4 Essential Strategies To Protect Your Family’s Most Valuable Assets
Entrusted Legacy Law
For more information about the author, click to view their website: Sharek Law Office
Jun 06, 2023
Pennsylvania - Greater Pittsburgh Area
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. Like all types of planning, you must have your asset protection strategies in place well before something happens.
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.
A Personal Family Lawyer 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.
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.
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. Without the proper protection, your personal assets are at serious risk if your company ever runs into trouble.
4. Put The Proper Estate Planning In Place
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 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. Planning in advance is one of the greatest gifts you can give those you love most.
A Personal Family Lawyer can help safeguard your family’s most valuable assets.
Editor’s Note: This article was written by Attorney Ashley Sharek of Sharek Law Office, LLC. Ashley can be reached at 412-347-1731 or visit her website at www.shareklaw.com.
Other Articles You May Like
How Spiritual Counseling Helps Families Through Medicare Hospice
In health care settings, the body gets medical attention, but the mind and soul matter, too. Older adults in medical care face a battery of health questions, but too often the most consequential one goes unasked and unanswered: What does a good day look like for you today?Medicare requires people to receive a spiritual assessment within their first five days of admission into hospice. Many states allow a nurse to conduct the initial spiritual assessment, but I think it helps both the person and the health care provider for the assessment to be done with someone who has theological training. Many have been certified in clinical pastoral education, or CPE. Nurses can get so focused on the technical to-do lists of medical work the measurements, the tests, the drug regimens that it can be hard to make time for the issues that matter most to the living human, namely, their happiness, peace and contentment. As a spiritual care provider with 17 years in senior care facilities, and as a chaplain in the Army National Guard and Air Force National Guard, I have counseled hundreds of people in the final days of their lives. For older adults and their families, one of the most valuable resources is also little-known a Medicare option that provides spiritual counseling for people in hospice. Longing for ConversationToo often older adults in care are being talked at, not listened to. Many times, I've found that people in the last chapter of life want to discuss their path to the end more than their medical professionals and, especially, more than their loved ones. It often helps to have that discussion with a professional who is trained to hear them, and, if requested, to comfort and advise them. RecommendedOpinion: Why I Went on Hospice Even Though I'm Not Dying | Personal PerspectivesThe code of ethics for the leading chaplain and spiritual care associations all prohibit proselytizing. A spiritual care provider should be able to work with someone on their own terms, no matter their beliefs. The United States may be turning more secular, but the fact remains that older adults are the most faith-affiliated of any demographic age group.This initial spiritual meeting is likely to be about the basics: Is the person religious? What is their support system? Will a certain faith-based ritual bring meaning or comfort? Do they have a preferred faith leader? Or is a secular discussion a better fit for the person's beliefs?
Elder Law Without Care is an Incomplete Solution
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.
Why A Home Maintenance Plan is the Best Investment Youll Make
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!
Local Services By This Author
Entrusted Legacy Law
Elder Law 100 Pinewood Lane Suite #303, Warrendale, Pennsylvania, 15086Our 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.