Elderly And And Asset Protection  

      We find more and more people these days taking advantage of the elderly by neglecting them or mistreating them either physically or psychologically. Financial abuse by family members seeking a personal advantage is an insidious abuse of the confidential and trusting relationship.More...

 

 

Tax Implications Of Asset Protection Strategies

Tax Implications Of Asset Protection Strategies

Conventional health insurance does not usually cover the costs of disability care or the fees of a nursing home, nor does Medicare. Should such a situation arise, the individual suffering from a long term illness and wanting to secure his or her assets might have to resort to a trust. In this case, the individual or individuals are known as grantors.

There are two broad types for this purpose. One is a Medicaid Trust, but this is fraught with perils. A Medicaid trust has to be created to put ones assets into and show that the individual is virtually penniless and has no means of support or paying for care. But a Medicaid Trust is irrevocable (IT), More...

 

Are Living Trusts Legal For Asset Protection ?

Are Living Trusts Legal For Asset Protection

A living trust is a legal document that resembles a will. It includes instructions for what you want and how you would like to handle your assets after your death. But unlike a will, it does not involve probate at death, allowing your heirs to inherit the property immediately after your death. It also prevents the court from having any control over the assets, if in case the person becomes incapacitated. It allows the owner of the property to choose a trustee in case of incapacity.

A living trust has no asset protection from creditors or lawsuits. But it can be named as the owner of the structure that protects your assets, such as a Family Limited Partnership (FLP) or Limited Liability Company (LLC). More...

 

Mental Depression And Asset Protection Federal Law

Mental Depression And Asset Protection Federal Law

Mental health and the law interact in numerous ways. The law requires a person to be mentally competent to enter into a legal agreement. The term "competence" implies that an individual is mentally capable of entering into a binding contract, transferring assets, or participating in a legal proceeding.

Federal law recognizes several methods of legal structures for asset protection. One such means is through asset-protection trusts set up with the purpose of avoiding or mitigating the effects of divorce, taxation or bankruptcy of the beneficiary. More...

 

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