When most people contemplate the need for a comprehensive estate plan they focus on the disposition of assets after death. While this is certainly a primary function of an estate plan, your comprehensive estate plan should do that – and much more. Specifically, your estate plan should also help protect and grow your assets while you are here. If you do not include sufficient asset protection … [Read more...]
What Is a Domestic Asset Protection Trust?
Asset protection is an essential estate planning goal for anyone with a moderate to wealthy estate. Fortunately, there are numerous estate planning tools and strategies that can help protect the assets you have acquired over the course of your lifetime. Many asset protection strategies involve the use of an irrevocable trust. The reason for this is that assets transferred to an irrevocable trust … [Read more...]
How Can the High Cost of Nursing Home Care Threaten My Assets?
One of your primary goals throughout the course of your life is undoubtedly to acquire sufficient assets to ensure a comfortable retirement with something left over to pass down to future generations. Acquiring assets, however, won’t do you much good if you fail to protect those assets once you have them. Sometimes, threats to your assets are not very obvious. For example, have you ever considered … [Read more...]
Why Would I Need an Asset Protection Lawyer?
Hopefully, you are aware of the need to have a comprehensive estate plan in place. That plan, however, should accomplish more than just directing the distribution of your estate assets after you are gone. In order for you to have any assets left to distribute, for example, you must protect the assets you acquire over the course of your lifetime. To do this, you may benefit from the assistance of … [Read more...]
Port St. Lucie Asset Protection Lawyer Urges Parents to Protect Children from a Previous Marriage
Estate planning in the 21st century can be a complex, and complicated, endeavor. Often, the reason for the increased complexity of proper estate planning is due to the fact that divorce and remarriage are commonplace. Consequently, it is often necessary to protect and provide for a current spouse as well as for children from a previous relationship. Unfortunately, many parents are unaware of the … [Read more...]
Does the nursing home get half of my assets?
Sometimes a client who is thinking about the possibility of going to a nursing home will ask me if the nursing home will get half of their assets. The real answer is it depends on the situation and whether or not you have planned ahead. If you are a single person and need Medicaid help to pay for a nursing home you must spend down your assets until $2,000.00 remains. How one spends down to qualify … [Read more...]
Asset Control and Your Living Trust in Port Saint Lucie Florida
Most people creating an estate plan in Florida will utilize a revocable living trust as a way to manage and control their property. As with all trusts, a revocable living trust requires you to create a new legal entity that can own property. After creating the trust, you will then go through the process of transferring all of your personal property into the trust’s name. When many people hear … [Read more...]
Protect Your Assets From Nursing Home Costs
If you are considering moving to an elder care facility or have an elderly family member who is thinking of transitioning to such a facility soon, you have probably worried about the costs of such care. It’s no secret that long-term care costs are often extremely high, and the prospect of spending years in a nursing home or other elder care facility can seriously damage or completely deplete all … [Read more...]
Common Asset Protection Mistakes
There is a lot of misinformation floating around out there when it comes to asset protection. A lot of people who might consider creating an asset protection plan operate under some common misunderstandings that are spread by people who don’t have much experience with the process. Anytime you have a legal question or need advice about asset protection, you need to speak to your estate planning … [Read more...]
Should You Create an Asset Protection Plan?
Asset protection is one of those areas of the law that few people have direct experience with, yet which is nevertheless very important for many people to consider. When you develop an asset action plan, you will create various tools that will allow you to shield your assets from people who are trying to take them. Developing an asset protection plan is something that takes the guidance and … [Read more...]
