Asset protection planning is about protecting your assets from creditors. It’s vital in a number of situations. First, 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. Second, families looking for ways to pay for a loved one’s long-term care often find themselves needing to protect assets while qualifying the loved one for public benefits such as Medicaid.
To keep assets away from creditors or long-term care facilities, they need to be moved out of reach. Drazen Rubin Law, LLC offers a full range of asset protection techniques including maximizing contributions to IRAs, moving funds to an irrevocable trust, retitling various assets, or using limited liability companies or family limited partnerships.
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