WHAT IS ASSET PROTECTION?
• What Asset Protection Planning Is All About Synopsis: Discusses that asset protection planning is much more than simply protecting assets from creditors, and encompasses an important part of risk management planning. Definition: Wealth Preservation – Planning that preserves wealth over time against numerous unforeseen circumstances. • Facing the Sleaze Factor Synopsis: Discusses the reasons causing asset protection planning to be perceived as sleazy. • Asset Protection and the Law Synopsis: Discusses the place of asset protection within American jurisprudence, the traditional relationship with aggressive tax schemes, the entry of CPAs into the asset protection market, trust mills and family limited partnership mills, and the multi-level marketing of tax-evasive asset protection structures. • Asset Protection and Legal Risk Management Synopsis: Discusses asset protection as it relates to the management of legal risks, and what bodies of law primarily constitute asset protection.
Asset protection is the field of law addressing the most important questions faced by professionals and business owners. Anyone in business must ask themselves these crucial questions: “How do I limit the exposure of my business and personal assets to the risks of my business?” “If something goes wrong with my business or practice, how do I protect my home and savings from liability? Formally stated, asset protection is the field of law which addresses the issue of legally minimizing the risk of loss from the hazards of business and personal liability. For more information, click here.
Medicare and Medicare replacement insurance policies will only pay up to 120 days for any single illness, before your care will need to be paid by cash. For those who have extended medical conditions, patients may need to turn to Medi-Cal for coverage. However, the law becomes complicated about what assets one must exhaust before coverage begins. Current Medi-Cal rules allow retention of up to $2400 in liquid financial assets, your home, your car, and a modest life insurance policy. However, Medi-Cal will levy the financial cost of your care against your home, and will recoup their expenses at the time the home is sold, or upon your demise. Worse, Congress is now considering bills that will further diminish your ability to protect your assets in the event of a catastrophic healthcare event. However, the law does allow certain mechanisms that enable essential preservation of the estate.
