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.
As the leaves begin to change and the air turns crisp, its a beautiful reminder that autumn is upon us. While the fall season brings cozy sweaters and pumpkin spice, it also presents unique challenges, especially for seniors. With slippery leaves, shorter days, and the onset of colder weather, its crucial to take steps to ensure your home is as safe as possible. Here are some essential fall prevention safety tips to help create a secure home environment this autumn.1. Keep Walkways Clear of Leaves and DebrisFallen leaves can be beautiful, but when they accumulate on walkways, they can become slippery, especially when wet. Regularly rake and clear paths, driveways, and steps to prevent slips and falls.2. Improve Outdoor LightingAs daylight hours shorten, good lighting becomes more important than ever. Make sure outdoor lights are functioning properly and consider adding motion-sensor lights around entrances and walkways. This not only helps prevent falls but also enhances security around your home.3. Install Grab Bars and HandrailsBathrooms and staircases are common areas where falls occur. Installing grab bars in the bathroom and handrails along stairs can provide the extra support needed to prevent accidents. Ensure these are securely attached and regularly check them for stability.4. Use Non-Slip Mats and RugsSlippery floors can be hazardous, especially in areas prone to moisture, such as entryways, kitchens, and bathrooms. Place non-slip mats in these areas and secure rugs with non-slip pads to prevent them from sliding. This simple step can significantly reduce the risk of falls.5. Declutter and OrganizeCluttered spaces can be a tripping hazard. Take the time to declutter your home, especially in high-traffic areas like hallways and living rooms. Ensure that cords, shoes, and other obstacles are stored away properly. A tidy home is not only more comfortable but also safer.6. Schedule a Heating System CheckAs temperatures drop, you'll likely be using your heating system more frequently. Before the cold fully sets in, have your heating system inspected by a professional to ensure it's working safely and efficiently. A well-maintained system can prevent accidents and keep your home warm throughout the fall and winter.7. Check Fire Alarms and Carbon Monoxide DetectorsWith the increased use of heating systems, its important to ensure that your fire alarms and carbon monoxide detectors are functioning correctly. Test them monthly, replace batteries as needed, and consider upgrading to newer models if your devices are outdated.8. Consider a Free Senior Home Safety AssessmentFor seniors, creating a safe home environment is essential. TruBlue offers a Free Senior Home Safety Assessment to help identify potential hazards and recommend modifications to enhance safety. Our certified Senior Safety Specialists can provide personalized solutions that cater to the unique needs of seniors, allowing them to age in place safely.Fall is a season of change, and its the perfect time to take proactive steps to ensure your home is safe and secure. By following these fall prevention tips, you can reduce the risk of accidents and create a more comfortable living environment. Whether its clearing walkways, improving lighting, or installing safety features like grab bars, each small action can make a big difference.At TruBlue, were committed to helping you maintain a safe and comfortable home. Contact us today to schedule your Free Senior Home Safety Assessment and take the first step towards a safer autumn. Together, we can ensure that you or your loved ones can enjoy the beauty of the season without worry.
Dear Friends, In the dynamic tapestry of life, small businesses are the threads that weave communities together. As an elder law and estate planning attorney at Bellomo & Associates, Ive had the privilege of assisting individuals and families in preserving their legacies. Today, I want to address a group close to my heart small business owners. Small businesses arent just economic entities; they are the heartbeat of our communities. Your dedication, hard work, and entrepreneurial spirit contribute not only to your familys well-being but also to the vitality of the neighborhoods we call home. For many small business owners, the line between personal and professional life is beautifully blurred. Your legacy isnt just about the products or services you offer; its about the dreams youve nurtured and the impact youve had on those around you. As we embark on the journey of estate planning, its crucial to recognize the interwoven nature of business and family. One common oversight is neglecting the unique considerations that come with passing down a business. Whether youre a seasoned entrepreneur or just starting your venture, a well-crafted estate plan ensures the seamless transition of your business to the next generation, preserving not only its financial value but also the essence of your hard work and dedication. Succession planning is a vital aspect of estate planning for small business owners. Its about cultivating the seeds of your success and ensuring that the business youve built with passion continues to thrive. By thoughtfully designating successors and outlining a clear plan, you pave the way for a smooth transition, minimizing disruptions and securing the future of your enterprise. Your business is more than a source of income; its a foundation that supports your familys dreams and aspirations. Estate planning goes beyond business assets; it safeguards the well-being of your loved ones, providing a roadmap for their financial security and peace of mind. To my fellow small business owners, I extend an invitation to join us at our upcoming estate planning workshop. Its a space where we delve into the unique considerations of business-centric estate planning and connect with like-minded individuals facing similar challenges. Bring your questions, share your experiences, and lets work together to ensure your legacy is as resilient as your entrepreneurial spirit. Estate planning is not just a legal process; its a commitment to nurturing what matters most. I look forward to meeting you and exploring the important next steps in securing both your business and family legacies. To a future of continued success and lasting impact, Jeff Bellomo
Navigating Medicare: A Comprehensive Information Guide with MediConnectAre you turning 65 soon or approaching eligibility for Medicare? Understanding your healthcare options is crucial for ensuring you receive the coverage you need. With Medicare being a cornerstone of healthcare for millions of Americans, its essential to familiarize yourself with its information. At MediConnect, our Medicare advisory firm, were here to help you find the plan that works best for you.What is Medicare?Medicare is a federal health insurance program primarily designed for people who are 65 or older. However, it also covers certain younger individuals with disabilities and those with end-stage renal disease. It consists of different parts, each providing coverage for specific services:1. Medicare Part A: Hospital insurance that covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care.2. Medicare Part B: Medical insurance that covers outpatient care, doctor visits, preventive services, and some home health care.3. Medicare Part C (Medicare Advantage): A private insurance alternative to Original Medicare (Part A and Part B), often including prescription drug coverage and additional benefits like vision, dental, and wellness programs.4. Medicare Part D: Prescription drug coverage available through private insurance companies approved by Medicare.Understanding EnrollmentEnrolling in Medicare can be a straightforward process if you understand the information for your options and the timing of key decisions: Initial Enrollment Period (IEP): Typically, this is a seven-month period that begins three months before the month you turn 65, includes the month you turn 65, and ends three months after the month you turn 65. General Enrollment Period (GEP): If you missed your Initial Enrollment Period, you can enroll during the General Enrollment Period, which runs from January 1 to March 31 each year. However, late enrollment may result in penalties. Special Enrollment Period (SEP): Some individuals may qualify for a Special Enrollment Period due to specific life events, such as moving, losing employer coverage, or qualifying for additional assistance programs.Making Informed Choices with MediConnectChoosing the right Medicare coverage depends on various factors, including your healthcare needs, budget, and preferences. At MediConnect, our Medicare advisory firm, we take the information you give us to offer personalized guidance and expertise. Helping you make informed decisions: Coverage Needs: Our team will work with you to assess your healthcare needs, including prescription medications, doctor visits, and any specialized care requirements. Costs: Well help you understand the premiums, deductibles, copayments, and coinsurance associated with each Medicare option to determine the total cost of coverage. Provider Networks: Well explain the differences between Original Medicare and Medicare Advantage plans, helping you choose the option that aligns with your provider preferences. Prescription Drug Coverage: Our experts will evaluate your prescription drug needs and compare Part D plans to find the one that best covers your medications at the lowest cost.Additional ResourcesNavigating the complexities of Medicare may seem daunting, but youre not alone. Here are some resources to give you additional information along the way: Medicare.gov: The official Medicare website offers comprehensive information, including plan comparisons, enrollment guidance, and eligibility criteria. State Health Insurance Assistance Programs (SHIPs): These programs provide free, personalized Medicare counseling and assistance to help you understand your options and make informed decisions. Medicare Plan Finder: Use this tool on Medicare.gov to compare Medicare Advantage plans, Part D prescription drug plans, and Medicare Supplement Insurance (Medigap) policies available in your area.As you approach Medicare eligibility, remember that MediConnect is here to support you every step of the way. Our Medicare advisory firm is dedicated to helping you find the coverage that meets your unique needs and preferences.By understanding the various parts of Medicare, enrollment periods, and factors to consider when choosing a plan, you can make confident decisions about your healthcare coverage. Let us guide you through the process and ensure you have the peace of mind that comes with comprehensive Medicare coverage tailored to your individual requirements.
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.