Protect Your Assets by Doing Financial Planning for Dependents

10:13 pm Asset Protection, Estate Planning

Bandaid piggy bank 150x150 Protect Your Assets by Doing Financial Planning for DependentsA sad but true reality in today’s economic climate is that one of the biggest threats to asset protection is failing to do financial planning for your dependents.  Many boomers who once thought they would be financially secure in their golden years find their assets being taxed not by Uncle Sam, but by parents and offspring.

Here are some tips for helping your financial dependents become a little more independent:

Make estate planning a priority.  If you have an aging parent or adult child who is still financially dependent on you, they should all have at least a simple estate plan.  Even if you have to pay for it, taking this step can save you in terms of probate or litigation.

Use asset protection planning for Medicare/Medicaid assistance.  This can help a parent who may need extensive Medicare/Medicaid coverage avoid losing their assets to the state, but you need to do it now – this must be done at least five years before the need arises.

Consider life insurance.  Look into purchasing life insurance for others, including parents and children.

Consider long-term care coverage.  If you have elderly parents or other family members who count on you for care, buying long-term care coverage may help reduce what can be a substantial cost for long-term care.

Review dependents’ health care coverage.  Review your dependents’ health care coverage and fill the gaps so your own financial future is not impacted by unexpected costs.

Let our Costa Mesa law offices help you get started by contacting us today.

 

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