Ensuring that your estate assets are passed down according to your wishes after you are gone is likely one of the primary goals of your estate plan; however, your plan should not stop there. In order to maximize the assets you have to pass down when the time comes, your estate plan should also help protect and grow your assets while you are alive. To do that, you need to recognize potential threats to your assets. A Moline asset protection attorney at German Law Group explains how marriage and … [Read more...] about Marriage and Divorce –Two Major Threats to Your Assets
A basic estate plan typically focuses on how your assets will be distributed after you are gone. In order to have assets left to distribute, however, you need to protect the assets you have throughout your lifetime. To help you accomplish this important estate planning goal, the Fargo asset protection attorneys at German Law Group discuss the top three asset protection tools. Domestic Asset Protection Trust. A Domestic Asset Protection Trust (DAPT) is an irrevocable self-settled trust … [Read more...] about Top 3 Asset Protection Tools
In the United States, the divorce rate for first marriages hovers around 50 percent and increases for second and subsequent marriages. Approximately half of the people who go through a divorce in the first marriage go on to become part of a blended family at some point. Anyone who is part of a blended family knows that integrating two families into one comes with its own set of challenges. All too often, those challenges continue, or even worsen, after the death of one spouse. That possibility … [Read more...] about Protecting Assets for Children When You Remarry
Over the course of your lifetime, you will likely work hard and invest wisely in an effort to amass a respectable asset portfolio. If all goes well, you will have sufficient assets to live comfortably during your retirement years with something left over to pass down to your children and/or grandchildren. While acquiring assets is certainly important, protecting those assets should be of equal importance. An asset protection lawyer can help you protect your estate assets using a variety of asset … [Read more...] about What Does an Asset Protection Lawyer Do?
If you are fortunate enough to be able to gift assets to loved ones, either during your lifetime or after you are gone, you undoubtedly hope that those assets will be appreciated and protected. Unfortunately, that is not always what happens. The Grand Forks asset protection attorneys at German Law Group warn about the squandering beneficiary. The good news is that with careful estate planning a squandering beneficiary cannot squander too much of your assets! Gifting Basics For many people, one … [Read more...] about Beware the Squandering Beneficiary
At some point during your retirement years there is a very good chance you (and/or your spouse) will need long-term care. There is also a good chance that you will need to qualify for Medicaid benefits in order to cover the high cost of that care. Qualifying for Medicaid can be a complicated process given the complex eligibility guidelines. The asset transfer rules(rules about Medicaid gifts) in particular, are a source of much confusion for applicants. While it is always best to consult with an … [Read more...] about Learn About Medicaid Gifts
If you have been fortunate enough to have employer sponsored, or privately funded, health insurance up to this point in your life, you may know very little about the Medicaid program. That lack of knowledge, however, could be a problem down the line if you ever need long-term care (LTC) – and the odds are fairly good that you will need LTC at some point in your life. Unless you can afford to pay for that care out of pocket, you will likely need to qualify for Medicaid. If you make the mistake of … [Read more...] about The “Look-Back” Period
At the heart of any well thought out estate plan should be a roadmap for the distribution of estate assets to loved ones upon the death of the individual creating the plan. Your plan, for example, likely includes a Last Will and Testament as the foundation from which additional estate planning tools and strategies have grown over the years. As your estate has grown and increased in value, you have probably updated and revised your estate plan to account for that growth. At some point in time, … [Read more...] about How Does an Asset Protection Trust Work?
Estate planning, when done correctly, should be comprehensive in nature. As such, your estate plan should cover a number of inter-related goals and objectives all in one cohesive plan. One estate planning component you will likely want to consider as you get older is Medicaid planning. One reason you may need to include Medicaid planning in your estate plan is that eligibility for benefits depends, in part, on the value of your “countable resources.” To ensure that you understand the need for … [Read more...] about Explaining “Countable Resources”
Like just about everyone, you undoubtedly want to protect the assets you have worked hard to acquire. Whether you are just starting to build up your asset portfolio, are at the height of your investment years, or are no longer actively building your asset portfolio because you are heading into retirement, you certainly do not want to put the assets you have at risk. Unfortunately, you may be doing just that in ways you haven’t thought about before now. The good news is that there are ways you … [Read more...] about Top 3 Asset Protection Strategies