Elder law is part estate planning and part providing for the needs of seniors as they face the challenges of aging. For this reason, an elder law attorney is uniquely suited to helping people transfer property to their heirs while also allowing them to enjoy a comfortable retirement. While these two actions may seem at odds, they can coexist with a strategy known as asset protection.
Legal Documents That Can Be Used to Protect Your Assets
Asset protection is an estate planning term used to describe methods that will prevent you from paying costs out of your estate. You can think of it as locking certain property–such as heirlooms, homes, or financial assets—in an invisible safe. Depending on the method used, creditors may be unable to access these assets or even know that you are in possession of them at all.
Our elder law attorneys can explain your options and draw up the right legal documents to preserve your wealth for your heirs, including:
- Your will. This is the first document that must be properly drafted in order to avoid hidden costs. For example, appointing the right executor and avoiding errors and omissions can prevent the loss of funds through estate litigation.
- Your financial power of attorney. Appointing a trusted relative as your financial power of attorney allows you to retain wealth and property if you are incapacitated.
- Your trusts. You may benefit from the creation of an irrevocable trust to keep your nest egg safe while Medicaid pays for your long-term care. On the other hand, a living trust can provide an income for your spouse and ensure that your family home passes to your heirs without probate.
Estate planning is one of many things our New York elder lawyers can do for you. At Landskind & Ricaforte Law Group, P.C., we can help you and your loved one make decisions with confidence and enjoy peace of mind. If you have questions about your future, fill out our quick contact form or call us to learn more about what we do.