How An Elder Law Lawyer Can Help Protect Your Assets As You Age

As we age, safeguarding our assets becomes more important than ever. It’s not just about securing our financial legacy; it’s about ensuring that we can enjoy our golden years without unnecessary financial stress. At Carpenter & Lewis PLLC, we understand how complex these decisions can be, and we’re here to guide you through the process.

A Maryville, TN elder law lawyer specializes in addressing the unique legal and financial challenges that come with aging. Here’s how we can help you protect your assets and gain peace of mind.

1. Planning For Long-Term Care Costs

Long-term care is one of the most significant expenses many of us will face as we grow older. Nursing homes and assisted living facilities can quickly deplete savings if you’re not prepared.

We work with you to create a strategy that minimizes the financial burden of long-term care. This includes exploring Medicaid planning, purchasing long-term care insurance, and establishing trusts to protect your assets while qualifying for necessary benefits.

2. Establishing Trusts To Protect Your Assets

Trusts are powerful tools that can help shield your assets from creditors, lawsuits, and the high costs of long-term care. For example:

Revocable Living Trusts allow you to maintain control of your assets during your lifetime and designate beneficiaries for when you’re gone.
Irrevocable Trusts can protect your assets from being counted for Medicaid eligibility or from potential estate taxes.

We’ll help you determine which trust is best for your specific needs and ensure it’s set up correctly.

3. Avoiding Probate

Probate is the legal process of distributing assets after someone passes away. It can be time-consuming, expensive, and emotionally draining for your family. By creating a comprehensive estate plan, we can help you bypass probate, saving your loved ones time and money.

Strategies like establishing joint ownership, transferring assets through trusts, and naming beneficiaries on accounts are all ways we can assist you in avoiding probate.

4. Protecting Against Elder Financial Abuse

Unfortunately, financial exploitation of seniors is a growing concern. Whether it’s fraudulent schemes, coercion by unscrupulous caregivers, or manipulation by relatives, elder financial abuse can have devastating effects.

We take steps to protect you by ensuring your legal documents, such as powers of attorney and trusts, are structured to prevent unauthorized access to your assets. We also help you identify warning signs of abuse and take legal action if needed.

5. Ensuring Your Wishes Are Honored

As part of protecting your assets, we help you establish clear legal directives, such as:

Powers of Attorney for financial and healthcare decisions.
Advance Directives that specify your medical preferences.
Last Will and Testament to outline how your estate will be distributed.

These documents give you control over your future while preventing potential disputes among family members.

Protecting your assets as you age is about more than money—it’s about securing your legacy and maintaining your independence. As elder law lawyers, we’re here to help you navigate these decisions with confidence.

If you’re ready to take the next step, contact us today to schedule a consultation. Together, we can create a plan that ensures your assets are protected and your future is secure.

How An Elder Law Lawyer Can Help Protect Your Assets As You Age