Every adult should make informed decisions to protect their assets. Estate planning can address this, no matter what stage of life you are in. There are a lot of threats to the assets you have accumulated. Thus, you must plan for how to protect them. A Keystone Elder Law attorney can guide you through asset protection planning.
Elder law and estate planning include protection planning. This protects your assets from common threats while you age. Use trusts, powers of attorney, or some financial products to protect your assets. The following are the common threats that protection planning can shield your assets against:
Long-Term Care Expenses
Long-term care costs are the main threat to your asses when you get older. Living in a nursing home can cost you thousands of dollars every month. But proper protection planning can help you qualify for government programs like Medicaid right away. Medicaid can pay for such expenses, which saves you money.
Lawsuits
Seniors can be a target for lawsuits because of accidents or other incidents that happen at their homes. You could lose a big part of your life’s savings if you do not properly protect your assets. Protection planning can protect your hard-earned assets from lawsuits. Put your assets in a legal trust to safeguard them against legal actions.
Scams or Fraud
A lot of scammers target seniors due to their vulnerability and tendency to own significant assets. Scams can come through web-based sources like emails. However, mail and phone scams can also put you at risk of becoming a victim. A power of attorney can protect your assets against such predators.
Incapacitation can make it impossible for you to make decisions about your finances. However, there are many decisions you must make immediately to avoid issues. This is especially the case if you own a business or have accumulated many assets. You can make somebody to have power of attorney. This person can step in to take care of your finances on your behalf until you can recover.
An elderly law attorney can help protect your assets, whether you are retired or close to retirement. They can work with you to determine the right tools to use according to your current situation. Also, an attorney can help update your protection plan as your circumstances change. Do not wait for surprises to occur before you protect your assets. An attorney can help you explore protection options and choose the right one.