You’ve worked hard to build your home, your savings, and perhaps even your own business. However, without proper planning, a single lawsuit or unexpected life event could put those assets at risk. Whether it’s a long-term care expense, a business dispute, or a creditor’s claim, what you’ve built can be vulnerable.
Asset protection helps you prepare for these possibilities. It’s not just for wealthy individuals or business owners—it’s a smart step for anyone who wants to preserve their financial stability and protect their family’s future. At Surprenant, Beneski & Nunes, P.C., we help individuals and families throughout Southeastern Massachusetts and Cape Cod put thoughtful, reliable safeguards in place.
How We Help You Safeguard What You’ve Built
Asset protection is not one-size-fits-all. Our attorneys take the time to understand your concerns, your values, and the life you’ve created. Whether you’re planning ahead for retirement or thinking about the next generation, we’ll build a plan that matches your goals.
Our approach is practical and comprehensive. We don’t just look at one piece of your financial puzzle; we consider the full picture. From real estate and investments to business interests and future care needs, we’ll help you make informed choices that reduce exposure and build peace of mind.
Common Asset Protection Tools in Massachusetts
There are several strategies we may recommend based on your goals, assets, and risk exposure. Below are some of the most effective tools we use to help protect what you’ve built.
Limited Liability Companies (LLCs)
If you own a business or rental property, an LLC can be an effective way to keep your personal assets separate. This structure helps shield your home, savings, and other property from liability tied to your business.
We’ll help you:
- File the necessary legal documents
- Draft an operating agreement
- Stay compliant with state and tax requirements
While an LLC doesn’t protect against all personal liability (such as personally guaranteed loans), it can be a strong line of defense against many common risks.
Irrevocable Trusts
An irrevocable trust allows you to transfer ownership of certain assets so they’re no longer part of your personal estate. This can help shield them from lawsuits, long-term care costs, and estate taxes.
Depending on your needs, we may recommend:
- Irrevocable Life Insurance Trust (ILITs): Keeps life insurance proceeds out of your taxable estate.
- Charitable Trust: Allows you to support a cause while reducing taxes and providing income for beneficiaries.
- Special Needs Trust: Protects eligibility for public benefits while supporting a loved one with disabilities.
These trusts are powerful tools, but they do come with tradeoffs. Once assets are transferred, you typically can’t take them back or control them directly. We work closely with you to make sure this step aligns with your long-term plans.
Liability Insurance
Even with other asset protection measures in place, insurance remains a key component. Having the right liability policies helps reduce financial exposure in case of injury claims, property damage, or professional mistakes.
We often recommend:
- General liability and umbrella coverage for families and individuals
- Errors and omissions (E&O) policies for professionals and business owners
We’ll review your coverage with you to make sure it meets your current needs and risk profile.
Trust-Owned Business Structures
For some clients, it makes sense to place a business within a trust structure. This can reduce exposure while supporting long-term goals, such as passing down a family business. We’ll help you evaluate the legal, tax, and control implications to decide whether this is the right strategy for you.
Understanding the Tradeoffs
Asset protection strategies are powerful, but they come with important considerations. Irrevocable trusts, for example, mean giving up control over the assets you transfer. LLCs require maintenance and compliance. All strategies must be carefully designed to avoid unintended consequences, such as triggering penalties or creating tax burdens.
We help you weigh the pros and cons, so you understand what you’re gaining and what you’re giving up. Our role is to provide options, answer questions, and help you feel confident about your choices.
Is Asset Protection Right for You?
Asset protection isn’t just for people with large estates or businesses. We work with clients at all stages of life who want to:
- Protect a family home or vacation property
- Preserve savings from long-term care costs
- Keep business or rental income secure
- Plan for a child with special needs
- Prepare for potential lawsuits or creditor claims
If any of these situations apply to you or if you’re unsure whether your current plan offers sufficient protection, we can help you explore your next steps.
Contact Our Experienced Southeastern MA Asset Protection Attorneys
At Surprenant, Beneski & Nunes, P.C., we provide asset protection planning as part of a broader estate strategy. We’re here to listen, to educate, and to design a plan that makes sense for your life.
Our offices in Southeastern Massachusetts and Cape Cod are here to serve you. Reach out today to schedule a consultation and start protecting what matters most.