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3 ways a thorough estate plan can protect you

On Behalf of | Jan 16, 2022 | Estate Planning

Writing out a last will is not the only necessary step for estate planning. There are numerous other documents people can include, and they can address other issues beyond their final wishes when they die.

Your estate plan can potentially protect you in numerous different ways, depending on what documents you include and what plans you make.

You can protect your property from creditors

Your estate plan can include protections that benefit you while you are still alive. Asset protection planning can benefit you now and also benefit the people you love after you die. By making it harder for creditors or those who filed civil lawsuits to make claims against your most significant assets, you can preserve those assets for the rest of your life and even during probate administration.

You can plan ahead for nursing home care

Did you know that Medicare doesn’t cover nursing home costs, so adults who need to move into a nursing home when they get older often have to qualify for Medicaid or use all of their assets to pay for their living expenses? Long-term care planning or Medicaid planning can help you connect with the support you need as you get older.

You can reduce your tax risks

Large estates can be subject to significant taxation. The same is true of the transfer of certain assets, like a home, if handled improperly after your death. The right planning ahead of time will minimize the tax liabilities for your estate after death.

Thinking about your needs beyond just handing out your property can lead to a better and more useful estate plan.

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