Making smart use of asset protection strategies is important at all phases of your wealth-building process. When you work hard, you deserve to benefit from the fruits of your labor and to enjoy financial security. You cannot do this if your wealth is lost due to things like creditor claims, lawsuits, high nursing home bills, [ ] The post 5 Key Asset Protection Strategies appeared first on Nirenstein, Horowitz & Associates P.C..
When you are making investments throughout your life, you do not make snap judgments. Clearly, you worked hard for the money that you have to invest, and you want to be sure that you are making the right decisions. This mentality should also be applied to the estate planning process. You would certainly do research before you decide to make an investment, and you should also look into your estate planning options so that you can make the right choices. If you do take some time to examine the estate planning tools that are out there, you may find that a revocable living trust is an appealing choice. These trusts are very effective when certain circumstances exist. Let s look at five reasons why you may want to use a living trust as your primary asset transfer vehicle. 1.) Probate Avoidance A lot of people feel as though a last will is the best estate planning device for people who are not extraordinarily wealthy. In reality, this is not necessarily true. When a will is used, there are
Estate planning involves making preparations for the things that will happen after you pass away, but you should also consider the period of time that will precede your passing. These years are sometimes called the twilight years. First off, you should consider the possibility of long-term care expenses. According to a government agency, seven out of every 10 seniors will someday need help with their activities of daily living. Long-term care is something that most people will need; it is a likelihood, not a remote possibility. Medicare will help with your medical expenses when you re a senior citizen if you have paid into the program sufficiently throughout your life, but Medicare does not pay for long-term care. Paying out-of-pocket is not easy for most people, because nursing homes and assisted living communities are very expensive. We practice law in the state of Connecticut. In our state, the average charge for a year in a nursing home is over $100,000, and seniors often require