If you’ve recently helped a parent or loved one through probate, you already know how complicated, emotional, and expensive it can be. Many Minneapolis-area families come to us after an experience like this, saying, “I just want a will so my kids don’t have to go through that.” But here’s the truth: a will alone won’t keep your family out of court, or protect your hard-earned assets.
That’s where asset protection planning comes in.
At Stone Arch Law Office, we work with clients every day who want peace of mind and protection for their families. As a trusted Minneapolis Estate Planning Attorney, we ensure your legacy is preserved as you wish, protecting your loved ones from probate delays, creditors, taxes, and even divorce.
What Is Asset Protection Planning?
Asset protection planning is about making sure the wealth you’ve built, including your home, savings, business, and retirement accounts, goes to the right people, at the right time, in the right way. It’s not just for the ultra-wealthy.
In fact, the families who benefit most from this kind of planning are often those who want to leave a secure, lasting gift for their children and grandchildren.
Asset protection planning typically involves:
- Trusts: A properly drafted trust can keep your assets out of probate and protect them from creditors, lawsuits, and divorce settlements.
- Gifting strategies: Transferring assets during your lifetime in smart, strategic ways, often through a trust.
- Control mechanisms: Structuring how and when assets are used (especially for minors or financially inexperienced heirs).
- Long-term care planning: Avoiding the common situation where nursing home bills drain everything you hoped to leave behind.
Why a Simple Will Often Falls Short
Many people believe that having a will is enough to avoid legal headaches for their families. But a will alone does not:
- Avoid probate
- Protect assets from creditors
- Control when or how your heirs receive their inheritance
- Shield your legacy from a child’s divorce or financial trouble
Let’s say you leave everything to your children through a will. If one of them gets divorced next year, part of that inheritance may be considered marital property. Or if they face a lawsuit or bankruptcy, it could be taken by creditors.
A trust-based plan, on the other hand, holds assets in a protective “container”, giving your loved ones access to funds while keeping those assets legally separated from their personal risks.
Real Asset Protection Examples We Use Every Day
At our Minneapolis law firm, nearly every estate plan we design includes some form of asset protection. Real life is messy, and our clients want their money to serve their family.
Here are just a few ways we use asset protection planning:
- Planning for Medicaid or long-term care costs: To avoid the nursing home draining everything, we can help move assets into trust structures that allow for care while preserving wealth for your heirs.
- Protecting minor or young adult beneficiaries: Most of our clients don’t want their 18-year-old to receive $300,000 all at once. Instead, we set up milestone-based distributions.
- Preserving assets in case of divorce: By keeping assets in trust, your children can use funds for school, emergencies, or a first home, without putting those assets at risk during a future divorce.
- Supporting loved ones with special needs: Special needs trusts allow you to leave support behind without disrupting vital government benefits.
What Happens If You Do Nothing?
Without asset protection planning, your estate could be drained long before it ever reaches your loved ones. Nursing home expenses, medical assistance (Medicaid) recovery, lawsuits, or even a child’s divorce or bankruptcy could all chip away at what you intended to pass on. A basic will doesn’t prevent this, it simply outlines your wishes without shielding your assets from real-life risks.
The result? Your family may face:
- Lengthy probate delays
- Unexpected court and legal fees
- Loss of inheritance to creditors or ex-spouses
- Financial hardship caused by uncovered long-term care costs
Do You Need an Estate Planning Attorney?
Working with an estate planning attorney is essential if you want to ensure your plan is both legally sound and tailored to your family’s unique needs. Probate, long-term care costs, and conflicting documents can quickly derail even the best intentions. A Minneapolis Estate Planning Attorney can help you create a comprehensive strategy that accounts for your goals, protects your assets, and addresses the real-world risks families often face.
Protect What You’ve Built
At Stone Arch Law Office, we help Minneapolis families protect their legacies through thoughtful, personalized estate planning. Our team is here to listen, educate, and design a plan that gives you peace of mind.
Book a call today to learn how asset protection planning can help you safeguard your home, your savings, and the people you love most.
References
U.S. News & World Report – “5 Estate Planning Mistakes Financial Advisors Make” (Sept. 10, 2021) and Florida Today – “Life can change on a dime. Here’s how to tell if it’s time to change your estate plan” (May 31, 2025) and YouTube – Minneapolis Trust Lawyer | Asset Protection
