You might think that only the super wealthy need to worry about asset protection planning. But the truth is that if you don’t have millions, you may be at even greater risk. For instance, if you are a multi-millionaire, a $50,000 judgment against you might not be that big of a deal. But for a family with a modest income, savings, and home, it could be devastating.
Furthermore, asset protection planning isn’t something you can put off until something happens. Once you are under threat of a lawsuit, it’s likely too late to protect your assets. Like all types of planning, to be effective, you must have your asset protection strategies in place well before something happens. And your asset protection plan isn’t a one-and-done deal: it must be regularly updated to accommodate changes to your assets, family dynamics, and the law.
While you should meet with us, your Personal Family Lawyer to determine the asset protection strategies that are best suited for your particular asset profile and family situation, here are four essential strategies to consider for safeguarding your family’s most valuable assets.
1. Invest In Insurance
Insurance is always the first line of defense when it comes to asset protection. Anyone can file a lawsuit against you at any time—and basically for any reason. And whether you are ultimately found at fault or not, defending yourself in court can be extremely costly.
The insurance coverage you purchase should not only pay damages if a lawsuit against you is successful, the policy should also cover the cost of hiring a lawyer to defend you in court, whether you win or lose your case. And because a large judgment could exceed your policies’ coverage limits, you should also seriously consider buying umbrella insurance.
Should your underlying insurance policy max out, an umbrella policy will help cover any remaining damages and legal expenses. As your Personal Family Lawyer, we will evaluate your current insurance policies and advise you about the types and amounts of insurance you should have for maximum protection of your assets.
2. Take Advantage Of Statutory Exemptions
Another way to protect your family’s assets is by taking full advantage of federal and state laws that make certain types of assets “exempt” from creditor claims and judgments. Depending on the state, the availability and amount of protection offered by these exemptions can vary.
For example, many states offer a homestead exemption, which protects a certain amount—or even the full value—of the equity you have in your primary residence from creditors. If your state provides a generous homestead exemption, paying down your mortgage could protect funds that would otherwise be vulnerable.
Similarly, federal and state laws also classify many retirement plans, such as 401(k)s and IRAs, as exempt assets. Additionally, some states offer significant, or complete, exemptions for life insurance policies and annuities, as well.
Even though such exemptions won’t offer you total protection, they can provide significant shelter for certain assets. Plus, using statutory exemptions is something that can be accomplished without investing anything—all that’s required is for you to understand how best to structure your investments to take advantage of these protections. Meet with us, your local Personal Family Lawyer to learn what types and amounts of exemptions are available in your area, and how to make the best use of each one.
3. Use The Right Business Entity
Owning a business can be a major wealth-generating asset for your family, but it can also be a serious liability. In fact, without the proper protection, your personal assets are at serious risk if your company ever runs into trouble. For example, if your business is currently a sole proprietorship or general partnership, you are personally liable for any debts or lawsuits incurred by your business.
However, structuring your business as a limited liability company (LLC) or corporation is typically the best move for most small businesses. When properly set up and maintained, both entities create an impenetrable barrier between your personal assets and your business activities. Creditors, clients, and other potentially litigious individuals can go after assets owned by your company, but not your personal assets. Additionally, having the right business insurance in place can help shield your business assets from such claims.
If you own any kind of business, even just a side gig to earn extra income, you should consider setting up a protective entity to ensure any liabilities incurred by your company won’t affect your personal assets. We can help you select, put in place, and maintain the proper entity structure for your particular business operation. If you haven’t done this already, contact us right away to ensure your business doesn’t put your personal assets in jeopardy.
4. Put The Proper Estate Planning In Place
Although each of the above scenarios are mere possibilities, there is one certainty in life—death. It’s coming for all of us, and given this fact, your eventual death—or your potential incapacity from a serious accident or illness before you pass away—is the biggest risk to your family’s assets.
If you become incapacitated or die without proper estate planning in place, your assets and family will face a number of potentially tragic outcomes. Without the proper planning, your assets will get stuck in the court system, which could result in those assets passing to family members you would never want inheriting them, or if the assets eventually do pass to the loved ones you would want inheriting them, those assets could be seriously depleted or even lost. To this end, planning in advance for the inevitability of death is one of the greatest gifts you can give those you love most.
You work way too hard to leave your family’s assets at risk. If you’ve been putting off creating your estate plan—or if you haven’t updated your existing plan recently—now is the time to get it handled. As your Personal Family Lawyer firm, we’ve made estate planning incredibly easy, and we start with a Life and Legacy Planning Session, which is the first step in our Life & Legacy Planning process.
Life & Legacy Planning: Do Right By Those You Love Most
During this process, we’ll walk you through an analysis of your assets, what’s most important to you, and what will happen to your loved ones when you die or if you become incapacitated. From there, we’ll work together with you to put in place the right combination of estate planning solutions to fit with your unique asset profile, family dynamics, budget, as well as your overall goals and desires.
As your Personal Family Lawyer, we aren’t like most estate planning firms—we see estate planning as far more than simply planning for your death and passing on your “estate” and assets to your loved ones—it’s about planning for a life you love and a legacy worth leaving by the choices you make today. And this is why we call our services Life & Legacy Planning. Contact us today to schedule your visit to ensure that your assets and loved ones are safeguarded from all potential threats.
This article is a service of Sharek Law Office, LLC. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life and Legacy Planning Session, during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life and Legacy Planning Session and mention this article to find out how to get this $750 session at no charge.
Throughout my twenty-year career in Estate Planning and Elder Law, I have always found pride in our team here at Bellomo & Associates. While we strive to do the very best for our clients, and although my pride in our firm has remained strong, I continued to feel as though we needed a key component. For a long time, I could not put my finger on exactly what this missing component may be until I met a friend who had begun to incorporate Life Care Planning into his firm. He explained how they had hired a Client Care Advocate to serve his clients better and after several conversations, I knew that this was exactly what we were missing. Providing our clients and families with clear answers that help them feel confident and knowledgeable about their decisions is a priority. There were few things more frustrating than being unable to provide the answers and support they needed when we got questions such as, How do I make sure that Mom is safe at home, or Is assisted living the right choice, or When should we consider a skilled nursing facility? We would refer to outside organizations to get families the help they needed, but I knew that ultimately, I wanted our firm internally equipped to help in this area. For nearly three years, our firm has been a member of the Life Care Planning Law Firms Association. Meg Motter, a licensed social worker, and our Client Care Advocate, brings thirty-five years of experience to the table. She helps families assess their current needs, answer any questions, help to provide the right course of action for their individual needs and wants, and so much more. Being able to add this piece to our firm has served to benefit both our clients and our staff. We are now able to support and advise in ways we could not have before. It is a gift to be able to care for our community in this way. If you are interested in learning more about Life Care Planning and specifically about how our Client Care Advocate can assist you and your family in putting together a plan, please call our office at (717) 208-2899, where we would love to help you.
Your home is one of your most significant investments, and taking care of it shouldnt be an afterthought. A Home Maintenance Plan is more than just a convenienceits a strategic way to protect your property, save money, and reduce stress.Heres why investing in a Home Ally Maintenance Plan is the smartest decision you can make for your home and peace of mind.1. Proactive Care Saves You MoneySmall problems left unchecked can turn into costly repairs.Examples of Preventable Costs:Dirty HVAC filters reducing system efficiency and increasing energy bills.Loose fixtures that cause further damage over time.Why It Matters: Regular maintenance catches these issues early, saving you money and avoiding bigger problems.2. Simplifies Your To-Do ListBetween work, family, and other commitments, finding time for home maintenance can be overwhelming.How a Maintenance Plan Helps:TruBlue handles routine tasks like smoke detector battery checks, lightbulb replacement, and seasonal checks.Youll never have to scramble for repairs or maintenance on your own.The Result: More time for the things you love and less stress about home care.3. Protects Your Homes ValueWell-maintained homes retain their value and even appreciate over time.Key Benefits:Regular maintenance keeps systems and fixtures in excellent condition.Keeps interior spaces fresh and functional for better appeal.Prepares your home for future resale, ensuring fewer issues during inspections.Fun Fact: Buyers often prioritize homes with a history of regular maintenance.4. Year-Round ComfortEvery season brings unique maintenance needs. TruBlues Home Maintenance Plan ensures your home is always prepared.Seasonal Services Include:Winter: Sealing drafts and heating systems filter changes.Spring: Preparing outdoor spaces and checking essential systems.Summer: Cooling system filter changes and deck maintenance.Fall: Ensuring seasonal adjustments for energy efficiency and comfort.Why It Matters: Your home remains safe and comfortable no matter the season.5. Customized to Your Homes NeedsNo two homes are alike, which is why our plans are tailored to your unique requirements.What We Offer:Flexible scheduling to suit your lifestyle.Services specific to your homes age, location, and features.Options for one-time fixes or ongoing care.TruBlue Advantage: A plan designed just for you ensures maximum value and efficiency.6. Peace of Mind for You and Your FamilyKnowing your home is in expert hands reduces anxiety and frees up mental energy.How We Provide Peace of Mind:Reliable service from experienced professionals.Transparent communication about whats done and whats next.Regular updates and reminders to keep everything on track.A TruBlue Home Maintenance Plan is more than just a serviceits a partnership that protects your home, simplifies your life, and ensures peace of mind. With proactive care, tailored solutions, and year-round support, its the best investment youll make in your home.Contact TruBlue today to set up your personalized Home Maintenance Plan and discover the joy of worry-free homeownership!
Our eyes are incredibly precious, yet its easy to take our vision for granted until problems arise. Lets focus on proactive steps to maintain and improve our eye health. Here are some tips to keep your vision in top shape: Schedule Regular Eye Exams: One of the best ways to safeguard your vision is by scheduling regular eye exams. Comprehensive eye exams can detect vision problems early on, allowing for prompt treatment and prevention of further complications. Make it a priority to see your eye doctor at least once a year, even if you dont currently wear glasses or contact lenses. Protect Your Eyes from UV Rays: Just like your skin, your eyes can be damaged by the suns harmful UV rays. Whenever youre outdoors, especially on bright, sunny days, wear sunglasses that offer UV protection. Look for sunglasses that block 100% of UVA and UVB rays to shield your eyes from potential damage. Give Your Eyes a Break from Screens: In todays digital age, many of us spend a significant amount of time staring at screens, whether its for work, leisure, or staying connected. Prolonged screen time can lead to digital eye strain, characterized by symptoms like dry eyes, blurred vision, and headaches. To reduce eye strain, follow the 20-20-20 rule: every 20 minutes, take a 20-second break and look at something 20 feet away. Eat a Balanced Diet: Nutrition plays a crucial role in maintaining eye health. Incorporate foods rich in vitamins and antioxidants, such as leafy greens, colorful fruits and vegetables, fish high in omega-3 fatty acids, and nuts and seeds. These nutrients can help protect against age-related vision problems like macular degeneration and cataracts. Practice Good Eye Hygiene: Proper eye hygiene is essential for preventing eye infections and irritation. Wash your hands frequently, especially before touching your eyes or handling contact lenses. Follow your eye doctors recommendations for contact lens care, including proper cleaning, disinfecting, and storage. Stay Hydrated: Dehydration can contribute to dry eyes, so be sure to drink an adequate amount of water throughout the day. Aim for at least eight glasses of water daily to keep your eyes and body hydrated. Get Plenty of Sleep: Adequate sleep is crucial for overall health, including eye health. During sleep, your eyes receive much-needed rest and replenishment. Aim for 7-9 hours of quality sleep each night to help reduce eye fatigue and maintain optimal visual function.By incorporating these simple yet effective tips into your daily routine, you can help protect and preserve your precious eyesight for years to come.Your eyesight is irreplaceable, so take care of your eyes today for a brighter tomorrow!
Our Firm Prepares You for Life What makes our firm different is that we were built with the needs of growing families in mind. We understand you are BUSY, you are growing, you are planning for a life of prosperity and you value ease, convenience and efficiency. You are raising children, and caring for elderly parents, while also working hard to build your own nest egg for a lifetime of support. You want to know youve made the best decisions for your family and that your plan will work when your loved ones need it most. You want to make sure your minor children would be raised by the people you choose, and never by anyone you wouldnt want, and that your teens and adult children are properly prepared to care for you and what you leave behind. You want to feel confident that youve made the right choices, and handled everything so that you arent leaving behind a mess, when something happens. That is our focus as well. Weve developed unique systems to give you the same access to a Personal Family Lawyer as was previously only available to the super-wealthy, so you can have the guidance you need to build and maintain a life of prosperity and wealth. And, to keep your family out of court and out of conflict, which is the greatest risk to the people you love and all you have created, even if youve already worked with a traditional lawyer or created documents online. Our Team Is Here for You We encourage communication with our clients. In fact, weve thrown out the time clocks so you never have to be afraid to call with a quick question. Everything we do is billed on a flat-fee basis, agreed to in advance, so there are never any surprises. We have a whole team to serve you. When you call our office to ask your quick question, you wont have to wait hours or days for a phone call back. Youll get your question answered, right away. And, if you need to schedule a more in-depth legal or strategic call with your Personal Family Lawyer, a call will be scheduled when you're both available and ready for the call so we can make the very best use of your time and not waste your time by leaving voicemail after voicemail back and forth. And, we ensure the most important details of your planning are followed through on and your plan continues to work throughout your lifetime. We have a funding coordinator to ensure your assets are owned the right way throughout your lifetime and none of your assets will end up going through a long, expensive court process or being lost to the state because they were missed after your death. Weve created unique membership programs to keep your plan up to date year in and year out as well as give you access to our Trusted Team of Legal Experts for guidance on ANY legal or financial matter. One day you will need a lawyer. I dont know why and I dont know when, but when you do, you will be grateful you can call on us and well be here to advise you or get you out of a jam. We Help You Transfer Your Life and Legacy Lastly, we believe your financial wealth is only a small part of your overall Life and Legacy Planning which is made up of your far more valuable and most often lost upon incapacity or death intellectual, spiritual and human assets. These assets are what make you who you are, and sum up whats most important to you. And, a survey of inheritors has revealed that what they care about even more than inheriting your money, is inheriting these intangible assets. Most estate plans only focus on the transfer of your financial wealth to the next generation. Most people have such great intentions of passing on the intangible, but very few ever get around to it. Its just not a priority, until its too late. How much do you know about your grandparents values? Their most prized personal possessions? How they felt about you? What they had learned during their lifetime? If you are like most people, you know very little. Thats why we build the capture and passage of these most valuable assets into every estate plan we create. Not only will we help you pass on your money, but also your values, your insights, your stories and your experience the truly valuable assets your loved ones care about the most. Weve developed a tool that allows us to capture and pass on your whole family wealth, including your Intellectual, Spiritual and Human assets. I cant go into all of the details here, but well definitely talk about it when you come in for your Life and Legacy Planning Session.