Nobody likes to consider that the day will come when they will pass on. Nevertheless, it is a simple fact, and it is important to make plans for that eventuality. Some people, when posed with this issue, may wonder why they should bother to plan for the end of their lives. After all, they won’t be here anymore, so why plan for it? The reality is that end of life financial planning is vital in order to protect the assets you have worked so hard for, and to ensure that your heirs are left with something after you pass on.
If you have heirs, chances are that you would like to leave them with some sort of a bequest that will help them move on with their lives once you are gone. Sadly, with the incredibly inflated cost of long term and medical care in the United States today, if you fail to plan properly, you may wind up leaving your heirs with nothing but unpaid medical bills.
Estate planning will help you proactively engage with some of the inevitable expenses that can arise towards the end of your life. At the same time, by taking advantage of various legal tools, you can preserve a good portion of the assets that you have accumulated throughout your life. This can help you to be sure that your heirs have something after you are gone.
Protecting Your Assets
As you reach the end of your journey, you will find that some of the prices for medical care can quickly drain your assets. It is a sad fact that medical bills account for the majority of personal bankruptcy filings in the U.S., a fact that only goes to underscore the importance of taking steps to protect your assets.
Fortunately, help is available to you. Whether you want to explore ways of moving assets into exempt categories, purchasing financial instruments that guarantee you a stream of income (while reducing the amount of assets in order to qualify you for Medicaid), or some other method of asset protection, there are professionals who can help you.
You do not have to take this step alone. Here at AlerStallings, we have extensive experience in estate planning, asset protection, and other related matters. We can work with you to take the steps necessary to protect your assets—and your heirs—as you approach your later years.
Give us a call, and let’s talk. We look forward to helping you!