Asset protection attorneys help you to keep your wealth safe. If you are not very wealthy, you may think that you do not actually really need to work with an asset protection attorney. However, you do not need to have millions of dollars in the bank or a fortune in property and investments in order to have assets that you want to protect. In fact, in some ways, people who have worked hard to build wealth but who don’t have a vast fortune may need asset protection help even more than those who have huge sums.
You work hard to acquire money and property and even if you don’t have millions of dollars, you still deserve to be able to pass what you have built onto the next generation. The Law Offices of James A. Miller, P.C. can help you to find ways to effectively protect what you have worked to acquire from a variety of common sources of loss. To find out more about the ways in which our asset protection attorneys can help you to keep your wealth safe, give us a call today.
Why You Need to Talk with Asset Protection Attorneys Even if You’re Not Really Rich
People who are extremely wealthy should talk with asset protection attorneys because they face threats to their wealth such as estate tax. However, even if you don’t have millions of dollars which would trigger state and federal taxes upon your death, you still face a threats to your assets.
If you have acquired some money and property, this wealth could be enough to disqualify you from getting Medicaid to cover your nursing home care if you need it when you get old. This is a problem because Medicare and private insurers typically won’t pay for routine nursing home care, as these sources of insurance coverage only pay for skilled nursing services and only pay for these services for a limited period of time. If you need nursing home care and you can’t get Medicaid to pay for it because you have too many financial resources, you could spend your life savings in a matter of months.
While very wealthy people could afford to spend what it costs to live in a nursing home and still have a legacy to leave to their children, most middle class people cannot pay for these costs. A nursing home can total more than $100,000 annually, so even if you have a pretty substantial amount of money, you’d spend it quickly if you don’t have millions in the bank. This is one of the key reasons why you need to talk with asset protection attorneys even if you aren’t super-rich. You want to work with a lawyer who can help you to make a Medicaid plan so you can protect what you have acquired while getting means-tested Medicaid to pay for your long term care.
There are also other reasons why it may be important to talk with asset protection attorneys. You may have heirs or beneficiaries who aren’t responsible with money and you may want to ensure that an inheritance is not squandered. You may also want to find an effective way to use your wealth to provide for a minor child who cannot inherit directly, or you may want to make certain that your small business can be handed down to the next generation or that creditors won’t take your wealth.
The Law Offices of James A. Miller, P.C. will assist you in understanding the specific threats that you may face based on your family and financial situation so you can determine both if you need asset protection and what tools are best to use to provide that protection.
Getting Help from Asset Protection Attorneys
You work too hard for your wealth to be lost because of sickness, bad luck, or the irresponsible behavior of your loved ones. There are a wide variety of asset protection tools that you can make use of to keep your wealth safe, ranging from trusts to the creation of a family limited partnership to incorporation and beyond. You should reach out to The Law Offices of James A. Miller, P.C. to find out about all of the different ways to keep your wealth safe so it can serve as your legacy.
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