Estate Planning: Asset Protection
Asset Protection Planning can protect your assets against risk of loss when considering eligibility for Medicaid benefits. There are many legal asset protection tools and laws that can help you, such as avoiding any Capital Gains Tax, protect your investment property, etc.
In years past, Asset Protection Planning was a concept viewed by many attorneys as a gray area. Some even questioned whether asset protection was ethical. Today, however, with laws in place for protection of assets, Asset Protection Planning has become a widely acceptable, well-recognized area of elder law.
There are many legal asset protection tools and laws that can help you, such as avoiding any Capital Gains Tax, protect your investment property, etc.
Depending on your particular assets and circumstances, you may be eligible for a Tax Deferred exchange, (also known as a Life-Kind Exchange) as noted in Section 1031 of the Internal Revenue Code. In a typical transaction, the property owner is taxed on any gain realized from a sale of his property. However, through a Section 1031 Exchange, the tax on the gain is deferred until some future date.
The attorneys of the Kennedy West law firm, with convenient locations in Fort Worth, Arlington and Dallas, located in Fort Worth, can help you plan for securing your assets to the fullest extent possible.
