You have spent a good part of your time and energy building and accumulating your wealth and assets. You need to undertake strong asset protection measures to seal and protect that wealth in the unfortunate case that you are not able to pay your bills and lenders and creditors attempt to foreclose on your assets. Remember, asset protection is most effective when done BEFORE issues arise and not when you are trying to run away from creditors.
Medicaid planning is an important tool for folks, especially those who are seventy years or older. It is now well known that elderly adults are especially vulnerable during this virus outbreak. If you are considering applying for Medicaid at some point in the future, this process takes time and careful planning. This is not something that you want to delay, especially in light of this current health crisis.
In general, we are urging our community to take this time to review your estate planning documents or have these documents in place if you have not yet had them prepared, regardless of your age or current situation. You need to ensure that any Will that you have made in the past is still in line with your wishes. You should have your trust reviewed in case you want to change or update beneficiaries, add assets or change any designations or have a trust prepared to ensure proper estate and tax planning. This is particularly important if you have minor children. You need to name guardians for your minor children. The beneficiary designation on your assets such as bank accounts, IRAs, life insurance and annuities should be carefully reviewed as well. Power of attorneys and health care proxies for you and your family should be in order as well.
The short time that we have been dealing with this unprecedented event has taught us that we are all susceptible and vulnerable, regardless of age, health condition or position in life. It is our collective social responsibility to ensure that we are safe, healthy and protected to the maximum extent during these unprecedented turbulent times. Therefore, we are urging our community to take this time to reflect on our asset protection, to plan for the unplanned and unexpected and ensure that we have our legal protections in place. The peace of mind that your legal and financial affairs are in order will go a long way towards helping your family focus on the truly important necessities such as your health and wellbeing.
Please feel free to call us at (718) 513-3588 or send us an email at firstname.lastname@example.org.
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