term care insurance or government benefits, such as Medicaid and Veterans benefits. We use various specialized tools, including irrevocable trusts, to shield assets from availability for long term care expenses.

What Is Asset Protection Planning?
Asset Protection Planning
Asset protection planning is about protecting your assets from creditors. Anyone can get sued. Lawsuits can stem from car accidents, credit card debt, bank foreclosures, or unhappy customers, among many other things. If someone wins a monetary judgment against you, your family could become bankrupt trying to pay it off. To keep your assets away from creditors, you need to move them somewhere where creditors can't reach them. Asset protection techniques include maximizing contributions to IRAs, moving funds to an irrevocable trust, retitling various assets, or using limited liability companies or family limited partnerships. To develop an asset protection plan, you need to talk to an attorney. Our attorneys can discuss your short- and long-term financial goals and help you create a plan that will work for you.
Can I Wait Until A Lawsuit Occurs?
Estate Planning
It is important to note that asset protection planning only works if you act before you are sued. Under the law, you may not defraud current creditors. If you are already being sued or if you know you are going to be sued and you transfer assets so that creditors can't reach them, the court will reverse the transfer. That is why it is a good idea to put a plan into place now before it is too late.

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