Estate Planning Strategies For Asset Protection
Estate planning is often associated with planning for the end of life, but there are other times in which it can be helpful to prepare for unexpected events. Your house or vehicle can be destroyed by an accident or catastrophic weather; creditors may seek to drain your estate of crucial funds to satisfy a debt or judgment.
The Law Office of Walter A. Twachtman, Jr., J.D., LL.M., LLC can help you plan for many types of threats to your estate, now and beyond your lifetime. Our lead attorney has a master’s of law degree in elder law and estate planning from Western New England University and has handled estate planning for families from many walks of life. Our firm offers compassionate legal services that are informed by the latest legal developments in estate planning and elder law.
How Can I Protect My Assets?
The answer to that question will depend largely on your specific challenges and life situation. Common strategies for asset protection include:
- Using trusts to protect income from being counted in qualifying for Medicaid or nursing home care
- Reviewing your insurance coverage to ensure that it covers major losses
- Moving funds to protected accounts such as IRAs and other retirement accounts to protect them from aggressive creditors
- Setting up powers of attorney to protect your estate (or that of a loved one) to avoid mismanagement if the ability to make competent decisions is lost
Often, asset protection is not gained by taking a single action, but by orchestrating a series of financial and legal moves that will cover many potential risks. Our lawyer can help you review the most significant challenges you may face and advise you on the best choices for your family.
Do Not Get Caught Unprepared – Contact Our Firm Today
Whether it is an immediate threat to your estate or the inevitable worries about the future of your family beyond your lifetime, the Walter A. Twachtman, Jr. is ready to help you protect yourself. Call our office at 860-659-5657 or email our firm to set up an appointment. We serve clients in Glastonbury and Manchester and throughout Hartford County, Connecticut.