Why Is Asset Protection Necessary?
You have worked a lifetime to get where you are today. Unfortunately, without a proper asset protection plan in place, your hard-earned assets are vulnerable to a wide range of threats. Consider, for instance, that in the United States more lawsuits are filed every year than in the rest of world combined. While many of these lawsuits might seem frivolous, even ridiculous, you never really know what a judge or jury will decide.
Lawsuits are but one threat to your assets, lifestyle, and legacy. Other threats include financial predators, creditors, the high cost of long-term care, and more. This explains why asset protection planning is now one of the fastest growing areas of the law, and why you need a qualified attorney to design a plan to protect you and your family.
Your plan must accomplish two primary goals. First, it must protect you and your spouse against the threats we have just mentioned while the two of you are alive. Second, your plan must protect your heirs’ inheritances against a variety of threats after you are gone, including divorce, bankruptcy, lawsuits, and predators. Your grandchildren may need protection to ensure they receive their inheritance if your child passes away and your daughter-in-law or son-in-law remarries. Unfortunately, your children may even need protection against their own poor decisions if they are not yet mature enough to manage an inheritance on their own.
You should know that one of the biggest mistakes people make in the management of their assets is giving them away too soon. Gifts to adult children are vulnerable to all of the threats mentioned above. Giving assets away to qualify for Medicaid coverage of nursing home expenses is another big mistake. Doing so could make you ineligible to receive Medicaid assistance for months or even years. Finally, we cannot predict the future. While you may be able to afford outright gifts to your children now, what if you need those assets in the future?
We can design and implement a customized plan to protect your assets for your enjoyment today and that of your family after you are gone. It is important to note that the sooner you begin the planning process, the more options we will have to preserve and protect your wealth. However, it is never too late to plan. For instance, even if you are living in a nursing home right now, it may still be possible to protect your life savings. We invite you to contact us to schedule a personal meeting with our Dover asset protection lawyer.