Call Connelly Law Today

Rhode Island Elder Law Attorney

Phone:  401-724-9400

Fax:  401-724-3046

Our office locations

Connecticut

47 Water St., Suite 101

Mystic, CT  06355

860-440-7600

This website includes general information about legal issues, issues affecting seniors and developments in the law. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and must not be taken, as legal advice on any particular set of facts or circumstances. You need to contact a lawyer licensed in your jurisdiction for advice on specific legal issues and/or problems.

Rhode Island - Main Office

372 Broadway

Pawtucket, RI  02860

 401-724-9400

Massachusetts

Martha's Vineyard

Oak Bluffs, MA  02557

508-316-2396

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Rhode Island Elder Law Attorney - Asset Protection Strategies

Elder Law Attorney for Rhode Island, Eastern Connecticut and Southeastern Massachusetts

Whether you are concerned about losing your assets to a judgment creditor or to the Medicaid Estate Recovery Program, our elder law attorney and his professional staff can help.

At Connelly Law Offices, we offer two entirely different asset protection planning services:

  • Lawsuit Asset Protection Planning, and

  • Medicaid Asset Protection Planning

​​

We live in the most litigious society in the world. Every year, 80 to 90 million lawsuits are filed in the United States. Nearly half of all marriages end in divorce.

Unfortunately, there is no way to completely avoid the possibility of being sued. There is, however, a way to reduce the risk of a devastating lawsuit, and to protect your assets.

Lawsuit asset protection refers to a set of legal techniques that protect a person’s property from potential creditors, including a divorcing spouse. Asset protection planning ranges from simple devices such as opening an IRA account, to more complex arrangements such as funding an irrevocable beneficiary-controlled grantor trust.

Lawsuit asset protection planning typically involves one or more of the following:

  • Obtaining appropriate and sufficient insurance coverage;

  • Transferring assets to a statutorily protected class of assets (i.e. residential homestead, life insurance, annuities, or a qualified retirement plan);

  • Leveraging unprotected assets such as real estate investments;

  • Utilizing liability shielding entities such as limited partnerships, corporations, and LLCs;

  • Accumulating wealth in an asset protection trust; and

  • Entering into marital property agreements to convert community property into separate property.

  • Hiding assets or fraudulently conveying assets to hinder a creditor offers no asset protection and is illegal.

At Connelly Law Offices, our team will design and implement asset protection plans for individuals and families residing in Rhode Island, Connecticut and Massachusetts. Our clients include doctors, lawyers, engineers, business owners, and others concerned about protecting their assets in the event of a lawsuit.

What is Medicaid Asset Protection Planning?

Our Medicaid asset protection attorney assist our Medicaid clients transfer assets outside of their probate estate without triggering a transfer penalty or gift tax.

Click here to find out more about Medicaid Planning.

Protecting Spousal Retirement Income from Medicaid

 

Medicaid recipients must often satisfy a Medicaid co-payment to receive benefits. For a married Medicaid recipient, it may be possible to divert retirement income away from the institutionalized spouse to the at-home spouse in order to reduce the Medicaid co-payment. This Medicaid asset protection technique involves an agreement for spousal support and court approval of a qualified domestic relations order.

Whether you are interested in lawsuit or Medicaid asset protection planning, we invite you to contact us today for a free initial consultation.

Rhode Island, Southeastern Massachusetts and Eastern Connecticut Elder Law Attorney

It has taken you a lifetime of hard work to accumulate those assets you currently have. Unfortunately, America is a litigious society and 90% of all lawsuits in the world originate in the United States. Given this environment, it is more important than ever to identify the legal strategies and tactics through which you can protect yourself against claims from creditors or lawsuits or plan for Medicaid.  After all, why should your hard work ultimately enrich a third party at the expense of your loved ones?  Call us today.

                                                                                                                ---- RJ Connelly III

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