Protect Your Assets from the Government and Long Term Care Costs
As a practicing Estate Planning, Elder Law and Asset Protection attorney, I meet hundreds of people each year. One of the questions I get all the time is…
“How can I protect my assets from the government and long term care costs?”
If that is your question, particularly in light of the new uncertainty we are facing with a new President, let me assure you, you are not alone. However, in order to answer that question for you and be able to determine the easiest way to help you protect your assets I must know the specific types of assets you own. I do know that for many people, a large portion of their assets is an IRA or other form of qualified (not yet taxed) money.
With that in mind, I also see much confusion and frustration among people trying to understand all the rules regarding their IRAs. One of the primary reasons for this confusion is that most people get their financial information from several different sources. And we know what happens in that kind of situation. Ask 5 different people their opinion on one subject and you’ll come back with 5 different opinions!
Different Services Have Different Objectives
Financial services are no different. Each financial source focuses on a different issue. For example, the number one goal of accountants is typically to minimize taxes. The focus of financial advisors is typically on maintaining and growing the IRA. And when you turn to an estate planning attorney, you’ll find their focus is usually on making sure that the beneficiary of your IRA actually gets it.
A Singular Guide To Focus on Your Goals
The problem is that you are left to your own devices when it comes to your overall goals. That can be like trying to herd cats when you have different sources with different objectives. If only you knew how to do that! This is when the service of an Asset Protection attorney is invaluable.
As an Asset Protection attorney, my first objective is to identify your overall long-term financial goals. Once I understand your goals, then and only then, can I begin to teach you the laws and rules relevant and helpful to your specific circumstances. Then I can work with your other professionals to ensure that together we accomplish your goals.
What You Might Discover
Many people are surprised to discover that saving income taxes today is not as great as it’s made out to be. Another area of discovery is that taking your IRA money either too soon or too late, leads to significant penalties. In addition not understanding how your state Medicaid department treats IRAs can result in you losing your entire IRA to long term care costs. And, did you know that subjecting your IRA to estate taxes can result in your beneficiaries only getting pennies on the dollar? Or that naming your beneficiaries as beneficiary on your IRA actually “unprotects” it?
Working with an Asset Protection attorney will arm you with powerful knowledge that you will not be privy to working with separate individual sources. You really don’t want your hard earned money to go to the government or to be decimated to pennies.