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