Asset Protection Planning

Aler Stallings

When you retire, you expect the rest of your years to be peaceful and relaxing. They’re your golden years, and they shouldn’t be stressful. That’s why we’re here—to ensure that you don’t have to worry about losing everything you worked so hard to earn. We will assist you in protecting your house, farm, IRA or any other assets, even if you need to move into an assisted living facility or a nursing home.

Why do you need Asset Protection Planning?

Families spend their lifetimes working and growing their assets.  Unfortunately, very little time is spent on protection.  The goal of asset protection planning is to ensure we are addressing the three largest risks most families face: probate, taxes and long-term care.   Probate expenses and numerous taxes can end up really reducing what your spouse or kids could receive.  But the largest risk is long-term care costs.  With costs exceeding $10,000 a month, this risk can compromise the support of a surviving spouse or end up bankrupting a family.  Our law firm focuses exclusively on elder care law and estate planning and we have tools to protect against all three of these risks.

When Should You Start Asset Protection Planning?

It’s never too early to start planning. Many couples consider planning when they get married, or when they have their first child.  Since they are likely closer to a long-term care event, most families start asset protection planning as they approach retirement or even during retirement.    Don’t wait too long, because most asset protection plans take up to (or over) five years to get certain assets protected from nursing home care costs.  

What is in an Asset Protection Plan?

Asset protection plans vary based on each client’s situation and goals.  However, most asset protection plans will contain the following documentation:

  • Living Will
  • Healthcare Power of Attorney
  • Financial Power of Attorney
  • Last Will and Testament
  • Asset Protection Trust
  • Real Estate Transfer Documents

 

It is important to remember that you need more than just legal documents to have an effective asset protection plan.  Life happens, and your assets, family and health can change.   To keep up with these changes, we conduct annual reviews and offer lifetime phone support for our clients. This benefit is unique to AlerStallings, and comes at no additional cost. Because we want to make sure your plan not only works the day you sign it, but it continues to work on the day when you actually need it!