As Oklahoma City living trust attorneys, we offer assistance with the creation of trusts as part of a legacy plan or as part of an asset protection plan. You work hard to acquire money and property, and it is important that you get the right legal help to ensure that you mitigate the risks that could cause you to experience financial loss. Far too many people do not realize they need an asset protection plan and that not having such a plan in place could jeopardize your future and your ability to provide for your family.
If you want to find out what the biggest risk factors are for the potential loss of your wealth, you should contact Parman & Easterday and speak to one of our Oklahoma City living trust attorneys about how you can receive a personalized risk assessment. You can also answer these five questions to help you to determine if your assets are at risk and if there are steps that you should be taking to reduce the threat of financial loss.
Do You Own a Business?
If you are a business owner, you face risks to your wealth that most other people do not experience. Your personal assets could be at risk during your lifetime if someone sues your company or if the business carries too much debt and fails. If you are a sole proprietor or a general partner in a partnership, you also face these risks. You can mitigate or minimize the danger of personal loss by creating a limited liability company.
You also face the potential risk that your company could be lost if you become incapacitated or when the company passes on to new owners after you pass away. If you have a loan at a bank, rest assured your death is an “event of default” in your promissory note. You want to ensure you have a business succession plan that facilitates the timely, efficient transfer of company ownership so there is no interruption in operations that could cause the business to suffer damages and therefore harm your personal financial situation.
Do You Have Plans In Case You Need Long-Term Care?
According to Wall Street Journal more than 70 percent of people who reach 65 years-of-age will require nursing home care. This can be exorbitantly expensive. Unfortunately, and with a very narrow exception, nursing home care is not typically covered by Medicare or supplemental Medicare policies. Very few people have adequately prepared by taking out private long-term health care insurance policies. One option is to create a Medicaid Asset Protection plan so you might qualify to have Medicaid pay for your nursing home care without you having to go through the painful process of first impoverishing yourself in order to qualify for these means-tested government benefits. Or, you can try to find a comprehensive long-term care insurance policy that you can afford. Buying long-term care is out of reach for most people, especially those who are getting older, so your best option may be to work with Parman & Easterday to create a Medicaid Asset Protection plan.
Do You Have An Incapacity Plan?
Assets are at risk of loss in the event the owner of the assets becomes incapacitated. Your wealth could be lost if you don’t have a power of attorney or a living trust to name someone to assume management of your wealth. Losses could occur because there may be a delay before the court appoints a guardian or conservator, during which time there is no one at all managing your wealth. Assets could also be lost if the court appoints the wrong person as guardian or conservator and that person does not know how to manage your assets in the most appropriate way. The creation of a living trust allows a backup trustee to immediately begin management of your assets.
Will You Owe Estate Tax Upon Your Death?
If you have a large estate, and if you leave assets to anyone other than your spouse, you may owe estate tax after your death. The amount you are allowed to pass tax-free in 2018 is $5.6 million. The new tax law may double that exemption, thus making estate tax a less important issue for the vast majority of Americans.
Do You Have Heirs Or Beneficiaries Who Are Irresponsible With Money?
Be honest. Are you leaving your assets to heirs or beneficiaries who are careless with money? Will their habits quickly dissipate their inheritance after your death? Parman & Easterday can help you create a special trust to make sure that the money is managed responsibly and that the inheritance you provide is able to give your loved ones the long-term financial security you had hoped to offer.
Getting Help From Oklahoma City Trust Attorneys
Our Oklahoma City trust attorneys can help you to make smart choices about how to protect your assets. You should give us a call today at (405) 843-6100 or (913) 385-9400 or contact us online to talk with an attorney about the personalized assistance that we can offer. You can also join us for a free seminar to find out about the services we provide to protect your wealth so you can pass your assets down to your loved ones and leave the strong legacy you have been hoping for.