Effective estate planning does not just matter at the end of one’s life: estate plans can also help individuals deal with unforeseen emergencies that could pop up in the future. These events could put a tremendous financial strain on you and jeopardize your assets and property.
That said, a comprehensive asset protection plan is something that every person should have. The process can be as simple as obtaining an insurance policy, creating a will, or protecting your assets through a trust. Additionally, an estate plan could provide you and your family with a more stable future should an accident occur or a disease progress.
A knowledgeable estate planning lawyer could work to identify your needs, suggest obtaining certain documents, and help make your plans a reality. Speaking with an attorney today is often the first step toward long-term care planning in Rosemead.
What Should a Person Consider When Estate Planning
When many people think about estate planning, they often consider what will happen when they die. While this is undoubtedly a significant part of the process, a long-term estate plan can also protect against events that could occur when a person is alive. Sadly, catastrophic events can happen in the blink of an eye.
For example, being at fault for a car crash could leave an individual personally liable for another’s losses or leave an individual with life-altering injuries. Likewise, a lawsuit could threaten a company’s status as well as a person’s assets. Even a medical emergency could impact a person’s ability to earn a living or provide for their day-to-day needs. A skilled attorney in Rosemead could suggest options to limit an individual’s financial vulnerability in the event of one of these incidents.
How to Create an Asset Protection Plan
Long-term asset protection and personal protection can take many forms: some are passive, such as obtaining insurance policies with enough coverage to mitigate potential losses. However, other options are more proactive, such as creating a business that will shield owners from the personal liabilities of the company.
The clearest example of a comprehensive estate plan is a trust, which allows a party to transfer assets to another person free from taxation and the court’s interference. Individuals can use a trust as a means of estate planning to do one of the following:
- Substitute for a will so that property can move after death
- Provide for the care of loved ones with special needs
- Make a person eligible for Medicaid benefits
Each of these options serves to protect the individual’s assets in case of a sudden catastrophe. Long-term care planning could also affect a person’s future health through an advanced healthcare directive. Under California Probate Code § 4670, these documents inform family members and medical professionals as to what the document’s creator wants regarding their medical care if they are unable to communicate their wishes following an illness or injury. A hardworking lawyer in Rosemead could provide further information about what legal documents may comprise a comprehensive long-term care plan.
Comprehensive Long-Term Care Planning in Rosemead Can Provide for Both the Present and the Future
Effective asset and health protection require an examination of the risks that we face every day. When developing an estate plan, it is crucial to consider the potential for a health emergency, an accident for which you might be liable, business losses, or even death. Moreover, a comprehensive estate plan should consider how your relatives and beneficiaries will be impacted after one of these events.
A lawyer is prepared to take the lead. An attorney can work to create legal documents that protect your assets and help you retain control over your medical decisions in the future. Contact our office now to discuss your options.