Asset Protection Lawyer in Needham, MA 

You’ve spent decades working hard, saving, and investing. Asset protection is the process of using legal tools and strategies to safeguard your wealth, your home, savings, and retirement funds from potential threats. It is a legal way to preserve your assets for the people and purposes you intend.

For clients in the Greater Boston area, Cape Cod, Needham, and Mashpee, the most significant threat to your assets is the crushing cost of long-term care and the legal hurdles of MassHealth (Medicaid). With an annual nursing home cost in Massachusetts exceeding $160,000, a lifetime of savings can vanish in just a few years.

Request a consultation with our Needham & Mashpee asset protection attorney by reaching us online or at (781) 303-9594. Your consultation can be held virtually for convenience. 

Who Needs Asset Protection? (It’s Not Just for the Wealthy)

The need for asset protection is often misunderstood.

Myth: Asset protection is only for millionaires.

Reality: Families with modest or middle-class assets are often the most vulnerable. If you have enough to pay for care for a short time (for example, $200,000–$500,000), but not enough to last indefinitely, you stand to lose everything before you qualify for assistance. The ultra-wealthy can self-insure; the middle class needs legal structures to avoid becoming impoverished.

Myth: Asset protection is only for seniors.

Reality: Asset protection addresses risks at every stage of life, including potential lawsuits (from a car accident or business liability) and financial crises. However, for most individuals approaching or in retirement, the primary focus is on MassHealth/Medicaid planning, which involves protecting assets from long-term care costs.

Our Asset Protection Services

As a Certified Elder Law Attorney (CELA) with over four decades of experience, Attorney Lannik creates lawful, customized asset protection plans that strictly comply with Massachusetts and federal laws. We work to maximize the wealth you keep while enabling access to the best possible care.

The benefits of working with our firm are clear:

• Maximize protection. We help prevent common mistakes that can trigger MassHealth penalties or disqualify you from benefits.
• Preserve your home. We use techniques that protect your primary residence, which is often your largest asset and most cherished legacy.
• Achieve peace of mind. You gain confidence that your family will not be financially devastated by healthcare expenses.

Strategic Tools & Methods We Employ 

The key to successful asset protection is proactive, early planning. Most effective strategies require time (due to the MassHealth five-year look-back period), so the sooner you act, the more assets we can protect.

Irrevocable Trusts

This is the most powerful tool for long-term care planning. You transfer assets (like your home or investment accounts) into a specialized irrevocable trust (often called a Medicaid Asset Protection Trust, or MAPT). Because you no longer legally own the assets, they are no longer "countable" when MassHealth determines your eligibility.

You can typically retain the right to live in your home and receive income generated by the trust, but you lose the right to change the terms of the trust or take the principal back for yourself.