All families should implement an overarching plan to protect their assets. Unfortunately, most families fail to first consult an experienced attorney for good legal advice regarding how their estate plan and legal documents interconnects with their insurance and financial needs. As a result, most families end up with a hodge-podge of assets with various title holdings that sometimes conflict and often fail to work as anticipated.
Basic asset protection requires the right kind of legal documents. Some attorneys act as scriveners who simply draft boilerplate legal documents in an attempt to fit every family into the same box. This type of estate planning is not helpful, as every person is unique and each family has different needs and dreams. Certain members of your family may manage their money well, while others may be spendthrifts. Some have a need for absolute control; others don’t. Some require agents to step forward because of frailty or cognitive impairment. Some need to insure the safety of others after they pass. Most can afford with time and money to establish and maintain a family plan; others can’t or procrastinate about it until it’s too late. For these reasons and many more, you need an experienced planning attorney who will advise you regarding all the various options and strategies for your unique situation.
In this episode, Bill explains how family dynamics can make or break your asset protection plan and goes over the pitfalls that need to be avoided with family.
If you or your loved have questions about asset protection, or would like to know more about government assistance programs such as Medicaid, Veteran’s Benefits, or other Special Needs programs, consider W.G. Alexander & Associates – we are experienced attorneys who offer a unique blend of asset protection, Elder Law and estate planning. You can also attend our free seminars, learn more here, or call us at (919) 256-7000.