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How Asset Protection Planning Can Help Safeguard Your Legacy

Asset Protection Attorneys Palm Beach County and Martin County FL

Most people spend a lifetime carefully accumulating whatever financial wealth and tangible assets they can, in order to live comfortably, eventually passing the balance of that legacy on to their beneficiaries.

Comprehensive and highly-personalized estate plans and elder law measures should include strategies related to asset protection as an intrinsic element of those plans.

Asset protection involves the implementation of strategic considerations and documented legal steps aimed at shielding your assets from various claims, such as legal judgments and creditors.

These same protective measures can also safeguard those assets from unscrupulous individuals or entities seeking to exploit elderly or vulnerable persons.

Among the measures that can be taken to help with asset protection, depending upon your personal situation, are:

  • Medicaid Planning: Eligibility determination for Medicaid benefits for long term care payment assistance involves a complicated, often lengthy process that includes a five-year lookback review period of your assets and income.

You want to start this planning years before you may need these Medicaid benefits, by taking documented legal actions that will both protect your hard-earned assets and increase your chances of qualifying for Medicaid benefits.

  • Creation of Irrevocable Trusts: Qualified assets can be protected by transferring them into an irrevocable trust, which essentially removes them from your estate and shields them from the costs of long term care.
  • Declaration of Homestead Exemption on your primary Florida residence
  • Creation of legal entities such as a Limited Liability Company (LLC) or a Family Limited Partnership (FLP), as individual circumstances dictate.
  • Tenancy by the Entirety, a joint property ownership arrangement available to Florida married couples.

At Kitroser Lewis & Mighdoll, our highly-skilled attorneys and staff offer decades of legal experience in Asset Planning and Protection, Medicaid Planning, Estate Planning and Elder Law, developing the comprehensive, sophisticated and highly-personalized plans that our clients require, to protect themselves, their families and their businesses.

We look forward to working with you soon.

North Palm Beach Office: 561-721-0600

Jensen Beach Office: 772-763-1400

Watch Our Informative Videos: https://www.youtube.com/@kitroserassociates4808/videos

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By Kitroser Lewis & Mighdoll | Posted on February 12, 2024 Tags: Asset Protection, Irrevocable Trusts, Long Term Care, Medicaid Planning

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