NYC Asset Protection Attorney

Are Your Assets Protected from Unexpected Risks?

Whether you’re concerned about long-term care costs, potential lawsuits, or creditor claims, protecting your assets is crucial to preserving your financial legacy. Without the right plan in place, your life savings, home, and investments could be at risk.

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Understanding Medicaid Asset Protection Trusts

Watch this short video to understand how a Medicaid Asset Protection Trust works

The Problem: Your Wealth Is Vulnerable Without Proper Protection

Life is unpredictable. You’ve worked hard to build your assets, but without a clear strategy, you could lose a significant portion of your wealth due to:

  • Long-Term Care Costs: Nursing homes and long-term care facilities can cost over $170,000 annually. Without a plan, your assets could be drained to cover these expenses.
  • Lawsuits and Creditor Claims: If you’re sued or owe debts, your personal assets, including your home and savings, could be vulnerable.
  • Estate Taxes: Without protection, estate taxes could reduce the inheritance you plan to leave your loved ones.

The Solution: Customized Asset Protection Strategies with Miller & Miller Law Group

At Miller & Miller Law Group, we help you create a plan that protects your assets from future risks while allowing you to maintain control. Our asset protection strategies are tailored to your unique financial situation, ensuring your wealth is preserved for you and your family.

Our Asset Protection Services Include:

  1. Medicaid Asset Protection Trusts (MAPTs):
    Protect your home and savings from being spent on long-term care costs. With a MAPT, you can preserve your assets while still qualifying for Medicaid benefits.
  2. Irrevocable Trusts:
    Transfer your assets into an irrevocable trust to shield them from creditor claims, lawsuits, and estate taxes. Once assets are placed into this type of trust, they no longer belong to you, but they are protected for your beneficiaries.
  3. Family Limited Partnerships (FLPs):
    This tool allows you to transfer ownership of assets to your family while still retaining control over them. FLPs can help reduce estate taxes and protect your wealth from creditors.
  4. Business and Investment Protection:
    For business owners, we help structure your business entities in a way that protects your personal assets from any business-related liabilities. This might include forming an LLC or other corporate structures that offer liability protection.

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5 Essential Steps to Protect Your Assets from Long-Term Care Costs.
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The Stakes: What Happens Without Proper Asset Protection?

Without asset protection in place, you risk:
  • Losing your home and savings to long-term care costs.
  • Leaving your family vulnerable to legal disputes and creditors.
  • Reducing the inheritance you leave to your loved ones due to estate taxes or creditor claims.

The Benefits: How Asset Protection Helps You and Your Family

  • 1. Preserve Your Wealth: Ensure that your assets are protected from unexpected costs, lawsuits, and taxes.
  • 2. Qualify for Medicaid Without Losing EverythingWith proper planning, you can qualify for Medicaid benefits to cover long-term care while keeping your home and savings protected.
  • 3. Minimize Taxes and Liabilities: Reduce estate taxes and shield your family’s inheritance from legal challenges.

Success Story: Protecting a Family's Home and Savings

A client came to us with concerns about future nursing home care and its impact on their family’s finances. They owned a home and had substantial savings but were worried about losing everything to long-term care costs. We worked with them to establish a Medicaid Asset Protection Trust (MAPT), allowing them to protect their home and qualify for Medicaid. After several years, when nursing home care became necessary, they were able to preserve their home and assets for their children while still receiving the care they needed.

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Frequently Asked Questions

Q: What is the difference between a revocable and irrevocable trust?

A revocable trust allows you to retain control over your assets and can be changed or canceled at any time. An irrevocable trust is more difficult to be altered once it’s created, but it offers stronger protection from creditors, lawsuits, and estate taxes.

Q: Can I protect my home from nursing home costs?

A: Yes, through tools like a Medicaid Asset Protection Trust (MAPT), you can protect your home from being used to pay for long-term care, while still qualifying for Medicaid benefits.

Q: When should I start asset protection planning?

A: The earlier, the better. Asset protection strategies like trusts often require planning in advance to be fully effective, especially when it comes to Medicaid eligibility, which has a five-year look-back period.

Q: Can I protect my assets from my no good son-in-law?

A:  Yup! An irrevocable trust is a perfect tool to make sure your assets stay within your family. 

Why Choose Miller & Miller Law Group?

  • Asset Protection Attorneys: We have years of experience helping clients protect their wealth from long-term care costs, lawsuits, and taxes.
  • Personalized Approach: We understand that every family’s financial situation is unique. Our tailored asset protection strategies are designed to meet your specific needs.
  • Proven Results: Our clients have successfully preserved their wealth, protected their homes, and ensured financial security for their loved ones through our planning.

Take Control of Your Financial Future Today

Contact us for a consultation and find out how we can help protect your assets.

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