Thomas McKenzie, the driving force behind McKenzie Legal and Financial, is a renowned figure in family estate planning and asset protection across Orange County. His approach sets him apart: as a seasoned financial advisor and legal planner, he eschews the one-size-fits-all mentality of industry-standard software, opting instead for meticulously crafted, personalized documents that fully address each client's specific situation.
In Orange County, without diligent asset protection, individuals could encounter a myriad of challenges, including vulnerabilities to creditor claims, burdensome probate costs, escalated estate tax liabilities, diminished control over the distribution of assets, privacy breaches, familial conflicts, long-term care risks, business asset exposure, inefficient wealth transfer, and a lack of adaptability. Specializing in comprehensive solutions, McKenzie Legal & Financial, with its team of expert Orange County estate planning attorneys, provides robust safeguarding for your assets, mitigates risks, and instills a sense of security.
McKenzie Legal & Financial is recognized as the premier choice for asset protection in Orange County, backed by impressive expertise and a solid track record of success. Our adept team of Orange County estate planning attorneys is committed to devising bespoke solutions that effectively shield your assets from potential threats. With an intricate understanding of the complexities of estate planning, we apply our in-depth knowledge to formulate strategies tailored specifically to your needs. We invite you to take advantage of a 30-minute consultation to explore how we can assist in organizing your financial and legal affairs.
Our distinction lies in our unwavering commitment to excellence, guaranteeing that every client benefits from personalized attention and a comprehensive strategy to protect their financial future. Trust in the dedication of McKenzie Legal & Financial to secure your assets, minimize exposure to risks and ensure your peace of mind. Select us as your asset protection partner in Orange County, and let our expertise serve as the foundation for your financial security and legacy preservation. Reach out to our team of legal professionals at 562-526-6941 to strengthen your financial future and safeguard your legacy.
Why Choose McKenzie Legal & Financial for Asset Protection in Orange County?
- Specialized Expertise in Asset Protection - At McKenzie Legal & Financial, our Orange County estate planning attorneys are highly experienced in the intricacies of asset protection. We bring specialized knowledge to the table, ensuring your financial landscape is safeguarded.
- Customized Asset Protection Plans - Recognizing the unique nature of each client's financial situation, we tailor asset protection strategies to fit your specific needs, offering a bespoke solution to protect your wealth.
- Demonstrated Success - Our history of success in protecting assets for our clients in Orange County underscores our commitment to excellence and the effectiveness of our strategies. McKenzie Legal & Financial is synonymous with reliable and proven asset protection services.
- Holistic Strategy - Understanding that asset protection is complex and multifaceted, we employ a holistic strategy that integrates legal, financial, and estate planning elements to construct a comprehensive defense for your assets.
Dedication to Client Satisfaction - At the heart of McKenzie Legal & Financial is a dedication to the satisfaction and peace of mind of our clients. We prioritize providing exceptional service, ensuring you receive not only expert advice but also the support and confidence needed to make informed asset protection decisions.
Types of Asset Protection Trusts
Irrevocable Asset Protection Trusts
One type of trust that will protect your assets from your creditors is called an irrevocable trust. Once the trust creator establishes an irrevocable trust, he or she no longer legally owns the assets he or she used to fund it, and can no longer control how those assets are distributed. This means that the person or persons establishing the trust may not be the trustees or the beneficiaries of the trust. By creating an irrevocable trust, the trust maker surrenders the ability to later modify the trust instrument.
Due to this change in ownership, a future creditor cannot satisfy a judgment against the assets held in irrevocable trust. Its critically important to understand that the extent of protection turns largely on state law issues.
Importantly, a court can undo an individual transfer to a trust if it finds that the transfer was made with the intention of defrauding creditors. These transfers are considered fraudulent, and in many cases carry significant legal penalties. This is why it is important to practice asset protection planning well before you even anticipate being the subject of any liability. Moreover, it is imperative that you work closely with experienced and credible Orange County estate planning legal counsel before engaging in any measure of asset protection. Check out more information about living trusts with our trust lawyer Orange County.
Irrevocable Medi-cal Asset Protection Trusts
Medi-Cal Asset Protection Trusts are utilized to protect assets owned by a couple or single individual, from the high costs of long-term care. Used properly, these trusts can help protect your principal residence, along with other assets like cash, securities, etc. Learn more about medi-cal attorney in Orange County.
Key benefits of gifting in your assets into the Irrevocable Medi-Cal Asset Protection Trust are:
- Asset protection from future creditors of beneficiaries
- Preservation of the Section 121 exclusion of capital gain upon sale of the settlors principal residence (the settlor is the trustmaker)
- Preservation of step-up of basis upon death of the settlors
- Ability to select whether the settlors or the beneficiaries of the trust will be taxable as to trust income
- Ability to design who will receive the net distributable income generated in the trust
- Ability to make assets in the trust non-countable in regard to the beneficiaries eligibility for means-based governmental benefits, such as Medicaid and Supplemental Security Income (SSI)
- Ability to specify certain terms and incentives for beneficiaries use of trust assets
- Ability to decide (through the settlors other estate planning documents) which beneficiaries will receive what share, if any, of remaining trust assets after the settlors die
- Ability to determine who will receive any trust assets after the deaths of the initial beneficiaries
- Possible avoidance of need to file a federal gift tax return due to asset transfer to the trust
Irrevocable Beneficiary Inheritance Trusts
Beneficiary Inheritance Trusts are trusts which can be incorporated into your overall revocable or irrevocable trust-based estate plan. These trusts, which spring into place upon your passing, are available to your beneficiaries for asset protection purposes. Simply put, instead of taking their inheritance outright, as is most often the case, your beneficiaries would have the option to leave their share of your estate in your irrevocable trust. Doing so, could help protect their inheritance from divorcing spouses, or even creditors. This helps assure that your legacy benefits those who you choose as your beneficiaries, and is not wasted on greedy spouses or other non-beneficiary litigants.
Revocable and Irrevocable Special Needs Trusts
A Special Needs Trust (SNT) is a trust that is established for an individual with special needs who is or may become dependent on public benefits. The trust is specifically identified to meet certain supplemental needs and to enhance the quality of life for the beneficiary, the special needs person. Most importantly, the Special Needs Trust is created so as to not disqualify the beneficiary for the public benefits being received. The trust, then, is a pool of money available for the benefit of the beneficiary in order to provide him or her with goods or services that public benefits do not provide. For example, SNT funds may be used for in-home care services that would otherwise not be affordable to the beneficiary. Should a person with special needs receive these funds outright and outside a properly created SNT, the individual may become ineligible for the public benefits and reinstatement of the benefits can be a difficult process.
A Special Needs Planning Attorney in Orange County, CA is an essential advocate when preparing SNTs for individuals with special needs. The attorney will be able to identify the type of SNT that would be helpful in the particular situation and will know how to properly construct it so as to prevent the person with special needs from being kicked off his or her benefits. There are many roadblocks that can arise in the planning process and it is imperative that you have an attorney familiar with the many federal and state laws and regulations concerning public benefits and SNTs.
If you have a client with special needs who would benefit from the establishment of a Special Needs Trust, please contact our office. Our Asset Protection Attorney in Orange County law firm is committed to and passionate about assisting those with special needs and look forward to helping in any way we can.
Reach Out to Our Legal Team and Consult an Orange County Asset Protection Attorney
Our expert asset protection team in Orange County is prepared to navigate you through the complexities of safeguarding your assets, providing customized strategies that align with your individual needs. Protect your wealth from potential vulnerabilities by taking proactive measures with the skilled assistance of McKenzie Legal & Financial. Book your consultation today at 562-526-6941 and arm yourself with the expertise and backing necessary for a stable and thriving financial future.
