Asset Protection Planning

Pennsylvania Asset Protection Attorneys

Asset Protection Planning is a crucial component of comprehensive estate planning and elder law services. It ensures that hard-earned assets are sheltered from potential risks such as long-term care costs, lawsuits, blended family issues, unintended creditor claims, and more. Asset protection planning also provides clients the ability to determine how their assets are distributed, and to whom, according to their wishes.

Knox Law’s team can help you safeguard your assets according to your specific circumstances. Tools we often use include wills, a variety of trusts, powers of attorney, and more. 

The Importance of Asset Protection Planning

There are many life events that can derail a best laid plan: illnesses, accidents, legal disputes, relationship struggles, divorce, addiction, and more. Even if your life is uneventful, your heirs or beneficiaries may encounter liability claims due to their profession or personal issues. Your wealth is worth protecting, no matter the size or scope.

Planning ahead for life’s unpredictable nature provides peace of mind when considering wealth and assets. Legal tools can help responsibly structure your estate and legacy to protect what is yours and provide for your heirs or your community.

Whether you are planning ahead for your children or other beneficiaries, nearing retirement, caring for aging parents, or preparing for future medical needs, asset protection strategies can help you:

• Preserve inheritance for children and/or other beneficiaries
• Shield assets from lawsuits, divorce, or unintended creditor claims
• Protect your home and savings from long-term care costs
• Qualify for Medicaid or other assistance programs, without spending down your estate

How Does Asset Protection Planning Work?

Each client’s circumstances are unique. Our team of Estate Planning and Elder Law attorneys work with you, your family, and your other professional advisors to create a comprehensive plan that fits your priorities.

First, we listen to your story and your future goals, and we review your financial and legal situation. We educate you on relevant laws, planning options, and other factors affecting your circumstances. Our team then crafts a comprehensive strategy using estate planning and trust tools, gifting techniques, annuities, long-term care insurance, powers of attorney, and more. 

We can also help with the Medicaid application process when appropriate.

We don’t stop there. Our goal is for the client, their family, and their other advisors to fully understand the plan. We identify and address any concerns, as needed. Our team, including paralegals, then helps clients and their advisors implement the plan, including beneficiary designations and any other follow-up tasks. Finally, we encourage periodic reviews for any life updates to further ensure your goals are met.

Asset Protection Planning Tools We Use:

• Wills
• Durable Powers of Attorney
• Healthcare Powers of Attorney
• Guardianships
• Testamentary, Revocable, and Irrevocable Trusts
• Grantor Trusts
• Income-Only Trusts 
• Medicaid Annuities 
• Special Needs Trusts
• IRA Trust Planning
• Family Gifting Programs
• Charitable and Philanthropic Gift Planning

Why Do You Need an Asset Protection Attorney?

The Pennsylvania estate planning and elder law attorneys and paralegals at Knox Law firm work every day to help individuals prepare for their families' future. Our team is experienced in handling estate planning, as well as a wide range of other elder law, elder care, and health care issues, most of which involve a complex system of governmental regulations and care options. We can also help with estate administration when the time comes.

Because of the complexity of state and federal tax laws, government regulations surrounding Medicaid and special needs assistance, and more, we highly recommend you work with an attorney or law firm that has specific experience in these areas. If your estate is not properly established, the state will determine what happens to your assets.

How Our Elder Law Attorneys Can Help With Asset Protection

Estate Planning, Elder Law, and Asset Protection can be stressful and complicated. Navigating the details can be overwhelming. Our team is well-versed in all aspects of planning, including wills, trusts, powers of attorney, Medicaid planning, and more. We have creative strategies to help you protect your assets, plan for the future, and provide financial security.

Most importantly, in addition to the “know-how,” our team has the compassion and patience to help you prepare for the future and gain peace of mind.

Protect Your Assets With Help From a Pennsylvania Asset Protection Attorney

We know that you have worked your whole career to provide for your family. Now is the time to make sure that your hard work continues to pay off so that you, your spouse, and your family can enjoy security long into the future.

Please contact us today to schedule a consultation and learn how we can help.
 

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