You’re probably familiar with the adage, “It’s not what you make, it’s what you keep.” That, in a nutshell, is the concept of asset protection.
At Rampulla & Newstad LLP, we use a combination of proven tools and strategies to protect our clients’ assets. Together, we will take all necessary steps to plan ahead, before you risk depleting your savings or the assets you are planning to leave your loved ones. Our team can help you put a plan in place today that prepares you for long-term care costs, and still allows you to qualify for Medicaid assistance as quickly as possible, all while legally protecting as much of your portfolio as possible.
After performing a complete inventory of your asset profile, and an extensive interview to determine your goals and objectives, we will recommend a wide range of steps to bolster your defenses, including:
- Tax planning — Strategies for minimizing the effects of income, estate and property taxes.
- Entity formation — Proper incorporation of business assets to build a wall of protection from creditors and other claimants.
- Trusts — Using properly formed entities to hold assets for your use to save you and your beneficiaries unnecessary expenses at the time of transfer.
- Medicaid planning — With proper planning, you can retain a measure of financial security and still establish your Medicaid eligibility.
Additionally, your estate plan should not only protect you and your spouse from threats such as long-term care costs, creditors, but it should also be able to secure your heirs’ inheritances against any additional threats after you’re gone. For example, some children may need protection from making poor decisions in the event they are not mature enough to manage their inheritance on their own at the time of your passing. Even your grandchildren may need protection in the event that your child passes away and your in-law remarries.
Our planning process will help you create a holistic plan that brings you peace of mind by detailing how you and your family will be cared for during any periods of incapacity in the future. In short, our team is ready to help you develop a plan that will work for you when you need it.