February 15, 2012
Asset protection planning concerns organizing your assets and affairs to guard against risk. There are many reasons to consider this type of planning, including an anticipated bankruptcy, large tax problem, or defending against a potential law suit.
However, asset protection planning generally arises in the context of planning, (as opposed to reacting,) for the financial realities associated with an elderly person who needs long term nursing home care and may not want to commit all of his or her assets to paying for that care out of pocket, which, in Massachusetts, may cost up to $12,000 per month.
Elder and estate planning typically focuses on drafting documents that fulfill your preferences about who should inherit what assets when you die. This may involve reviewing your assets and income, how funds are currently spent, and how you might want to live the next stage of your life, all in the context of preserving as much as possible. Asset protection planning, however; looks at those same issues, along with a close review of potential nursing home expenses. You will be asked, ...
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by: Lisa L. Halbert
Live Well, Daily Hampshire Gazette