Protecting one’s financial assets is about more than just investment strategy in the here and now. Our law firm recommends that individuals who are interested in planning for their future should make choices that include the areas of real estate, estate planning and elder law.
The areas are more interrelated than readers may realize. For example, an individual that did not set up trusts may find that his or her retirement savings preclude Medicaid eligibility. Even if an individual has created trusts, the principal in those trusts might benefit from asset preservation strategies.
In truth, estate planning can become a part of any individual’s current financial plan. Parents with minor children may find greater peace of mind knowing that their children will have a designated guardian and will be well cared for if something happened to them. A family member with a disability may be a good recipient for a special needs trust. Individuals with a high net worth estate may be interested in devices such as family limited partnerships or limited liability companies.
Although there are many available options, it is important to consult with an attorney about any changes in estate-planning law. For example, state law over single member LLCs continues to evolve. Last summer, a Florida Supreme Court decision raised questions about whether such single-member entities would insulate assets from creditors. The ambiguity in the wake of the decision may have prompted the passing of a recent Florida bill. The legislation clarifies certain differences between single and multiple-member LLCs. In the case of the former, a creditor may be able to obtain a membership interest foreclosure remedy. Check out our firm’s website on estate planning to learn more.
Source: Austin A. Frye, “Making Sure Your Assets Are Still Protected,” copyright 2015, Law Offices of Frye and Vazquez, P.L.