Irrevocable Asset Protection Trusts
Attorney, Joseph McHugh has 30 years of experience in California Asset Protection and especially Irrevocable Asset Protection Trusts. Joe is the attorney in Southern California you need to meet with as soon as you fear you could losing your home, and other assets due to potential personal or professional lawsuits. If you are in a risky business and want to protect your assets above your liability insurance policies, you need to know the options you have as a California resident or business owner.
Attorney Joseph McHugh will define what are the most cost effective and most protective asset protection strategies and discuss which course of action and appropriate levels of protection will be best for your situation. In California many of the domestic asset protection plans can be pierced by California judges that seem to support creditors and not defendants… protection all depends on when and what type of trust you set up as to how effective it will be… THE SOONER THE BETTER!
How does an Irrevocable Trusts Protect My Assets?
An Irrevocable Trust is a Trust that has specific legal language that states any assets in this Trust cannot be go back into the Settlor’s names and the Settlor will have no control over those assets. So if a creditor has a claim against you, they cannot collect from the assets in the Irrevocable Trusts. These types of Trusts are established for asset protection during the life of the Settlors and estate planning for end of life asset distributions.
California Irrevocable Asset Protection Trusts for Lawsuits and What Else?
The main purpose we establish California Irrevocable Trusts is to protect our client’s assets from lawsuits. However, sometimes our clients set up Irrevocable Trusts to make sure that others in the family carry out their wishes when they are no longer around. This is extremely common in second marriages where a spouse that came into the marriage with more assets wants to ensure that children from the first marriage are not cut out of the assets in case he/she dies first.
Asset Protection for Seniors Driving Cars
Joseph McHugh, as an Asset Protection and Elder Law Attorney, highly recommends advanced planning using the Irrevocable Medi-CAL Asset Protection Trust in cases where seniors are healthy and still driving… it is important to protect major assets from lawsuits due to the car accidents. Or preventing the possibility of a senior getting coerced into signing away assets by mistake as they get older and have less mental capacity. Our attorneys make sure a responsible trusted family member to be established as trustee of this Irrevocable Trust. If properly created in advance (before a Cause of Action – Accident- has occurred) most creditor issues may be avoided. This also will protect assets if they need nursing home care in the future.
We have had elder clients get into car accidents and luckily, they had put most of their assets into the Irrevocable Trust or the only claim was what car insurance provided.
Asset Protection for Seniors Facing Nursing Home Care
This information is dedicated to Asset Protection as it relates to the issues of pre-planning to protect the family home and other assets while qualifying for Medi-CAL Long Term Care Benefits to pay for Nursing Home Long Term Care or Custodial Care.
This is not planning for families of extreme wealth that look at having assets moved to off-shore accounts or have money to pay an average of $25 an hour ($18,000 per month for 24/7 care) for in home care!!Our elder law practice focuses on how middle-class families can get Medi-CAL to help pay for long term care (LTC) in a nursing home and save family assets for the well spouse or in case the ill person comes home after being in a nursing home.
After a thorough review of the best strategies for your family situation and our fees for the scope of work, we will structure a comprehensive Asset Protection Plan created specifically to protect your hard-earned assets.
Our Law Firm is centrally located in Burbank (Southern California); however, our Asset Protection Lawyer, Joseph McHugh serve many clients throughout the state and loves an occasional road trip to help our clients, their family and friends to finalize documents. We are very proud of the many personal and professional referrals we receive from happy clients and colleagues.
Call us for a free 30 minute initial consultation for our legal services at: (818) 241-4238. Or you can submit this form to request this free 30 minute consultation to determine if our services meet your needs.