Sacramento Asset Protection Attorney

Asset Protection Attorneys Focused on Your Long-Term Financial Security

No matter what stage of life you are in, it is wise to focus on how you can protect your hard-earned assets. For example, if you have a young family, you probably want to feel secure that your financial resources can benefit them should something happen to you. If you are an older adult, you may be worried about the cost of long-term care and how it can affect your wealth.

Regardless of your unique circumstances, consulting an asset protection attorney is the most reliable way to protect yourself and your family, regardless of what may come your way. If you have questions or concerns about asset protection strategies, contact our law office today to schedule a free consultation to learn more.

What are Common Asset Protection Strategies?

In California, several asset protection strategies are available, depending on your financial objectives. Some of the most common strategies include:

• Irrevocable Trusts: Assets are no longer considered your property but now belong to the trust, keeping them out of reach of lawsuits, creditor claims, and, in some instances, Medi-Cal estate recovery if planned correctly.
• Limited Liability Companies (LLCs) and Corporations: Legal entities that separate your personal assets from business holdings.
• California Homestead Exemption: Protects a significant portion of your primary residence’s equity from creditors and lawsuits.
• Family Limited Partnerships: Transfers ownership of property from individual family members to a partnership and limits creditors to only being able to receive distributions from the debtor partner, rather than seizing their assets.

Does a California Revocable Living Trust Protect My Assets?

Although a revocable trust provides many legal protections, such as avoiding probate, it does not shield your assets from creditors or lawsuits. Unlike a living trust that can be amended or revoked at your discretion, once assets are placed in an irrevocable trust, they are no longer considered your property.

An irrevocable trust is a common estate planning method that many Californians use to protect their legacy and assets for future generations. If you are concerned about the cost of long-term care and qualifying for Medi-Cal benefits, the best option is a Medi-Cal Asset Protection Trust (MAPT). Even so, California has a strict 30-month look-back period to determine eligibility.

When Should I Consult With an Attorney About Creating an Asset Protection Plan?

Many Californians make the crucial mistake of waiting until a crisis occurs before they consider asset protection strategies. The truth is that you should consult an attorney immediately, before you may need long-term care or legal threats from creditors or lawsuits arise.

Some of the other most common scenarios that facilitate a need to discuss an asset protection plan include:

• You work in a profession prone to lawsuits.
• You plan on expanding your business.
• You have acquired significant assets or high-value property.

If you plan to get married or are already married, a prenuptial or postnuptial agreement is also a trust-based asset protection strategy.

Take the Next Step in Safeguarding Your Assets with Our Skilled Asset Protection Lawyers

No matter your personal situation, if you are concerned about protecting the wealth you have worked so hard to build, the best solution is to consult a qualified attorney. Cava & Faulkner, Attorneys at Law, is a Sacramento, CA area law firm dedicated to helping clients by creating custom-tailored plans that align with their financial goals.

Our estate planning attorneys have extensive experience helping our clients protect themselves from outside risks. We take a proactive approach to helping you plan for the future, so you can feel confident that you are fully protected. 

If you have questions about the asset protection process or are ready to get started, contact our law firm today at (916) 831-7565 to schedule a free consultation.