When it comes to asset protection in Honolulu, many estate planning attorneys recommend setting up a trust to ensure your estate remains protected. To this end, Stephen S. Choi | Attorney at Law can utilize his expansive legal knowledge to assist clients in protecting what matters most. 

Protects Assets From Creditors

When an irrevocable trust is created, all assets listed immediately become the property of the trust itself. With certain exceptions, creditors who may be in pursuit of outstanding debts incurred subsequent to funding the trust, will not be permitted to access the assets and properties within the trust. Additionally, when the person for whom the trust was created dies, all property and assets are distributed to beneficiaries without estate or capital gains taxes to you.

Prevents the Need for Probate

Unlike wills, trusts aren’t subject to probate. Probate is the process in which wills are proven by the court and assets are valued. If a will is considered invalid in the eyes of the law, you run the risk of your estate being distributed in a manner that is not in line with your wishes. Probate can also be rather costly, and as a result, you may incur huge legal costs. For a higher level of asset protection, consider using both wills and trusts in your estate plan.

Offers Protection Against Medicaid Laws

Because assets within an irrevocable trust are owned by the trust itself, they are also protected against Medicaid costs if certain requirements are met. Conversely, any assets held within a revocable trust could be subject to Medicaid costs if you suffer from a serious illness. In this case, you may be forced to undo the trust in order to access funding for outstanding medical costs.

If you are in search of legal guidance you can depend on, Stephen S. Choi | Attorney at Law is poised and ready to fight for you. Call (808) 286-4248 today to speak with a skilled Honolulu attorney regarding your asset protection. Want more information on practice areas? Visit the website to learn more about all that this law firm can do for you.