In Minnesota, with effective estate planning, you can provide protection for your children and beneficiaries from creditors, divorces, and bankruptcy. When choosing to distribute assets to your beneficiaries in trust rather than outright, you can provide protection for those assets. The level of asset protection depends on how you structure the trust. You can also achieve asset protection by using LLCs (Limited Liability Companies) and FLPs (Family Limited Partnerships).
A big concern for many Minnesotans is protecting assets from the nursing home. However, in Minnesota, the statutes do not allow individuals to transfer assets to an irrevocable trust to avoid the nursing home costs. But there are other strategies to avoid spending your entire estate on nursing home costs and preserve assets for your children and family. If nursing home costs are a concern for you, please contact us to schedule a complimentary consultation.