Rochester asset protection planning is important because you work too hard for your money to see it lost due to bad luck. Unexpected illness, a lawsuit against you or your company, or a need for nursing home care are a few of the many things that could cause the loss of your assets during your lifetime. These are all possible sources of loss that The Law Office of Michael Robinson, P.C. can help you to protect against. Many people are not just concerned with the possibility that they could … [Read more...] about Can You Protect Your Assets if You’re Leaving Money to Irresponsible Heirs?
Asset Protection
What is an Asset Protection Trust?
The term asset protection trust is generally used to describe a type of trust that is created for the purpose of providing protection for money, personal property, and/or real property. A trust of any type is created through the use of a legal document that follows formalities established under state law. The trust becomes the legal owner of property that is transferred into it. That property is managed by a trustee and used to provide for beneficiaries. Ownership and possession is bifurcated, … [Read more...] about What is an Asset Protection Trust?
How to Choose the Right Asset Protection Strategies
You need to make certain you choose the right asset protection strategies so you can protect your wealth and your financial security. Unfortunately, your assets are at risk from lots of different potential sources of loss. You work too hard to lose what you have built, so you have to be strategic when finding ways to keep your money and property safe. The Law Office of Michael Robinson, P.C. can help you to identify the asset protection strategies that will work best to achieve your goal of … [Read more...] about How to Choose the Right Asset Protection Strategies
Do You Need to Worry About Asset Protection?
Depending on your situation, your estate plan might require you to include one or more asset protection tools. Asset protection is the term that describes the steps people take in order to keep as much of their money or property as possible when faced with those who would seek to take it through legal action. In other words, asset protection is about protecting what you have against lawsuits and creditors. To help you determine if asset protection is something you should consider, here are … [Read more...] about Do You Need to Worry About Asset Protection?
Trusts in Rochester NY: Should Your Estate Plan Include a Trust?
Even though you may have heard of trusts, you might not know a lot about these very important estate planning tools. When people first speak to an estate planning lawyer in New York, many of the questions they have involve trusts, what they do, and how they work. First, it’s important to realize that there are many kinds of trusts in Rochester NY. Depending on your situation and your needs, your estate plan might use one or more of them. So, how do you know if you need a trust? Your … [Read more...] about Trusts in Rochester NY: Should Your Estate Plan Include a Trust?
Three Things You Should Know About Long-term Care Insurance
Obtaining and maintaining long-term care insurance is an expensive undertaking, so be sure you gather as much information as possible before you commit to a plan. The following paragraphs contain three things that you should know about long-term care insurance. First, while purchasing this insurance is not right for everyone, you should know how your care will be paid for if you forgo purchasing insurance but wind up needing long-term care. If this occurs, you will be paying for your care out … [Read more...] about Three Things You Should Know About Long-term Care Insurance
For Charitable Giving, the Family Foundation Offers Significant Benefits
If you are developing an estate plan and want to make charitable giving a centerpiece of your efforts, you might want to consider creating a family foundation. While most people associate family foundations with wealthy people such as Bill Gates or John D. Rockefeller, people of more moderate means can still take advantage of these tools if they wish to make charitable donations an important element in their estate plans. Numerous Options There is no single blueprint to creating a family … [Read more...] about For Charitable Giving, the Family Foundation Offers Significant Benefits
Nursing Home Costs Can Erode a Parent’s Assets
The chances you'll live in a nursing home at some point in your life rise considerably the older you get. According to the Census Bureau, only about 1% of people between 65 and 70 live in an extended care or nursing home facility, but by the time someone reaches 90, that percentage rises to more than 20%. The prospect of having to pay for such care is not a pleasant proposition, as nursing home costs can easily erode a senior's assets. The average cost of nursing home care can easily be … [Read more...] about Nursing Home Costs Can Erode a Parent’s Assets
Protecting Your Elderly Father From Financial Predators
Of all the potential problems facing elderly parents and the children who worry about them, one of the more difficult situations to deal with is when an elderly parent, typically a father, falls prey to a financial predator. Often referred to as “gold diggers,” financial predators seek to exploit an elderly parent's loneliness, isolation, and fear to their own financial gain by promising hope of a new romantic relationship. If you are concerned that your parent might fall victim to financial … [Read more...] about Protecting Your Elderly Father From Financial Predators
More Parents Choosing to Spend it While They Have It (Read: You’re not Getting an Inheritance)
If your parents are like an increasing number of aging Americans, you may be surprised to find out that they are not planning on giving you an inheritance. The results of a recently released survey reveal that more and more parents and grandparents are choosing to skip an inheritance and instead use the wealth they've acquired in other ways. Bank of America's private wealth management arm, U.S. Trust, recently released survey results that it acquired after speaking to about 640 people who had … [Read more...] about More Parents Choosing to Spend it While They Have It (Read: You’re not Getting an Inheritance)
