How To Protect Your Assets As You Age

Your Knoxville elder law lawyer can help you protect your legacy and your future – and at Carpenter & Lewis PLLC, we have over 30 years of experience helping our clients establish wills, trusts, and manage estates that are worth millions of dollars. Read on to see how we can help you, and contact us today.

Start Early With Asset Protection Planning

The best time to start planning for asset protection is now. Early planning allows you to implement strategies that may take time to become fully effective. For example, some trusts need to be established years in advance to provide the maximum legal protection. Starting early also means you’re covered should you unexpectedly become unable to manage your affairs.

Utilize Trusts To Safeguard Assets

Trusts are a cornerstone of asset protection for seniors. By placing assets in a trust, you legally separate them from your estate, which can protect them from being used to pay for healthcare or other unexpected expenses. There are various types of trusts available, each designed to serve different purposes, such as revocable trusts that maintain your control over the assets during your lifetime, and irrevocable trusts that provide greater protection against creditors and legal judgments.

Maintain Proper Insurance Coverage

Insurance is a crucial tool in asset protection. Long-term care insurance, for instance, can cover the cost of home care, assisted living, or nursing home care, which can quickly deplete savings. Similarly, having adequate property and casualty insurance can protect your assets from lawsuits or claims. Review your coverage regularly to make sure it meets your current needs.

Plan For Medical And End-Of-Life Expenses

Healthcare expenses in later life can become one of the biggest risks to your financial security. Having a solid plan for covering these costs is essential. Along with long-term care insurance, consider health savings accounts (HSAs) and Medicare supplemental insurance as ways to manage healthcare costs. Additionally, advance healthcare directives and living wills ensure that your medical wishes are honored without unnecessarily depleting your resources.

Legal Documents To Have In Place

Ensuring you have the right legal documents in place is a fundamental part of protecting your assets. Powers of attorney for finances and healthcare can protect you if you become incapacitated, by appointing someone you trust to manage your affairs. A will is essential to ensure that your assets are distributed according to your wishes upon your death.

Stay Informed About Scams And Frauds

Seniors are often targets for scams and fraudulent schemes that can threaten their financial security. Stay informed about common scams and practice cautious financial management. Never share personal information like your Social Security number or banking details without verifying the legitimacy of the request.

Secure Your Future With Confidence

Asset protection as you age is not just about securing your finances; it’s about ensuring that you can enjoy your later years with peace of mind, knowing that you and your loved ones will be taken care of. If you’re ready to discuss how to protect your assets effectively, reach out to us at Carpenter & Lewis PLLC.