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Asset Protection Planning Tag

You Can Trust Your Children, Right?

elderly man and middle-aged man

Most often when parents become elderly, they turn to their adult children to handle their affairs. It is usually the most logical solution - who can you trust more than your own children? Unfortunately, there are certain cases where the logical choice ended up backfiring. Take the case of 87-year-old Ellen and her five children. Her oldest son, Bob, has been given power of attorney by Ellen, which gave him access to all of her accounts. As the saying goes, with great power comes great responsibility and Bob had failed that test when he started stealing most of his mother’s money,...

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Revising Your Estate Plan After Divorce

Divorce can be hard, especially when it involves retirement and Estate Plans. Wills, Trusts, and other Estate Planning documents are rarely on the top of one's mind during the emotional process of divorce.  However, it is critical to take the time to secure and update your Estate Plan to reflect your wishes soon after the divorce proceedings.  Here’s what you should know: 1. Life Insurance Policies After a divorce, it is important to review all beneficiary designations. While some states will automatically terminate a former spouse as a beneficiary, you will want to take the steps necessary to ensure that your beneficiary forms...

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Understanding Special Needs Trusts

Do you know what a Special Needs Trust can do for you? This month, we’ll look at the many advantages a Special Needs Trust can offer you and your family. What is a Special Needs Trust? A Special Needs Trust, also known as a Supplemental Needs Trust, allows you to take care of your loved ones financially while ensuring he or she continues to receive government benefits. This type of trust contains set instructions that allow the Trustee to meet the needs of the beneficiary, but prohibits the Trustee from providing for those needs if they are already covered by Medicaid or other programs. A...

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Asset Protection Planning

Why Asset Protection Planning? Maybe you took a small amount of money and turned it into a fully-functioning business. Maybe you inherited the business from somebody else, then worked tirelessly to make it even more successful. Either way, you’ve worked hard for your assets. In today’s litigious society, aren’t you a little afraid? A lawsuit can pose a serious threat to your assets. If your company breaks environmental regulations, your personal assets are at risk. Sexual harassment claims put your personal assets are at risk. There are so many ways that a foolish verdict can destroy your future. Asset Protection Planning Can Help  Asset Protection Planning uses certain legal...

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