The Biggest Threat to Your Estate Plan: It’s What You DON'T KnowFeb 13, 2017
Let’s Face It: You Don’t Know What You Don’t Know
When it comes to estate planning, the real problem is simple: you think you know. The internet, friends, neighbors – even the government shapes what we think we know when it comes to estate planning and asset protection.
The reality is, though, that what I’m about to tell you is something that most attorneys don’t know – not even traditional estate planning attorneys. Yes, it’s true.
Long-Term Care is One of the Biggest Unresolved Issues in Estate Planning -That being said, long term care planning isn’t just about long term care insurance!
The need for long-term care is also one of the biggest threats to your lifetime financial security. The statistics show us that a full one –third of all persons over 65 will have a need for long-term care, and a full one in ten will need long-term care for five or more years! That is a long time, and expensive as well.
The next problem is that most of us don’t want to think about it. “It’s too difficult. It’s too complicated. It will never happen to me.” Yes, these are difficult and complicated topics – but ones that can be planned for. As for whether a health care crisis will ever happen to you, look around! Every day, people that never expected a health care crisis are faced with one.
Proper Planning is the Key to Estate Planning Success - But you have to be sure that you do it right, with the laws as they are today.
This isn’t something that you want to trust to just anyone. The thing is, in order to have planning done correctly, an attorney must know not only estate planning, tax and probate law (traditional estate planning) but they also need to know Medicare law, Medicaid law, health care law, Veteran’s law, and special needs law. It is also important to note that a financial planner cannot protect assets the way a knowledgeable lawyer can.
Do you need a will, a trust, or neither? Does your plan adequately provide for the ability to preserve assets in the event of a healthcare crisis? Are you sure that you have addressed all of your own needs, and the needs of those that you love, in an adequate manner legally? Will your loved ones end up in court because you failed to plan? These are the real questions you need to be asking yourself, even if you think you already know the answer!
Questions? Contact us, we can help. (248) 278-1511
The information in this blog post is not intended to be, nor should it be, construed as legal advice. It is for informational purposes only. For advice, specific to your situation, consult with a qualified attorney.