Hennepin County Asset Protection Lawyer
Helping Clients Preserve and Protect Their Wealth
One of the most common legal matters to address in estate planning is asset protection. Unfortunately, many individuals do not think about the importance of protecting their assets until a crisis arises. The best solution is to consult with a qualified asset protection lawyer who can advise you of your legal options. Our asset protection lawyer in Hennepin County has extensive experience that they will put to work for you, no matter what your needs may entail.
Contact Barbosa Law Group PLLC today to schedule a free initial consultation to learn more about our legal services.
What are the Benefits of Asset Protection?
Over the years, you have put in a great deal of work, time, and energy to build up your wealth and assets. One of the best things you can do for yourself and your family is to create a comprehensive strategy that protects your hard-earned assets.
Some of the most significant benefits of asset protection include:
- Shielding your most valuable asset against creditor claims and Medicaid estate recovery should you ever need long-term care
- Protecting your heirs and beneficiaries from lawsuits or divorce
- Liability protection for business owners
- Helping to eliminate or minimize estate taxes for your loved ones
- Helps your estate avoid the probate process
Can I use a Medicaid Asset Protection Trust to Protect My Home?
As many Minnesotans age, they become concerned about how they will pay for long-term care and how to protect their homes. One of the most practical solutions is to create an irrevocable trust. A Medicaid Asset Protection Trust (MAPT) is an irrevocable trust designed to help individuals qualify for Medicaid.
Assets placed in this type of irrevocable trust for at least 60 months before you may need nursing home care are exempt from Medicaid’s strict 5-year look-back period. Medicaid can impose penalties if it is discovered that you tried to spend down or give away assets to meet the financial eligibility requirements.
While you may continue to live in your home, you or your spouse may not be the trustees, as the assets would still be considered to be under your direct control. You are also not permitted to sell your home and keep the proceeds. To receive the full benefits of a MAPT, proactive planning is essential, since waiting too long may eliminate available protections.
When is the Right Time to Begin Asset Protection Planning?
A common misconception is that individuals need not worry about asset protection planning unless they have accumulated significant wealth or are growing older. Regardless of your age, once you become an adult, purchase a home, or start a family of your own, you need to start thinking about how to protect your interests.
For example, the Minnesota Homestead Exemption protects a significant amount of your home’s equity against creditors and lawsuits, making it an invaluable resource for homeowners. If you own a small business, you can create an LLC or S-Corp that will shield your home and personal bank accounts from commercial litigation.
Once you have children, you should establish spendthrift trusts that will protect your child’s inheritance should you divorce, remarry, or if they struggle with managing finances.
Contact Barbosa Law Group PLLC Today to Get Started Protecting Your Assets
Regardless of your age or the total assets and money you have acquired, you must begin planning for tomorrow. Having an asset protection plan in place can save you and your family a great deal of stress should a financial emergency arise.
Barbosa Law Group PLLC is a law firm that has proudly served clients for over two decades in the Twin Cities area of Minnesota and is committed to helping you with your legal needs. When you come to us for legal assistance, we will craft a custom asset protection strategy that safeguards you now and in the future.
Contact our Hennepin County asset protection lawyer today at 612-887-9286 to schedule a free initial consultation to learn more about our legal services and how we can help.