Consider Setting Up an Asset Protection Trust in Massachusetts and Pennsylvania

Miller Law Firm, PC is founded by a licensed elder care attorney with relevant experience in family law, long-time care, and asset protection who is always ready to help clients set up an asset protection trust.

Nobody wants to think about their own mortality, but any experienced estate planning attorney can attest to the importance of putting your affairs in order ahead of time. Probate laws are complex, wills can be contested, and fraudulent creditors may file claims against your estate. One of the ways in which you can protect your asset and make sure that the intended beneficiaries will enjoy them in the future is by setting up an asset protection trust.

This arrangement, also known as a lifetime trust, places all your relevant assets into an irrevocable trust managed by a trustee. Once the asset protection trust is set up, the person who created it will continue to enjoy the use of the respective items. However, they will no longer have ownership over the respective assets and cannot dispose of them.

A close up of lifetime trust specialist’s hands

How Does a Lifetime Trust Work?

The relevant parties to a lifetime trust are:

  • The settlor – the person who creates the trust
  • The trustee – the person who manages the trust according to the settlor’s wishes
  • The beneficiary – the person who will receive the assets held in trust after the settlor’s death.

With the assistance of an experienced domestic asset protection trust lawyer, the trust will be created in due time to allow the settlor to enjoy Medicaid benefits. Also, it will contain specific instructions with regard to the distribution of benefits to the beneficiary at any moment for reasons such as: health, education, support, or maintenance.

Benefits of Creating a Domestic Asset Protection Trust

One of the key words that define an asset protection trust is “irrevocable”. This means that once the settlor has created it, the trust cannot be undone and its provisions canceled. It also means that the assets placed in the trust are intangible.

Thus, the assets placed in a lifetime trust are protected from:

  • Divorce – the assets held in trust do not represent the joint property of the spouses
  • Creditors – by introducing a “spendthrift provision”, the beneficiary has limited control over the assets in trust and cannot be pursued by creditors
  • Incapacitation – in case the settlor becomes incapacitated, the trustee will continue to act on their behalf and manage the trust.

Last but not least, a domestic asset protection trust gives the settlor full control over the final distribution of their assets. 

Experienced Legal Advice at Your Service for Setting Up a Lifetime Trust

Miller Law, PC is founded by Steven D.W. Miller, a Certified Elder Law Attorney and experienced practitioner of family law and asset protection law. The practice is always ready to offer guidance for setting up an asset protection trust for clients living in:

  • King of Prussia, PA 
  • Framingham, MA 
  • Lebanon, PA 
  • Lancaster, PA 
  • Reading, PA 
  • Neighboring areas

Schedule a consultation with us: 855-936-3886!

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What our clients say about us

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Steve was great from start to finish. We were looking ahead for our families future and knew we had to call Steve. Steve broke everything down in plain terms, which helped me and wife decide which way to go. I would recommend Steve to any...

21st August 2020

Legal dispute

Very satisfied by results. More then willing to recommend to anyone!! Open communication and prompt call backs.

3rd June 2020

What a relief!

Mr. Miller's help and service were very professional and much needed. Having financial, personal, and medical issues resolved for the future is a relief to us and a reassurance to our heirs and loved ones.

30th May 2020

Great help with estate planning

Steve did a great job of helping us with our estate planning. He gave us options and explained how each one would fit our situation. Once we decided how we wanted our estate set up, he was quick to follow up and get things in place. ...

22nd April 2020

A true humanitarian among attorneys.

Before entering elderly law. Steven was instrumental in supporting and guiding me in my discrimination suite against my employer. I have a disease called Meniere's disease, which causes cases of uncontrolled vertigo. I was hired by a rather...

8th October 2019

Highly Recommend

We entrusted Steven Miller Esq. to handle our Will and Estate planning. I would highly recommend him.

20th October 2017

Rising Star in The Lancaster, PA Area

Handled a real estate closing for us, expedited it quickly and efficiently. Attorney Miller is Well informed, professional and has a very nice demeanor I would recommend him for any legal proceeding. Very honest with a wonderful temperament...

21st January 2015

Great experience.

I hired Steve do defend a consumer credit matter that was dubious from the start.
He was knowledgeable and the case was successful along the lines he predicted.
I would definitely hire Steve again.

19th January 2015

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