The Benefits of Asset Protection Through Estate Planning
Protecting assets is a key component of estate planning. Whether your assets need protection from Massachusetts Estate taxes, Medicaid, or other government benefits, a well thought out Estate plan can accomplish this goal. Ensuring that your assets pass on to your family and friends is the primary reason to have an estate plan created. The alternative is for the government to get all or a large portion of your assets.
Typical estate plans include Wills, Trusts, Powers of Attorney, Health Care Proxies, HIPAA release forms, and other important documents. Wills and Trusts often work in conjunction to provide the most asset protection. Estate plans can be drafted to greatly reduce or eliminate estate taxes, as well as, asset protection should Medicaid benefits be needed. This protection is often achieved in the same document. Some Trust provides protection from creditors, and beneficiaries in unique circumstances, such as substance abuse, divorce, long-term illness, and addiction.
To begin the asset protection process, it Is generally advised to seek out an experienced attorney in the field of elder law to guide you through the Estate Planning process as a whole to ensure that you are well protected for whatever comes next in life!
What To Avoid When Planning For Asset Protection
Estate planning is not a ‘Do-It-Yourself’ project. There are income tax considerations, Long-Term care planning issues, and many other areas that must work well with each other in order to achieve your goals. Most people are not qualified or trained to understand the complexity of Wills, Trusts, and how they must be drafted. Saving pennies on the dollar by doing it yourself will most likely cost thousands of dollars in the long run. Thousands that your family could have enjoyed. It is important to work with an advisor to help create a plan that caters to your specific needs, income, and assets as a whole since this is not a “one size fits all” process.
Protect Your Assets When Planning For Late Stage Panning
Late stage life planning is important to have at any age, whether you are 30 or 65 it is hard to predict when you will need these protections most. By planning early, you are not only protecting everything that you have worked so hard for, but you are protecting your loved ones by ensuring them some sort of financial security upon your passing. For more information on estate planning, please visit our Estate Planning page.
If you have any specific questions or concerns regarding the asset protection process, please reach out to Attorney Andrew Bucklin at 781-632-8675 or contact him directly on his website.