Let’s be honest, no one really likes to discuss estate planning, however it is a critical piece of one’s retirement plans that is often overlooked. Considering today’s climate, it is especially true considering the uncertainty that has happened this year.
Here at Felinton Elder Law & Estate Planning Centers, we are asked, how do you protect your assets and your family’s future? Mindy Felinton, Estate Planning and Asset Protection Attorney, has some answers for you.
Mindy, who has offices in Maryland, as well as Palm Beach and Broward counties, has some advice, she says-
Asset Protection is Crucial to Retirement Planning
The standard will, in which one spouse leaves everything to a surviving spouse and then to the kids, may work well, however a traditional will can have downfalls in most scenarios.
If you end up in a nursing home, and you have inherited your partner’s assets, you may not be eligible for public benefits until that money is gone, basically until you are broke. This is where a trust may come in handy.
Unlike a will, you can put all of your assets into a trust to protect those assets and potentially collect the public benefits that are sometimes seen as necessary in retirement.
There are many different kinds of trusts, but an asset protection trust allows you to minimize estate taxes, protects your assets from creditors and unnecessary nursing home or other medical expenses. Ultimately, an asset protection trust can provide for your family members who are minor, financially irresponsible or have special needs.
Contact Asset Protection Attorney, Mindy Felinton
Looking to protect your assets and secure your family’s financial future? Give Mindy’s office a call at (301) 610-0055 for Maryland or (561) 290-2179 for Florida.
You can also visit her “Contact” page at https://www.felintonlaw.com/contact.