Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good morning. First, your homestead exemption
is $150,000 in equity so your house is totally protected up to $150,000 in equity. Your retirement accounts are exempt and cannot be touched by any medical creditors. With regard to your other assets that are not exempt, you might want to consider putting them into a family limited partnership. Carefully drafted, this converts assets that a creditor would find attractive to go after into a limited partnership interest with no control, no rights other than that of an assignment, no transferability, no marketability, and no right to distributions. The transfer is for fair market value…i.e., you are simply exchanging one asset for another of equal value to you. And, you maintain control through a general partnership interest that you control. Yet, when complete it essentially is an asset no one wants and thus the creditor is less likely to pursue the debtor. Family limited partnerships must be carefully drafted and one would need an attorney experience in this area to do so, but they can be a very effective method of asset protection
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