What is the Biggest Predator to My Assets?
Protecting your assets makes sense and is a good thing to do in terms of preparing for your future, as well as your family’s future. Some risks to your assets are more serious than others, and it is essential to be aware of what can impact you and your family. With that in mind, we will discuss the biggest predators to your assets.
First, it may be worth having a discussion with an estate planning attorney about some of the risks that can come up. It may seem counterintuitive to speak with an attorney before a problem comes up. It is a good idea, however, to know about all the risks out there and how you can handle them.
In terms of the biggest predators to your assets, an experienced attorney will be able to help you identify your biggest areas of risk. For instance, if you are a business owner, any kind of loss is going to impact your assets. Bankruptcy could be catastrophic for your assets, as can any debt that needs to be paid out. Additionally, handing a business down to heirs without a business succession plan can also create issues for your assets.
Nursing Home Bills and Your Assets
Nursing home bills can also burn through your assets quickly, especially if you have not planned ahead. Nursing homes can cost thousands of dollars per month. The costs associated with nursing homes, assisted living, or even long-term care at home are quite high. Without proper planning, your assets can be drained quickly in order to pay for your care. Even if you wait until the last minute, there are still options to help protect your assets. Of course, the earlier you start, the better. An elder law attorney also brings knowledge and experience to the process. They can help their clients achieve their goals, whether it is saving money for their grandchildren, or staying home, instead of moving into a nursing home or assisted living facility.
Lawsuits and Your Assets
A lawsuit against you for an accident or other mishap can drain your assets, as well, especially if you do not have sufficient insurance to cover damages from a lawsuit. A trust may be good strategy to discuss with an attorney.
Incapacitation
Becoming incapacitated can also have a negative impact on your assets. There are several reasons why this can happen. For instance, if you have not planned ahead, you won’t be able to control your assets when you become incapacitated.
Interestingly, you can also lose your assets posthumously through irresponsible heirs. This can happen if your heirs are involved in a divorce, have creditors, or are bankrupt. It is important to structure your assets in a way that protects them, despite any of the above issues. If you have a large estate, there is a chance you could lose part of your assets to taxes. Again, finding the right structure for your assets is paramount in order to protect what you’ve worked for your entire life.
Contact and Asset Protection Lawyer
With so many pitfalls and dangers ready to dig into your assets, it is vitally important to protect what you have while you can. Again, starting your planning early is the best-case scenario for your assets, but even if you have not, an experienced attorney can still help. It is important to think about how you want your assets protected and distributed. Contact The Mattar Firm for your consultation today. 239-222-2222.