Asset protection means keeping your property safe from being taken by someone who wins a lawsuit against you. This can range from a lawsuit related to a negligent act that you performed, such as causing a car accident, to a lawsuit related to the foreclosure of property for which you have stopped paying the mortgage. Asset protection planning must begin long before there is any sign of a lawsuit.
This principally comes into play in three areas:
Protection of assets from lawsuits, judgments, claims and levies – often in a business context;
Protection, principally of the family residence, from claims by the State of California resulting from public benefits paid out for the care of a loved one, in a skilled nursing facility (Medi-Cal claims against the home); and
E L D E R L A W A N D E S T A T E P L A N N I N G L A W F I R M
Riverside Probate attorneys and Estate Planning attorneys
Riverside conservatorships, estate planning attorney, probate attorney