Helping you find the perfect attorney!

Legal Tips: Protecting your assets and providing for your retirement

The increasing cost of support services and care during retirement plus the possibility of how taxes will affect the value of a retiree’s estate after his or her death is a real concern that should be addressed. Here are some basic terms that you need to understand so you know how you can protect your assets and have enough for your retirement:

Asset protection

This is not an insurance policy or any other product that you can grab out of the shelf. It is a combo of services and advice that can help protect your wealth as you grow older or approach retirement.

Main Goals

Asset protection’s principal goal is to ensure that you and your spouse will have enough to enjoy your retirement, and have something to pass on to those that you will be leaving behind with the least tax liability as possible.

Challenges

The biggest hindrance to achieving the goals of asset protection is the cost that you need to cover for nursing care and the possible inheritance tax that will be applied to your estate. There are certain steps that should be taken to make sure that your assets will be protected from nursing care costs and taxes when you can no longer take care of yourself. There will be different approaches depending on your case and factors like income, age, health, moveable assets, and family relationships.

Timing

People should be thinking about asset protection once they reach their fifties. At this stage, most people have settle and will have an idea of the amount of their savings, incomes, and other assets.

Getting the ball rolling

One vital step to asset protection is having your will and also giving a power of attorney to a trusted adviser, family or friend. This ensures that you and your estate will be taken cared of according to how you foresaw it even when you are incapacitated.

Cost

The cost of protecting your assets will vary on the complexity of the work that needs to be done.

Leave a Reply