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Home >> Common Threats to Your Assets

Common Threats to Your Assets

March 9, 2022 by Andreas Kulas

Vero Beach asset protection attorney

Your estate plan should be geared toward accomplishing a number of inter-related goals. One of the most important of those goals is protecting your assets. While you may be aware of some threats to your assets, your assets may also be at risk in ways of which you are unaware. To help keep your assets safe, a Vero Beach asset protection attorney at Kulas & Crawford discusses common threats to your assets and how to protect them.

Divorce

People often to think to protect against divorce in their estate plan; however, the threat from a divorce may be more serious than you realize. Even in states without community property laws, a divorce could seriously threaten your assets if you do not make a conscious effort to protect them. All states acknowledge separate property in some form, usually defined as assets owned prior to marriage or inherited during the marriage. What many people do not realize, however, is that co-mingling separate property can convert it to marital property. In addition, income derived from separate property is often considered marital property. Anything considered marital property is fair game for division during a divorce unless you took steps to protect it. That may mean entering into a pre-nuptial agreement prior to the marriage, or it could mean keeping separate assets in a trust so it is clear that they are not marital assets.

Federal Gift and Estate Taxes

The federal gift and estate tax is effectively a tax on the transfer of wealth that is collected from your estate during the probate of your estate. Every taxpayer is subject to federal gift and estate taxes at the rate of 40 percent, though many operate under the potentially mistaken belief that their estate assets are not significant enough to incur the tax. The tax applies to all qualifying gifts (almost all gifts are considered “qualifying” gifts) made during a taxpayer’s lifetime as well as all estate assets owned by the taxpayer at the time of death. People often count on being able to use the lifetime exemption to avoid owing gift and estate taxes. The problem with that is that you may not realize how much your estate is really worth, or more importantly, how much it will ultimately be worth at the time of your death. It is better to assume that your estate will be subject to the tax and plan accordingly than to mistakenly count on being exempt.

Long-Term Care Costs 

The odds of you, or your spouse, needing long-term care (LTC) increase every year. If you do need LTC, the costs associated with that care could threaten your retirement nest egg.  As a senior, you will likely depend on Medicare to cover most of your healthcare expenses; however, Medicare won’t pay for LTC as a rule. If you continue to carry private health insurance after you retire, you will likely find that your policy also excludes LTC expenses, unless you purchased a separate LTC insurance policy. At an average annual cost of over $100,000 in Florida as of 2019, and an average length of stay of close to three years, paying out of pocket means you could end up with a LTC bill that exceeds $300,000. For over half of all seniors currently in LTC, Medicaid is the answer. Qualifying for Medicaid, however, can threaten your retirement nest egg if you fail to plan ahead because you may be required to “spend-down” your non-exempt assets before Medicaid will approve you for participation in the program. Incorporating Medicaid planning into your estate plan now is the best way to plan for this possible threat to your assets.

Incapacity

Have you ever considered what might happen if you were seriously injured in a car accident tomorrow? If those injuries prevented you from managing your assets, who would do so for you? If you failed to plan for the possibility of your own incapacity, more than one person may want to take over for you, causing a bitter and divisive legal battle that might create a rift in the family for many years to come. Moreover, because you didn’t plan ahead, you have no control over who is appointed to control your assets. Instead, you can only hope that they do an adequate job. The way to ensure that your estate assets are controlled by someone of your choosing is to include an incapacity planning component in your estate plan.

Contact a Vero Beach Asset Protection Attorney

To learn more, please join us for an upcoming FREE seminar. If you have additional questions about protecting your assets, please contact an experienced Vero Beach asset protection attorney at Kulas & Crawford by calling (772) 398-0720 to schedule a consultation.

Filed Under: asset protection

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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

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Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

default image
Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

default image
Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

default image
L.G.K.
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