Provide Assets and Income for a Surviving Spouse
Though tragic, when a spouse of a couple dies, income is usually reduced through loss of Social Security income or reduction of retirement pension. This can be especially hard for the surviving spouse having to learn to live on less and prepare for following years.
Protect Assets and Income from Deterioration or Loss of Property
Unexpected property loss may result in a drain on available cash assets. You might have damage to a vehicle or even to the home. Lack of regular maintenance or damage may result in expensive repairs. There are estate preservation strategies which strive to recognize these losses and to provide potential solution to avoid these losses with adequate insurance coverage. Additional help may be sought through grants, tax credits, and other programs that provide maintenance or savings on utility bills.
Maintain Assets to Pay for Medical Care and End-Of-Life
Paying for Medicare supplement policies, medical co-pays and the cost of prescription drugs not covered by insurance can reduce available assets. Costs associated with dying can drain the estate. Strategies are designed to identify these costs and to deal with them while assets are still in place to provide protection.
Maintain Assets to Pay for Long Term Care
The need for long term care often occurs at the end of life. Unfortunately, this is the time when assets are already being stretched thin. The cost of home care or assisted living or nursing care can be very expensive. Assets that have taken a lifetime to accumulate can be wiped out in a matter of months. Strategies are designed to take advantage of government programs to cut down on the burn rate of assets when the need for care occurs.
Compensate Children or Grandchildren for Their Sacrifice
It is very common for children or grandchildren to put their own lives on hold and to sacrifice their time and their income to care for loved ones in their final years of life. It is only fitting that any assets remaining should go towards helping family members get back on their feet after the sacrifice of months or years providing care.
Provide an Inheritance for Children or Grandchildren
Many seniors have worked hard their whole lives to accumulate cash savings, investments and a fully owned personal residence. It does not sit well with these people to have to put out money at the end of their lives for such things as health care, long term care or maintenance. They prefer to have their children have the money. Many aging seniors will actually forego medical care or long term care or maintenance on their property to leave more money to their children.
Who Can I Trust to Help Me Protect My Assets?
Much of what passes for Asset Protection today is little more than word processing. Someone asks a few questions and then fits you into their pre-defined box. This isnâ€™t planning â€“ This is simply document preparation. Donâ€™t settle for word processing in place of quality planning!
At Idaho Estate Planning we are the experts you need to know and trust. Work with us and we'll put together a plan that works for you and your loved ones. Remember, good planning is no accident.