Do I Need To Be Rich To Worry About Asset Protection?

Asset protection lawyers can help you understand the risks you face that make you vulnerable to financial loss. Oftentimes, people do not think they need to talk with asset protection lawyers because they are not “rich.” It is a common misperception that only the very wealthy need to worry about protection of assets. This misconception can be damaging and dangerous because it can result in people with assets – but not much liquidity – losing their security and ability to leave a legacy. 

The reality is that many middle class people face a substantial risk of loss, and there are legal tools that can help their families effectively minimize or mitigate these risks. Parman & Easterday is here to help all families, regardless of income and assets, protect what they have worked hard to acquire. Give us a call today to talk with our asset protection lawyers about why protection of wealth is important, even if you do not consider yourself rich.

Why Asset Protection Isn’t Just For The Wealthy

Asset protection can be very important for people in the middle class, because there are many financially devastating costs that middle class families face.

For example, if you are over 65 years old, there is a 70% chance you will spend time in a nursing home. If you are middle class and end up in a nursing home, you have a serious problem – the cost. A nursing home costs thousands of dollars per month. While very wealthy families may be able to pay for these costs, the average family would be impoverished within a few months of paying for nursing home care.

Unfortunately, neither Medicare nor most private insurance policies provide any coverage for basic routine nursing home care; the care most needed by residents. This leaves families no choice but to pay out-of-pocket when nursing home care is required. Middle class families simply cannot absorb these costs. So, they quickly spend their wealth and, after the money is gone, Medicaid finally begins to pay for their care.  Unfortunately, by that point, the chance to leave a legacy is gone along with their assets.

An asset protection lawyer can help make sure that your wealth is kept safe in case you need nursing home care. There are tools that can be used during the Medicaid planning process to make sure that those who need nursing home care can qualify for Medicaid without first impoverishing themselves. For many middle class people, getting this kind of wealth protection could mean the difference between leaving a legacy or passing away impoverished.

This is just one of the many examples displaying why asset protection is so important, even for those who are not wealthy. There are also other additional circumstances during which assets could be at risk without protection. For example, it may be important to protect assets in case of incapacity to ensure families do not fight over managing your assets. Asset protection planning may also help quickly transfer assets to new owners, as the probate process, according to Investopedia, can often last a year or longer. While the assets sit in probate, families could struggle to pay the bills. An asset protection lawyer can help you plan for and prevent these problems.

Getting Help From Asset Protection Lawyers

Asset protection lawyers at Parman & Easterday can help you with the ins-and-outs of protecting your wealth. We will work closely with you to evaluate your risks and utilize the right legal tools to help you protect your financial security and leave your desired legacy.

To find out more about the asset protection services that our legal team provides, join us for a free seminar. You can also give us a call today at (405) 843-6100 or contact us online  to get personalized help with the asset protection process. Call today, because your wealth is at risk and we can help you keep it safe for you and your loved ones.