Commonly Asked Questions: Don’t Wait to Protect Your Assets

The Red Wagon Estate Planning & Elder Law Show

In this first part of our series that addresses some commonly asked questions, Jeff highlights the importance of proper planning for asset protection, regardless of age, and describes the expertise needed to effectively serve clients in this highly specialized area of the law. In addition to protecting your assets, it's about securing your financial legacy and ensuring that your loved ones receive the benefits you intend, even in the face of unexpected life events.

What You Need to Know

(01:31) What is elder law?

Elder law is asset protection law—and it’s for everybody, not just elders. Remember that once you turn 18, you are deemed to be an adult. So, everyone over 18 needs a financial power of attorney (POA) in place because illness and accidents can happen at any age.

(05:16) Are online power of attorney forms good enough?

No, POAs produced using an online form or a general practice attorney typically lack important details and state-specific provisions. Work with a professional who knows asset protection law for your state and how to provide for it in legal documents. The POA must use specific language for limitations and authorizations, including many of the powers in the realm of estate planning.

(11:52) Why use a certified elder law attorney?

A certified elder law attorney (CELA) has extensive experience and education focused on 12 different concentration areas. The certification exam is very difficult. Attorneys who pass the rigorous exam demonstrate aptitude in asset protection, Medicaid planning, special needs planning, etc. The National Elder Law Foundation is the certifying body.

(16:06) Can I just put beneficiary designations on everything and not worry about probate?

You could, but that doesn’t mean you should. Beneficiary designations are quick and avoid a trip to the courthouse. But, beneficiaries do not avoid inheritance tax. Creditors have direct access to whatever assets your beneficiaries have. And, there are any number of scenarios that can result in your assets going to people you never intended.

(26:08) Beneficiary designations provide no asset protection unless you establish a trust for the benefit of the spouse or the children. Be sure to work with an expert, someone who knows the complexities and nuances of this practice area.

LINKS AND RESOURCES MENTIONED

Bellomo & Associates workshops:https://bellomoassociates.com/workshops/

• Life Care Planning
• The Three Secrets of Estate Planning
• Nuts & Bolts of Medicaid

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