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Protecting Assets With An Elder Law Lawyer

September 18, 2024

elder law lawyer Knoxville, TN

Elder Law Assistance

As we age, protecting our assets becomes increasingly important, not only for ourselves but for our loved ones as well. The rising costs of healthcare and the need for long-term care can put a strain on even the most carefully planned finances. Working with an Knoxville, TN elder law lawyer can help you safeguard your assets and ensure they are used to benefit you and your family, both now and in the future. Here are several ways an elder law attorney can help you protect your wealth and peace of mind.

Creating An Estate Plan

A comprehensive estate plan is a fundamental way to protect your assets. This involves drafting documents like a will, setting up trusts, and designating beneficiaries for your retirement accounts and life insurance policies. By working with an elder law lawyer, you can ensure that your estate plan reflects your wishes and minimizes the potential for disputes among heirs.

In addition to standard wills and trusts, elder law attorneys often focus on ensuring that assets are transferred in the most tax-efficient way possible. They can also help prevent unnecessary probate costs, ensuring that your beneficiaries receive the maximum possible value from your estate.

Setting Up Trusts

Trusts are an effective tool for protecting assets and ensuring that they are distributed according to your wishes. Trusts can help avoid probate and protect assets from creditors or other claims. By working with an elder law lawyer, you can establish a trust that fits your needs, whether it’s a revocable living trust or an irrevocable trust designed to safeguard assets for long-term care planning.

One benefit of a trust is that it allows for more flexibility in managing your assets. A properly structured trust can also ensure that assets are distributed over time rather than in a lump sum, which is useful when protecting assets for younger family members or for those who may not be financially responsible.

Long-Term Care Planning

Long-term care costs are a major concern for many people as they get older. Nursing home expenses, in particular, can deplete savings quickly. Attorneys like those at Carpenter & Lewis PLLC can attest to the importance of planning ahead for these potential expenses. An elder law lawyer can assist in planning for long-term care by advising on the best ways to protect your assets while still qualifying for government assistance programs like Medicaid.

Medicaid has strict financial requirements, but an elder law attorney can help you plan for long-term care by structuring your assets in a way that allows you to qualify for assistance without losing everything you’ve worked hard to save.

Guardianship And Power Of Attorney

Planning for the possibility that you may one day need someone to make decisions on your behalf is another important step in protecting your assets. Establishing a power of attorney allows you to designate someone to make financial or healthcare decisions if you are unable to do so.

An elder law lawyer can draft these documents to protect you and your assets in the event of illness or incapacitation. By giving someone you trust the legal authority to manage your finances and healthcare, you can help avoid court-appointed guardianship, which could result in decisions being made by someone you did not choose.