Like traditional estate planning, asset protection planning involves working with you to meet your goals when it comes to managing your assets, making medical decisions, making legal and financial decisions, and making decisions regarding your loved ones that are dependent on you. Asset protection planning adds the additional service of planning to protect your assets from creditors and predators such as lawsuits, family members, nursing homes, and Medicaid both while you are living (whether you are alive and well or incapacitated) and upon death.
Asset protection planning focuses on planning around the primary rule of asset protection law: whatever you can get to and have control over, your creditors can get to as well. In doing so, Chawla Legal Group uses irrevocable trusts as tools.
There is a common misconception that irrevocable trusts cannot be changed. There is also a misconception that you have to give up all control for a trust to be irrevocable. While both are generally true for the irrevocable trust used for tax purposes, this is not entirely true for these trusts used for asset protection purposes.