Money cannot make you happy, but it can make you more comfortable. Legal asset protection plans can help maintain quality of life and still access quality care. The more money you have and the longer you can make it last, the higher likelihood of maintaining quality of life.
Asset protection ensures the assets you build over your lifetime are not susceptible to being lost to the government, nursing homes, lawsuits, divorce, bankruptcy, or other predators during life or after death. There are strict rules on how to protect your assets, but they are easy to accomplish when done properly.
Debtor/Creditor law provides that whatever you can get, your creditors can get.
A properly drafted asset protection trust can permit the individuals creating the trust to change and modify trust terms during their lifetime.
This includes allowing individuals to retain control of their assets and even use or benefit from them while protecting them from creditors or predators.
Other trusts may prohibit any such changes.
It is a common misconception that irrevocable trusts, once created, cannot be changed. While that is true of irrevocable trusts created to avoid taxes, it is not true of all irrevocable trusts.
Asset protection planning can benefit people of relatively modest means, protecting them and their family.
It is critical to carefully balance protection during life and after death to accomplish your goals.
For married couples, proper asset protection can preserve 100% of the couple’s assets while maintaining eligibility for Medicaid and other government programs.
Legal asset protection for singles is more limited but still an option.
Assets that have grown over a lifetime can be rapidly depleted paying for nursing home care until it is gone.
Asset protection planning is available either before it is needed (pre-nursing home admission) or when needed (after admission to a nursing home).
CALL Front Range Estate Planning today at 720‑772‑7565 to discover all
the ways you can protect what you’ve worked a lifetime for.
Some traps to avoid …
Acting before knowing your options. Asset protection trusts are a powerful tool that will benefit you and your loved ones when properly established and administered. On the other hand, an out-of-the-box or form trust may not be effective or even be harmful to your assets, your loved ones, and you.
Thinking that you don’t need or can’t afford protection. Everyone’s situation is different and only a personalized analysis will help you understand your options and the costs.
Hiring an attorney without expertise. Make sure the attorney you hire is experienced in Asset Protection planning. Would you go to your regular doctor for a heart problem?
A word about the photos: The photos on this site capture some of the beauty of the front range, where I’ve lived my entire life. I have a deep love for the people, places, animals, plants, and activities in this part of the world. My hope is that these images embody something of the spirit and feeling of this special place.
