Asset Protection and Wealth Preservation

McLane's Asset Protection & Wealth Preservation Practice Group adopts a multi-disciplinary approach to developing client solutions. The group consists of attorneys who are experienced in trust and estate planning, Medicaid planning, business entity selection and formation, commercial litigation, bankruptcy and family law matters. We have combined these areas of law because asset protection strategies and solutions vary greatly depending on each client's personal and business circumstances as well as the nature of the assets to be protected.

We encourage our clients to always consider the unexpected. To that end, we work with clients to develop an integrated plan that is most beneficial to protecting assets and safeguarding them from claims of future creditors - whether from a business failure, personal injury litigation, divorce, long-term nursing and medical expenses, environmental claims, fiduciary duties or otherwise. By being proactive, clients gain comfort that they have taken appropriate timely action to protect their future financial stability.

While each client has unique circumstances and goals, we frequently consider:

Identifying and titling assets so that the assets qualify for special protection under the law (such as exemptions for "homesteads," qualified retirement plans, etc.);
Transferring assets to family members not engaged in risky activities;
Creating trusts which benefit clients and their family members;
Segregating business activities or inherently risky assets into stand alone legal entities;
Forming limited liability companies and limited partnerships which create limitations on creditor attacks.

We design and implement a variety of planning strategies and will explain to you their effectiveness:

Statutory exemption planning
Transfers to spouses (including Inter Vivos QTIP Trusts)
Joint Ownership Arrangements
Trusts for the benefit of third parties
New Hampshire asset protection trusts (potentially using Trust Protectors, Investment Advisors and Distribution Advisors)
Entity selection
Family limited partnerships and limited liability companies
Prenuptial agreements
Medicaid Planning
Off-Shore asset protection trusts

More About Specific Services:

Trusts and Estate Planning

One of the cornerstones of asset protection and wealth preservation is a comprehensive estate plan. To maximize privacy and to minimize costs and transfer taxes, clients' assets are transferred into revocable and irrevocable trusts. These trusts are drafted to accommodate unforeseen circumstances providing protection for clients, their spouses and future generations. Trusts can also be designed to shift Federal and State income taxes.

The New Hampshire domestic asset trust legislation, which was enacted into law in January 2009, is at the forefront of a number of these legal strategies. Clients are now able to transfer assets into a carefully structured irrevocable trust while gaining access to their assets and limiting future creditors claims.

Medicaid Planning

We assist clients with asset preservation and asset protection for themselves and their families in anticipation of applying for long-term care through the Medicaid program. Federal and State Medicaid rules are restrictive in terms of the applicant's allowable resources and income in order to become Medicaid eligible. Our attorneys have significant experience in asset protection strategies, such as Medicaid-Qualifying Irrevocable Trusts, Special Needs Trusts, conversion of assets into income through the use of Medicaid-Qualifying Annuities, Personal Care and Service Agreements, as well as other spend-down techniques that allow for transfers of assets to family members without violating Medicaid gifting rules.

We frequently work with clients when preparing and filing New Hampshire and Massachusetts Medicaid applications, meeting with caseworkers for applicant resource assessments, as well as successfully litigating denials of Medicaid benefits.

Business Entity Selection and Formation

Our attorneys have extensive experience in analyzing a variety of business enterprises and developing and implementing the appropriate business structure. Certain business structures such as sole proprietorships, general partnerships and certain limited partnerships expose business owners to direct and unlimited liability. Therefore, corporations, limited liability companies and certain limited partnerships are favored business entities. Of equal importance is for our attorneys to analyze the capitalization and operational issues of the entity to ensure that creditors may not "pierce the veil" and obtain direct access to the business owner and his assets. Multi-member limited liability companies with flexible distribution opportunities, net income make up rules and other features can provide distribution flexibility, as well as limiting creditors to charging orders.

Fraudulent transfers
Conversion, constructive trust, and unjust enrichment claims
Corporate veil piercing
Voiding of wills, trusts, gifts, and property transfers
Tracing of assets
Compelled accountings of property and funds

In cases where our client's potential liability may not be fully covered by insurance, we can help ensure that the claim is resolved within the policy limits and no client assets are expended to pay the claim.

Family Law

We work with clients to insulate assets from the potential claims of significant others, soon-to-be spouses and spouses. Both individuals and families accumulate significant assets during their lifetimes (often closely-held businesses and investment portfolios) which need protection. To that end, we structure, negotiate and draft cohabitation agreements, prenuptial agreements, postnuptial agreements and related documentation.

For further information contact Attorney William V.A. Zorn, Chair of our Asset Protection & Wealth Preservation Practice Group, or one of our Asset Protection & Wealth Management Attorneys at (603) 625-6464.

Our constant objective is to provide a timely solution at a reasonable cost to our client. The McLane Law Firm offers its clients responsiveness, the highest quality of work, and a commitment to accomplishing these goals in the most economical way possible.

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