Important Asset Protection Tips for Elder Adults
Elder Care Attorney, Mindy Felinton emphasizes the importance in a highly litigious society of making sure assets are well protected in the event of unexpected lawsuits.
Delray Beach, FL December 11, 2019: Mindy Felinton, founder of Felinton Elder Law & Estate Planning Centers, has posted a new article on her law firm’s website entitled “Think Of Financial Planning And Asset Protection As Inseparable.” Ms. Felinton turns her attention to a topic she thinks everyone needs to take seriously.
In her asset protection tips Felinton states, “First comes financial planning.” She continues adding, “Once you’ve created a financial plan, the very next step is to make sure all of your current and future assets are properly protected.”
Accordinng to Felinton, “So few people take financial planning and asset protection seriously. Sure,” she writes, “the majority of people do the minimum to protect their homes and automobiles with the requisite auto and homeowner’s insurance. But, we live in a society that is more litigious than ever.” She further elaborates, “Asset protection means keeping your property safe and out of reach by someone who wins a lawsuit against you. Accidents in which someone gets hurt and non-payment of mortgage are two examples in which lawsuits can be initiated and your assets can be claimed.”
Felinton goes on to say, “You may wonder, how do you protect your assets from lawsuits?” She explains, “This is achieved through the process of asset protection planning, which means taking assets that are subject to creditors’ claims, called nonexempt assets, and repositioning them as assets that are out of the reach of creditors’ claims, called exempt assets.”
Felinton points out, “As I mentioned at the start, before you can have an asset protection plan you must have a financial plan. And, even more importantly, you cannot begin an asset protection plan if you are already in a lawsuit.”
The entire article can be read at https://www.felintonlaw.com/think-of-financial-planning-and-asset-protection-as-inseparable/
About Mindy Felinton
From a young age, Mindy wanted to be the voice that would make an impact in people’s lives. She became an attorney and has practiced law for over 30 years, so that she could fulfill her desire to help others. As a special prosecutor, Mindy defended the underdog (literally) in cases of animal abuse. As a state attorney in Florida she fought for justice. During the last 25 years, Mindy met many wonderful people who did not know their rights, did not understand the law, and did not know what options were available.
Mindy assists families with Medicaid planning to help with the cost of nursing home care and with obtaining veteran’s benefits to make the cost of care more manageable. She also prepares wills, trusts, powers of attorney, and medical directives. Mindy is passionate about educating both other professionals and the public concerning VA Aid & Attendance benefits, Medicaid benefits, and the use of trusts for the protection of assets. She shares her experience and professional knowledge through free workshops, and as a frequent lecturer at State Bar Conferences.