- April 7, 2021
- Posted by: Matthew Luedke
- Category: Asset Protection
A Supplemental Needs Trust can be created for any individual who may require government benefits in the future or those who need assistance with asset protection. A trust protecting your assets can help keep you from getting wiped out by a lawsuit or bankruptcy.
These kinds of trusts are also known as “Asset Protection Trusts.” These trusts can be utilized alongside your Will to help secure your spouse or other family members’ assets against the high costs of Long-Term Care facilities, a state lien, tax liabilities, credit issues, and even counteract a future unintended disinheritance situation.
If you have loved ones that have special needs or you’d like to safeguard your loved ones against financial problems, you can ensure they will be well cared for when you can’t be there for them, so we might recommend a trust that strives to do the following:
These trusts allow individuals with disabilities who are currently receiving or expect to receive government benefits to preserve those benefits while also providing additional funds for using the Trust beneficiary.
• It may be set up as a Living Trust (intervivos) or a Testamentary Trust (through one’s Will).
• Allows for the parents of children to contribute extra funds to supplement existing government benefits and other aid.
• Authorizes those who have been severely injured to receive personal injury settlements or other awards to protect their funds to remain eligible for state or federal benefits.
• You can protect funds for a surviving spouse who may require Long-Term Care services without interfering with the existing Long-Term Care eligibility requirements for Medicaid.
Asset protection trusts offer the most robust protection you can find from creditors, lawsuits, or any judgments against your estate. An APT can help deter costly litigation before it begins, or it can influence settlement negotiations’ outcomes favorably.
Consequently, it may be wise to consider transferring certain assets like securities and cash accounts, valuable and risky business and other recreational assets, real estate holdings, or settlor businesses into an LLC on a case-by-case basis.
Benefits of a Medicaid Asset Protection Trust
These trusts can be useful in helping your eligibility for Medicaid sometimes by reducing the assets held in your name. If you plan to set up a trust for this purpose, we highly recommend you consult with our attorneys so you can lean on their countless years of experience in this area.
Asset protection trusts can be a critical estate planning tool. Because such a trust must be set up correctly, consult with an advisor with expertise in asset-protection matters.
If a lawsuit or creditor threatens your hard-earned assets today, consider prudent legal planning to protect yourself tomorrow.
Put in place prudent legal strategies before time runs out, so that you’ll have more peace of mind now and in the future.
Statistics and anecdotally, we all know the number of divorces, lawsuits, and bankruptcies is staggering. For this reason, many individuals are turning to the Asset Protection Trust Services offered by Attorneys at Moulton Law Offices to shield their hard-earned assets from suit or creditors to create a safe environment for themselves, their families, their businesses, and their retirement savings.
Asset protection services are becoming increasingly important as the number of divorces, lawsuits, and bankruptcies continues to rise. Learn more about how asset protection trusts work here.
Both anecdotally and statistically, many people are starting to realize that the number of insolvencies, lawsuits, divorces are astonishing. For these reasons, many local Spokane families have turned to asset protection trust services provided by our Washington State licensed attorneys to protect their hard-earned assets against lawsuits or creditors, as well as to provide a safe environment for themselves, their families, their businesses, and their retirement savings.
Moulton Law Offices specializes in asset-protection services, with legal planning experts representing some of the largest corporations in America and entrepreneurs alike.
Our firm offers a full array of asset protection services, including planning and implementation through Asset Protection Trusts, business entities, business purchase protection, business protection planning, LLCs, Personal Protection Planning, Probate Protection Planning, Protective insurance strategies, and Special Needs Trusts.
Make prudent decisions today to protect yourself, your business, and your hard-earned assets from loss due to lawsuits, creditors, or bankruptcies, with Asset Protection Services offered by Moulton Law Offices.
Asset protection planning is about making sensible decisions today to protect yourself, your business, in addition to your hard-earned assets -from loss occurring from potential lawsuits, hungry creditors, or bankruptcy. This form of legal planning can be particularly beneficial to busy professionals and business owners whose personal assets could be subject to additional risks from the very nature of their employment.
The importance of protecting your assets cannot be overstated. See this helpful resource from the Washington State legislature for more information about Trusts in our state.