Asset Protection Services for Hattiesburg

Understanding Asset Protection

Asset protection safeguards your valuables from potential lawsuits, creditors, and unexpected events through legal strategies like:

1. Trusts: Separate legal ownership from enjoyment, making assets unreachable to creditors.
2. Business Entities: LLCs and corporations separate personal assets from business liabilities.
3. Strategic Transfers: Transferring assets to family or trusted individuals removes them from your name, but conditions apply.

The Importance of a Hattiesburg Asset Protection Attorney

Experienced Hattiesburg asset protection attorneys provide expert guidance by:

1. Asset Assessment: Thoroughly reviewing your real estate, investments, and business interests.
2. Tailored Strategies: Developing customized protection plans based on your circumstances and goals.
3. Legal Documentation: Drafting trust agreements, business formation documents, and ensuring compliance.
4. Ongoing Monitoring: Providing updates and adjusting plans to adapt to changing circumstances.

Types of Asset Protection Trusts

Various trusts offer asset protection, including:

Asset Protection Trust

An irrevocable trust that shields assets for the settlor’s benefit. Creditors cannot access the assets due to the settlor’s relinquished ownership.

Medicaid Asset Protection Trust (MAPT)

A specialized irrevocable trust that protects assets from Medicaid estate recovery. It allows for asset transfer and initiates the five-year lookback period for Medicaid eligibility.

**Note:** The settlor cannot be both the trustee and the beneficiary of a MAPT.