It’s sad but true—we live in a highly litigious society. People file lawsuits over just about anything. Worse, you never really know what a jury might decide, regardless of how frivolous the lawsuit may appear. Moreover, the high cost of long term healthcare can quickly erode your life-savings. This helps explain why Asset Protection Planning is such a rapidly growing area of the law, and why it is so important for you to have an effective plan of your own.
Your Asset Protection Plan should accomplish two main goals: Protecting you and your spouse from predators looking to make a claim on your assets while you are alive, and protecting your children’s inheritance against creditors and predators after you are gone. The latter can involve such issues as ensuring your child’s inheritance is safe should he or she get divorced—no minor concern when you consider that 50 percent of all marriages today end in divorce. Similarly, your grandchildren may need protection to ensure they receive their inheritances if your child dies and your son-in-law or daughter-in-law remarries. And your children may even need protection from their own decisions if they are not ready or able to handle a large inheritance.
It should be noted that certain people are particularly vulnerable to predatory lawsuits: physicians, attorneys, business owners and construction professionals, to name a few. With Assisted Living and Nursing Home care costing from $3,000 – $7,500 each month monies can quickly be exhausted.
We can show you many methods to protect your assets for your enjoyment during your lifetime, and for the enjoyment of your loved ones after you are gone. Of course, none of these methods are available to you if you don’t have a well-designed plan. The best time to make one is now, with an attorney experienced in Asset Protection Planning, Nursing Home Medicaid and VA Pension planning.