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Protecting Assets from the Three Biggest Threats

October 1, 2020

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Protecting Assets from “The Three Big Bad Wolves”

 

Many of our clients have worked tirelessly and saved for decades to ensure a comfortable retirement and a legacy to pass on to their heirs. Sadly, due to a lack of pre-retirement preparation, some have seen their nest egg depleted by the Three Big Bad Wolves: probate expenses, taxes, and the high cost of long-term healthcare.

The good news is that you don’t have to let this happen to you. There are steps you can take right now to help make sure the nest egg you have worked so hard to build is protected.

 

Fighting the High Cost of Long-term Healthcare

 

Without a doubt, the cost of healthcare during the twilight years is likely to be greatest financial challenge. For many retirees, the chance of losing their assets exists even if they never set foot inside a long-term care facility: many people experience the unpleasant surprise of discovering their assets can be seized in order to help pay for the costs incurred by a spouse.

Because of the high cost of an extended stay in a long-term care facility, we at AlerStallings strive to do everything we can to educate our clients on various asset protection strategies. Due to complex federal and state statutes, the assistance of an experienced estate planning attorney is necessary, but the good news is that you can protect the assets you have worked so hard to obtain.

 

Reducing the Expense of Probate

 

You’ve likely heard horror stories of people who pass away, leaving a significant estate for their heirs, only for it to be squandered by endless court battles. Even if your heirs are not the type to litigate endlessly over an estate, the reality is that probate can be costly. By planning ahead today, we can help reduce or even eliminate the expense of probate once you pass, leaving more for your loved ones.

 

Fighting the Tax Collectors

 

It’s true that two things in life are certain: death and taxes. Fortunately, through proper estate planning techniques, you can greatly reduce the chunk of your estate that ends up in the government’s pocket. We at AlerStallings are intimately familiar with the federal and state taxing statutes, and we can help create an estate planning strategy that keeps your money where it belongs: in the hands of those you care about.