Asset Protection
Safeguard your wealth and property with strategic legal planning.
Protecting What You've Built
When it comes to protecting your assets, the little things matter. Our attorneys provide real-world advice on asset protection planning which can help you structure the ownership and composition of your assets to protect them from creditors, lawsuits, and other potential threats.
Our asset protection planning is designed to accomplish our clients' goals by shielding their assets from future creditors' claims and lawsuits. We advise our clients on the best plan that will meet their asset protection goals and we assist in its implementation.
Asset protection is not about hiding assets or evading legitimate obligations. Rather, it's about legally structuring your wealth to make it more difficult for creditors to reach, while maintaining your ability to benefit from and control your assets.
Asset Protection Strategies
Business Entity Formation
Protect personal assets by creating the right business structure, such as LLCs or corporations.
Trust Planning
Establish irrevocable trusts to protect assets while maintaining control over their management.
Homestead Protection
Utilize homestead declarations to protect your primary residence from certain creditors.
Comprehensive Documentation
Create legally sound documentation to support your asset protection strategy.
Asset Protection Services
- Assist in applying for and obtaining eligibility in Community and Long-Term Care government assistance programs, including Medicaid ("MassHealth").
- Drafting and filing of homestead declarations
- Incorporating domestic and foreign corporations
- Formation of domestic and foreign limited liability companies
- Formation of family limited partnerships
- Establishment of domestic and foreign asset protection trusts
- Advising as to creditor protection benefits associated with particular assets
The Asset Protection Process
Initial Assessment
We conduct a thorough review of your assets, liabilities, and potential risks to identify vulnerabilities.
Strategy Development
Our attorneys create a customized asset protection plan based on your specific situation and goals.
Implementation
We help you execute the necessary legal documents and establish the recommended protective structures.
Ongoing Review
We periodically review your plan to ensure it remains effective as laws and your circumstances change.
Case Study: Business Owner Protection
A successful business owner came to us concerned about potential liability from his growing company. We implemented a comprehensive asset protection strategy that included:
- Formation of a limited liability company to separate business and personal assets
- Creation of a family limited partnership for real estate holdings
- Implementation of an irrevocable trust for generational wealth transfer
- Comprehensive insurance coverage review and enhancement
The result: When the business later faced a significant lawsuit, the owner's personal assets remained completely protected, and the family's wealth was preserved.
No matter how hard you work to keep up a property, you can't anticipate everything. Cody, Cody & McCarthy helped me to make sure that if something goes wrong, my family and I will be protected.
Sean M
Medfield, Massachusetts
Protect Your Assets Today
Our attorneys can help you develop a comprehensive asset protection strategy tailored to your specific needs.
Schedule a ConsultationCommon Questions
When should I start asset protection planning?
The best time to begin asset protection planning is before any claims or liabilities arise. Once a claim exists, transfers may be considered fraudulent conveyances and can be reversed by courts.
Will asset protection planning protect me from all creditors?
While effective asset protection can shield you from many creditors, no strategy is completely bulletproof. Certain creditors, like the IRS, may have enhanced collection powers. Our goal is to create significant barriers that discourage potential creditors.
Is asset protection planning legal?
Yes, when done properly. There's a significant difference between legal asset protection and illegal attempts to hide assets or defraud creditors. We focus on legitimate strategies that comply with all applicable laws.
Related Practice Areas
Explore our comprehensive legal services designed to protect your interests and secure your future.
Estate Planning
Our fundamental estate plan requires approximately two to three weeks to design, draft and implement.
Elder Law & Medicaid Planning
Many of our clients are seeking to protect their assets from the cost of long-term care. Our attorneys work with families to custom design a plan.
Business Succession
We work closely with clients who own their own businesses to develop an understanding of not just the company, but also the owner's long-term business goals.
Protect Your Assets Today
Contact us today to schedule a consultation with one of our experienced attorneys. We'll help you develop a comprehensive asset protection strategy.
Schedule a Consultation