The world can be a dangerous place. Health care costs is skyrocketing and frivolous litigation is out of control. You've worked hard for what you've earned and it makes sense to do everything you can to protect your nest egg from those who unjustly seek a piece of it.
A solid Asset Protection Plan can give you peace of mind as you build a fortress around your assets and the ones you love. Asset protection can take many forms, from a comprehensive estate plan, to closely held limited liability companies and offshore trusts. The attorneys at BuxmanKwitek, P.C. are experienced planners who can help you craft a customized plan that is right for your personal situation. Lots of attorneys will sell you an expensive cookie cutter trust or LLC, but we will take the time to listen to your needs, analyze your situation and formulate a plan that is simple enough for you to understand, but complex enough to provide a substantial degree of protection.
The process starts with an initial consultation where we discuss your current asset allocation and potential risks. We then engage in a preliminary evaluation of your objectives and options, providing you with a basic outline of the structure that is right for you, along with an estimate of time and costs. Once we agree upon an approach, we provide draft documents that form the basis for additional discussions, revisions and fine-tuning until you have a package that accomplishes your objectives and makes sense.
Asset Protection: Frequently Asked Questions
What options are available for Asset Protection?
Asset protection can run the spectrum from basic estate planning documents like wills and powers of attorney, all the way to offshore trusts. The most common effective vehicle for asset protection is usually some version of a family or closely held limited liability company. Every situation is different, but the menu of options is usually the same.
How much will an Asset Protection Plan cost?
Basic plans can start in the range of about $1,000, with costs increasing based upon complexity. For people with significant assets, the implementation of an Asset Protection Plan can exceed $10,000.
How much do I need to own to justify a plan?
If you have a net worth (assets minus liabilities) of $100,000 or more, you should begin considering strategies to protect yourself.
Can Asset Protection Strategies make me Medicaid Eligible?
Medicaid is a need based medical insurance program that often pays for long term nursing home care. For the most part, it is difficult to avoid having any asset over which you maintain control not count against you in a Medicaid application. As such, most people are unwilling to surrender enough control over their assets for them to become Medicaid eligible, although there are some options available such as long term care insurance and asset allocation strategies that can provide assistance in this area.