Planning To Protect Your Assets
When looking toward your future, you likely hope to pass down the money and the assets you have worked hard to obtain to your loved ones. But if proper measures aren’t taken to protect your assets, that may not be an option.
At Heritage Elder Law & Estate Planning, we understand how to help clients throughout western Pennsylvania make decisions today to proactively protect their assets in the future. Our attorneys understand the various legal techniques that can protect your assets ranging from your home to your retirement account.
Protecting Your Home
Making decisions about what will happen to your home as you age or after death is an essential component of estate planning, particularly because your home is often your most valuable asset. There are a variety of strategies that can transfer ownership of a home through an estate plan, including:
- Passing the house on through a will
- Setting up a revocable trust that will transfer ownership of the home upon death
- Setting up a qualified personal residence trust (QPRT)
These options have different tax implications. Knowing which is best for you requires the insight of a professional who understands the laws associated with each option.
Protecting Your Assets
There are a variety of strategic decisions you can make to protect your assets through estate planning to qualify for benefits such as Medicaid. Understanding the complex financial requirements and how your assets may or may not affect your eligibility is complex. Additionally, you can make decisions today that could protect your assets against future creditors, including long-term living facilities, by establishing trusts that allow you to retain control over the assets while shielding them from future creditors.
Protecting your assets can be confusing, and effective asset protection planning requires a firm understanding of applicable laws and potential tax implications. Our estate planning attorneys have a record of success guiding individuals through Medicaid and asset protection planning options to make the best possible decisions for their unique circumstances.
Protecting Your IRA
Your individual retirement account is intended to help you live comfortably after you have retired from the workforce. You can ensure any funds remaining after your death pass to your loved ones by making decisions today about your beneficiary. You can also make strategic decisions to maximize tax benefits for your future heirs and help promote the growth of the account. Our attorneys have experience assisting clients in making these strategic decisions.
If you are ready to discuss your options for asset protection planning, contact our Butler office by calling 724-897-7781 to set up your initial consultation. You can also email us. We are ready to guide you toward the decisions that are best for your situation.