You Worked Hard For Your Assets. We Can Protect Them.
You worked hard to build wealth, save money and set aside assets for the future, and you should have a say in what happens to your estate. Planning for the future can be a daunting prospect, but our attorneys helps take the stress out of this process. We are committed to helping Tennessee residents find estate planning solutions that allow them to look ahead with confidence.
Through specific estate planning strategies, you can protect your assets in specific situations. At Miller Law Firm, we can help you understand the options that could allow you to shield your property from the government, debt collectors or other parties. With careful planning, you do not have to live in fear that an unexpected situation or emergency will become a threat to your long-term security.
Asset Protection Plans For Today And The Future
It may be possible to shield your assets while you are alive or after your death. It is important to consider your goals and concerns, and consider how certain plans, such as a trust, could offer certain benefits when used properly.
We know how to implement strategies that will protect or mitigate your assets during your lifetime in case you:
- Face a lawsuit
- Move into a nursing home
- Face aggressive actions from creditors in the future
Likewise, we can help you protect your beneficiaries after your death through plans that will shield them from certain tax penalties.
Frequently Asked Questions On Asset Protection
Protecting your assets is essential to financial and estate planning, especially when considering potential long-term care costs, creditor claims or family financial difficulties.
Various legal tools and strategies can help shield your wealth from risks such as Medicaid recovery, nursing home expenses or creditor claims. Below are answers to common questions about asset protection.
How do I avoid Medicaid taking my assets?
Medicaid has strict asset limits. If your assets exceed these limits, you may be required to spend them down before qualifying for benefits.
However, strategies such as creating an irrevocable trust, gifting assets within Medicaid’s look-back period and using Medicaid-compliant annuities can help protect your wealth. Consulting with a Medicaid planning lawyer can help ensure you handle these regulations properly.
What happens to my assets if I go into a nursing home?
If you require long-term care in a nursing home and apply for Medicaid, your assets may need to be used to cover your care costs before Medicaid assistance is available.
Some assets, such as your primary residence (under certain conditions), may be exempt, but other non-exempt assets might be subject to Medicaid’s spend-down rules.
Proper planning, such as the use of a trust or strategic asset transfers, can help protect your wealth from being depleted due to nursing home expenses.
How do I protect my assets if my child has severe financial problems?
If your child faces financial difficulties, such as bankruptcy or significant debt, leaving assets to them outright could result in creditors seizing the inheritance.
One effective strategy is placing the assets in a spendthrift trust, which allows a trustee to manage the funds and protect them from creditors.
This type of trust helps ensure your child benefits from the assets while preventing creditors from accessing them directly.
Does putting assets in a trust protect them from creditors?
The effectiveness of a trust in protecting assets from creditors depends on the type of trust you establish. An irrevocable trust can provide significant protection, as the assets transferred are no longer considered part of your estate.
However, a revocable trust does not offer the same level of protection because you retain control over the assets. Properly structuring a trust with guidance from an attorney can help safeguard your wealth against creditor claims.
Navigating Complex Estate Planning Concerns
Estate planning is complex, but we have the resources and experience necessary to help you develop an estate plan that strikes a careful balance between your immediate needs and your future considerations. Through asset protection trusts, tax planning trusts and other steps, our goal is to protect your rights and help you maintain control over the wealth and assets you built.
We will carefully evaluate your situation and explain the choices available to you. Our in-depth knowledge in this specific area of law allows us to provide effective guidance in both simple and complex asset protection strategies. You can schedule a free initial case evaluation with one of our lawyers by contacting us online or calling our Cleveland office at 423-464-6852 .