If you’ve worked hard throughout your life to build up your assets, you want to make sure that they will be there for you throughout your retirement. This is true whether you’ve still got some time before retirement, you’re planning to retire soon, or you’ve been retired for some time. Asset protection planning is one of the most important things you can do to help ensure that your assets will be there to provide for you as long as you need them, and that you’ll be able to pass them on to your loved ones when the time comes.
Effective asset protection planning looks at some of the most significant threats to your assets, and puts protections in place to ensure they don’t happen. Take a look at the following risks to your wealth, and how you can plan for them today.
Long Term Care
As people age, the #1 threat to their assets is going to be the need for long term medical care, especially in a long-term care facility. These facilities can cost tens of thousands of dollars per month, or more. Even for very well-off people, it is easy to see how the expenses could decimate your retirement savings. To protect yourself from this common threat, consider one of the following options:
- Long Term Care Insurance – If you are younger and healthy, you can purchase long term care insurance. This is a pretty affordable option that will cover a large percentage of all the expenses associated with long term medical care, should you need it. As you age, however, this type of insurance becomes too costly to be worth the investment.
- Medicaid Planning – Medicaid is a government program that can cover the costs of long term care, but only if you don’t have the means to do it yourself. With the right asset protection planning, you can position your assets in such a way that they won’t count toward the Medicaid limits. The sooner you start working on Medicaid planning, the more protected your assets can be.
Lawsuits
Seniors can be targeted with lawsuits due to accidents at their homes, businesses, or other events. These types of lawsuits can be extremely costly, and depending on the specifics of the case, could quickly go through all of your savings. Even just the costs of fighting a lawsuit can be devastating. Proper asset protection planning will determine the risk of a lawsuit occurring, and positioning assets so they are protected from this type of threat.
Scams & Fraud
A growing threat to people’s assets comes from intentional scams and frauds. These types of scams can occur through the mail, over the phone, or very commonly, through the Internet. Those who perpetrate this type of scam prey on the elderly and can be very effective at convincing them to part with their money. Protecting your assets from this type of risk often requires a customized approach that can involve powers of attorney and other legal tools.
Take Steps Today to Protect Your Wealth for Tomorrow
It is never too early to start taking steps to protect your assets. To get this process started, please contact ProActive Legal Care Law Office, LLC. We will be happy to go through your current situation and help create a customized set of protections to ensure your wealth will be there for you long into the future.
