Asset Protection Lawyer in Salem, MA
You’ve worked hard to build up assets over the years. But without proper planning, those assets can disappear from unforeseen illnesses, lawsuits, and the sudden need for long-term care.
An experienced asset protection lawyer knows how to shield your assets from life events like these. If you need help planning your future, contact Casey Lundregan Burns, P.C., today.
Don’t Lose Everything You Worked So Hard To Achieve
Why should you consider working with an attorney on an asset protection plan? A detailed plan protects your assets when:
- You or your spouse need long-term care
- You intend to apply for Medicaid benefits
- You have medical bills from an accident or illness
- You want to protect assets in the event of a lawsuit
Any of these events can cost you thousands of dollars or even more. With an asset protection plan, you’ll keep more of your money and safeguard your personal assets for the future of your loved ones. Contact an asset protection lawyer for help with your plan today.
Asset Protection Strategies in Massachusetts
If you have significant assets and want to protect them, what are your options? In Massachusetts, you can take advantage of several asset protection laws and strategies that prevent your money from falling into the wrong hands.
The government allows you to gift a certain amount of money each year tax-free. In 2023, the tax-free gift limit is $17,000, or $34,000 per married couple. Gifting this money to adult children, grandchildren, and other loved ones limits estate taxes so that more money goes to your beneficiaries and not the government.
Massachusetts Homestead Declaration
By filing a homestead declaration, you can protect up to $500,000 in home equity from creditors. Trusts are eligible for homestead declarations, too. A loved one may file a declaration on your behalf if you are legally disabled or over the age of 62. In this case, the protection increases to $1 million.
An irrevocable trust enables you to transfer assets to a loved one or another beneficiary of your choosing. You can set up a living trust or a testamentary trust in your will.
If you transfer your home to a trust, you will keep real estate tax exemptions and protect the home from Medicaid if you ever need to apply for benefits. Beneficiaries will also inherit your home without probate of your will.
With a life estate, you legally give your home to a beneficiary but are still allowed to live in the residence for life. When you pass away, the home transfers to your beneficiary automatically. If the beneficiary chooses to sell the home, they may pay less in capital gains taxes.
Guard Your Assets With Help From an Experienced Asset Protection Lawyer
Without proper asset protection planning, it only takes one accident, illness, or lawsuit to wipe out your hard-earned assets in an instant. Don’t let this happen to you and your loved ones — contact Casey Lundregan Burns, P.C, at 978-741-3888 today.