Asset Protection Attorney in Redlands, California

No matter your station in life, confronting financial decisions is never easy. It's a process filled with complexities and uncertainties, especially when you're trying to balance the needs of today with the uncertainties of tomorrow. You've worked hard for your wealth, and the thought of losing it due to circumstances beyond your control can be distressing. 

At The Elder and Disability Law Firm, APC, the primary objective is to ensure the security of your assets through meticulously designed estate plans. Coming face to face with the expenses of long-term care can be quite a shock, leaving you unsure about how to safeguard your wealth while still qualifying for vital government benefits. You’ll need strong, personalized guidance through this process.

Esther C. Wang brings a wealth of legal experience to the table. Her deep understanding of the intricacies surrounding Medi-Cal as it relates to long-term care and other government benefits can help you and your family move forward. Set up a consultation today if you live anywhere in Southern California, including Redlands, Riverside, Rancho Cucamonga, and Palm Springs. 

Asset Protection Strategies

Understanding asset protection and surrounding concerns can be challenging due to the ever-changing financial—and legal—landscape. Asset protection should be designed to protect an individual's assets from creditors, and this process involves a range of legal considerations. These considerations can include everything from specific types of trusts and business entities to homestead exemptions and retirement plans. 

Look-Back Period

One key aspect of asset protection is the look-back period. This concept refers to the length of time authorities can retrospectively check to see if assets were transferred at less than fair market value to qualify for government benefits. It's crucial to navigate this area correctly, as missteps can lead to penalties and delayed eligibility for benefits. 

In California, the look-back period is particularly relevant when considering Medi-Cal eligibility. As of 2021, the state has implemented a look-back period of 30 months for long-term care Medi-Cal. This means that any asset transfers made for less than fair market value within this 30-month period will be scrutinized. If it's found that a transfer violated the rules, it could potentially result in a period of ineligibility for benefits. Navigating the complexities of the look-back period can be challenging, but a lawyer can help you move forward. 

Exempt and Non-Exempt Assets in California

Another important aspect of asset protection is understanding exempt and non-exempt assets.  

In California, the distinction between exempt and non-exempt assets is significant for those interested in asset protection. Exempt assets are those that are protected from creditors under California law.

For instance, certain retirement accounts, life insurance policies, and built-up equity in a home are generally considered exempt. These assets are kept safe from creditors, ensuring that the debtor can maintain a basic standard of living even in the face of financial adversity. 

Non-exempt assets, however, are generally fair game for creditors. These can include bank accounts, additional real estate properties, investments, and valuable collections or jewelry. It's worth noting that the categorization of assets as exempt or non-exempt can vary depending on the specific circumstances surrounding a case and the type of debt owed. 
 

How Can You Protect Non-Exempt Assets? 

One potential strategy to protect your non-exempt assets involves converting these assets into exempt ones. For example, surplus cash—which is a non-exempt asset—could be utilized to pay down a mortgage, effectively converting it into home equity, which is an exempt asset. Alternatively, non-exempt assets can be transferred into irrevocably structured trusts, thus placing them beyond the reach of creditors.

Navigating these strategies effectively requires detail-oriented legal counsel to ensure compliance with all relevant laws and regulations. 

The Importance of Personalized Service 

Decisions involving assets should not be made lightly or without professional guidance. Before making any moves that could potentially jeopardize your financial security, it's imperative to consult with an experienced attorney. Every family’s situation is unique, which is why personalized attention is key. Whether it's a face-to-face consultation or a virtual meeting, legal services should be accessible and individualized. Asset protection—and estate planning more generally—are not ‘one-size-fits-all' situations. You deserve legal counsel that fits your goals. 

Ultimately, a personalized—but also comprehensive—approach to estate planning is vital. Whether you are looking to establish wills, set up trusts, or need a helping hand with an elderly loved one, reach out to an experienced and knowledgeable attorney.