Asset Protection Lawyer Chicago, IL
Do I Need an Asset Protection Attorney
For the majority of us, whatever assets we have are the product hard work and/or smart investments. A good asset protection lawyer in Chicago, Illinois knows that protecting those assets as we get older is critical to ensuring that we are taken care of in our old age and that our families are taken care of when we are no longer able to do so. Having a skilled Chicago, IL asset protection lawyer’s guidance makes all the difference in that protection.
At Childress Loucks & Plunkett, our asset protection lawyers serving Chicago, IL can evaluate your situation and offer the best legal options available for your situation. Our legal team has extensive experience in helping families plan and protect their future. Not only will our legal firm make sure that you are protected, but we will also make sure that any plans you make all adhere to both federal and state laws.
Asset Protection Options
Many people who do not consult with asset protection attorneys find not only are their assets vulnerable to creditors and lawsuits, but the steps they may have taken to protect those assets were illegal, such as transferring funds to a family member or friend in order to avoid paying a lawsuit settlement.
In situations such as this, there are legal steps that a person can take to protect their assets. The asset protection attorney from Childress Loucks & Plunkett you consult with will evaluate your situation to determine if you may be at risk for future lawsuits depending on your occupation or other factors. If this potential exists, one option could be to create a trust in which your assets are placed and where any future litigants would have no claim to if they were to file and win a lawsuit brought against you.
There are several types of trust that asset protection attorneys use as tools for their clients and your attorney can explain which type would work best for your family. Trusts can also be set up to protect from future creditors, as well as protect from any future elderly planning. Nursing homes and assisted living facilities are expensive and can quickly eat up the assets of elderly residents. This is why many of our clients make arrangement to protect their savings long before they reach the age or physical condition where the day comes they and their families have to make that decision.
Let an Asset Protection Attorney Help Your Family
There are many other options besides trusts that may be helpful to your situation. If you would like to meet with a skilled asset protection attorney to discuss what those options would be, call name of firm. We have been advocating for Chicago, Illinois families for more many years and encourage families to plan for their future. We would be happy to meet with you and discuss how we can do the same for you. Contact Childress Loucks & Plunkett to set up a free consultation with a skilled asset protection lawyer in Chicago, IL today.
What Kinds of Asset Protection Trusts Are Available?
When individuals become concerned about insulating their personal assets from potential creditors and/or legal judgments, they may benefit from working with a Chicago, Illinois asset protection lawyer who is experienced in the process of asset protection. There are a host of legal tools available that may aid individuals and families seeking to protect their personal assets from liability. Among the most useful of these tools are asset protection trusts. A number of these trusts may be particularly valuable for middle-age Americans, older Americans and/or the loved ones of older Americans seeking to assist their loved ones in protecting their personal assets.
Childress Loucks & Plunkett may be able to point you towards a specific kind of trust or trusts that will suit your needs uniquely. Trusts may be constructed in a variety of ways in order to better ensure the achievement of certain financial and/or asset protection goals. Among the trusts that an attorney may suggest are Medicaid Family Protection Trusts and Medicaid Asset Protection Trusts.
Medicaid Asset Protection Trusts may be used even when an individual is not immediately considering applying for Medicaid. But if an older adult and/or that adult’s family is worried about what a serious health condition may do to that individual’s financial wellbeing, this may be an important option to consider. When a healthy individual of sound mind is able to plan ahead in this way, an irrevocable trust may help to protect a significant number of their assets. It will also help that individual clearly state who may have access to the assets within the trust and what portion of those assets may be utilized for medical care. This can be a valuable tool both in terms of asset protection and better ensuring that an individual’s wishes in regards to his or her medical care are ultimately respected. As an added bonus, it will serve as a helpful tool if/when an individual chooses to apply for Medicaid as the assets in the trust will not count against their eligibility.
Similar to the above option, a Medicaid Family Protection Trusts offers asset protections that will not count against an individual’s eligibility for this federal benefit. However, this type of trust boasts even greater levels of asset protection, as it protects the beneficiaries of the trust-holder’s estate. Practically speaking, this means that because the inheritance of these beneficiaries is held in a trust, creditors, courts and outsiders generally cannot touch the assets contained within that trust. This asset protection option may be particularly attractive to middle-age Americans who have grown or nearly grown children. A Chicago, Illinois asset protection lawyer can help you to explore this option if it might make good sense in your situation.
Legal Guidance Is Available
If you are interested in forming an asset protection trust, please speak with a Chicago, Illinois asset protection lawyer experienced in the legal process of asset protection. Creating a trust with the aim of protecting personal assets is a technical practice, so it is important to consult a Chicago, Illinois asset protection lawyer well-versed in this area of law. Failure to obtain experienced legal guidance may lead to potentially disastrous consequences, as trusts that are not properly created and executed may not ultimately be honored by the courts.