Long Island asset protection attorneys will help you to identify the threats that could affect your financial security. You have worked hard to build wealth and acquire property, and whatever the size of your nest egg, you deserve to be able to leave your assets to your loved ones. Unfortunately, there are many potential sources of loss that could end up leaving you without the assets you need to secure your legacy.
Mark S. Eghrari & Associates, PLLC will work closely with you to create an asset protection plan that reduces the chance of loss and gives you the power to provide for your family, charitable causes you care about, and other goals that matter to you. You can give us a call at any time to talk with Long Island asset protection attorneys at our firm and find out about the creation of a personalized plan. If you are not sure if you need asset protection and you want to find out, you can also answer these five key questions that will help you determine if your assets are at risk.
How Will You Pay if You Need Long-Term Care?
One of the biggest threats to your wealth is the possibility that you will need long-term care. The Wall Street Journal warns that more than 70% of people aged 65 and over will need nursing home care, so there is a significant chance that you will either have to move to an institutional facility or have care aides in your home as you get older. Unfortunately, if you need this care and haven’t planned for it, you could lose everything.
The problem is, Medicare won’t pay for most nursing home care or long-term care people need. Medicare doesn’t cover custodial care, which is basic routine help that often triggers a need for nursing home care. Medicare provides only limited coverage for skilled nursing services, which aren’t the reason most seniors go to a nursing home. Paying for a nursing home or long-term care in your home could cost you thousands of dollars monthly, which means all of your assets could be spent very quickly once you start getting this care.
To protect your wealth, you need to work with Long Island asset protection attorneys to find ways to keep your money safe if you must go into a nursing home. Sometimes, this means buying long-term care insurance — but the problem is that policies are often too expensive and have coverage limitations that make them an impractical solution. Your best option may be to work with a lawyer to try to get covered by means-tested Medicaid, which does pay for long-term care. You will need to structure ownership of your assets appropriately to get Medicaid coverage without first spending down your wealth, so talk with Mark S. Eghrari & Associates, PLLC today to find out how.
Do You Have an Incapacity Plan?
Who will manage your money and property if something happens to you? Does someone have authority to pay your mortgage and taxes out of your accounts and to manage your other investments? If not, your assets are at risk.
If something happens to you and you can’t act on your own any more, your loved ones could be forced to go to court to get a guardian appointed. This can take time, during which time your assets are at risk because no one is managing them. If the court selects the wrong person as guardian who doesn’t know how to handle your assets, loss could also occur. It’s best to avoid this by creating a power of attorney or making use of other legal tools that allow you to give a trusted person immediate authority to manage your assets.
Do You Have Heirs Who are Irresponsible with Money?
You need to consider the risk to your wealth that exists after your assets are transferred to heirs or beneficiaries. If your loved ones you are leaving money to aren’t responsible, they could squander their inheritance quickly. You don’t want this to happen when you’ve worked so hard to build financial security. To make sure that it doesn’t, consider creating a spendthrift trust so you can put a responsible person in charge of managing an inheritance for your irresponsible heir.
Getting Help from Long Island Asset Protection Attorneys
These are just some of the different circumstances that Long Island asset protection attorneys can help you to plan for. To find out more about what our legal team can do for you, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online to talk with an experienced and compassionate asset protection lawyer at Mark S. Eghrari & Associates, PLLC about the creation of your personalized asset protection plan.