There is no one way to plan an estate. This is something to keep in mind if you are tempted by websites advertising do-it-yourself estate planning. You may find your way to a site that will allow you to download a generic last will or perhaps a living trust. It looks like all you have to do is pay a fee, download a form, and fill in some blanks, and you are all set. First off, consumer watchdogs such as Consumer Reports have advised against do-it-yourself estate planning because unintended … [Read more...]
What Type of Trust Protects Assets?
Securing your wealth is important which is why our estate planning lawyers work with families on effective asset protection strategies. As more than one commenter has observed, getting wealth is one thing; keeping it is something else entirely. That’s true for all of us -- you don’t have to be wealthy for your assets to be at risk. How to Make the Most of Your Insurance Policies For most of us, insurance is the only real asset protection we’ve ever known – though many people may not recognize … [Read more...]
What are the Advantages of an Irrevocable Trust?
The importance of protecting your wealth cannot be overstated. There are many effective strategies that can be used in asset protection planning to benefit you and your family now and in the future. Irrevocable trusts are one strategy, but there are others. If you spend your life accumulating your wealth and assets, you should know your options for protecting them. Keep in mind that you don’t have to be extremely wealth for your assets to be at risk. Using Irrevocable Trusts for Asset … [Read more...]
Florence Asset Protection Planning
The importance of protecting your wealth cannot be overstated. There are many effective strategies available in Florence asset protection planning to benefit you and your family now and in the future. If you spend your life accumulating your wealth and assets, you need to do what you can to protect it. Keep in mind that you don’t have to be extremely wealth for your assets to be at risk. Let our asset protection attorneys explain four of these strategies to you. Using Irrevocable Trusts for … [Read more...]
If You Don’t Understand the Medicaid Look-Back Rule You May Be in Trouble
Medicaid places certain limitations on the amount of financial resources you own, as well as how and when you can transfer assets from your estate to someone else. Long-term care costs are often too expensive for most people and they are continuing to increase every year. Currently, the national average cost, for a year of nursing home care, exceeds $90,000. For this, and many other reasons, Medicaid planning is important for everyone. Our Ashland Medicaid attorneys can advise you regarding the … [Read more...]
Understanding How Your Asset Protection Strategies Work
Have you thought about whether your assets are protected against bankruptcy, lawsuit, divorce, and other risks? If not, then you could be at risk of losing everything. You can spend a lifetime building wealth. The foundation of financial stability is usually built that way, one brick at a time over many years. The problem is that nothing built by human hands lasts without careful attention and maintenance over time. Your wealth is no different. No matter how much you earn, save, or invest, your … [Read more...]
Ashland Living Trust Lawyer Can Help With Asset Protection
Asset protection is important to some individuals for one reason or another. Some lines of work leave people open to legal actions, and shielding resources from the disgruntled former spouse of a family member can be another concern. Some people hear about revocable living trusts and assume that revocable trusts will provide asset protection. While these trusts are valuable for many reasons, it is important to understand that they do not provide asset protection during your lifetime. Let our … [Read more...]
Consider These Asset Protection Structures
When you strike off on your own as a small business owner or the owner of a professional practice, to a certain extent you are living the dream. You have the power to make decisions on your own, and the possibilities are endless. However, you do have to be concerned about those who may want to take what you have earned. Asset protection is important for business owners, and there are various structures that can be used to keep your resources out of harm’s way. One of them is a limited liability … [Read more...]
How Can Business Owners Protect Assets?
Asset protection is important for people who own businesses, and it is essential for those who are in certain lines of work. Physicians and real estate investors are particularly vulnerable. In this post we will look at two different legal devices that are used by business owners who want to protect assets. Family Limited Partnerships Family limited partnerships can be utilized by those who want to protect assets, and this asset protection could extend to your estate plan. Clearly, you want to … [Read more...]
Income, Security, & Savings With Alaska Trusts
Many individuals will choose to avoid probate through the use of a revocable living trust rather than a last will. Since you are placing personal assets into a trust you may think that you are removing these resources from your estate for tax purposes. You may also make the assumption that these resources are out of the reach of litigants or creditors. Unfortunately this is not true. Assets that you placed into a revocable living trust are indeed subject to attachment and they are considered a … [Read more...]
