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New Albany Estate Lawyer Gives Overview of Estate Asset Protection

An estate lawyer can assess your specific situation and develop a customized plan to protect your assets.

MOBILE, AL, May 23, 2024 /24-7PressRelease/ -- In Indiana, consulting with an attorney is fundamental for establishing a robust estate plan. This includes the creation of a will and trusts to dictate the distribution of your assets posthumously. By working closely with your attorney, you can develop a comprehensive plan that aligns with your wishes and ensures the seamless transfer of assets.

Here are some specific ways an attorney can protect your estate assets:

Your attorney can implement various asset protection strategies. This may involve the creation of specific trusts designed to shield your assets from potential creditors, nursing homes, and legal claims. Living trusts, for example, can serve the dual purpose of managing assets during your lifetime and simplifying the transfer process upon your death, bypassing probate. Asset Protection Trusts can protect your real estate from the costs of long-term nursing home care.

For individuals with business interests, legal counsel becomes even more critical. Attorneys can assist in selecting the appropriate business structure to insulate personal assets from business-related liabilities. This may involve establishing limited liability companies (LLCs) or employing other strategic business structuring techniques.

Long-term care considerations are a vital aspect of estate planning. With nursing homes often costing more than $10,000 per month, attorneys can guide you through Medicaid planning, helping you protect assets while ensuring eligibility for Medicaid benefits. This can be especially important in safeguarding assets against potential nursing home costs.

Attorneys may recommend a range of tools such as Family Limited Partnerships (FLPs), Limited Liability Partnerships (LLPs), and insurance planning to provide additional layers of asset protection. These entities and strategies can be tailored to your specific situation, offering flexibility and comprehensive coverage.

A skilled attorney takes a holistic approach to estate asset protection, considering not only the immediate needs but also long-term goals. Regular reviews of your estate plan are crucial to adapting to changes in laws or personal circumstances. This ongoing collaboration ensures that your asset protection strategies remain effective and aligned with your evolving priorities.

"Our estate attorneys are available to meet with you to discuss a long-term care plan and solve the financing challenges that may seem overwhelming," say Attorneys Steve Langdon and Gary Banet of CLLB Law.

About CLLB Law Firm

The attorneys at Church, Langdon, Lopp, Banet Law have years of experience as asset protection lawyers in Indiana. They provide quality representation across a range of legal practice areas. Through mediation and litigation, they have helped some of the most prominent individuals, businesses, cities, and schools in Indiana as well as Kentucky navigate legal matters involving elder care and estate planning, real estate, family disputes, and even criminal defense. For more info, call (812) 725-8226.

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