A Well Thought Out Estate Plan is Not Just for the Wealthy.
Most people typically think someone who has an estate plan is rich and famous with millions of dollars that will be divided among heirs upon death. Images of fighting siblings after the rich parent’s death is a common scene in many movies. However, you don’t have to be among the rich and famous to have an estate nor to have an attorney to protect that estate.
Your Retirement Account Constitutes Your “Estate”
An estate is comprised of assets and most working people have an IRA or an employer provided 401k plan. If one is diligent and works for a company for many years, one could have tens of thousands or hundreds of thousands of dollars in a retirement account. That means you have an “estate.” If you own a home, that’s part of your estate. As your savings grow and your home increases in value, that means your estate is growing in value. What an estate and asset planning attorney does is legally protect assets against anyone who decides they want to try to grab some or all of your assets by filing a lawsuit against you.
We Live In A Litigious World
Have you ever heard of divorced couples fighting over assets? I’m sure you have. Asset protection is not about being unfair. It’s about not letting yourself get into a position to be wiped out financially by someone willing to go to the nth degree to get your money. We live in a very litigious society and it happens every day. People are often looking for a reason to file a lawsuit against someone. You have to be politically correct in so many ways and if you run into a litigious person and say or do the wrong thing at the wrong time, you could potentially be facing a lawsuit.
No matter the amount of money in your retirement account, you really need to legally protect it so that it’s there for you when you do retire. It’s important to be proactive instead of waiting until something comes up. In fact, if a lawsuit is filed against you, you will not be able to do anything to protect your assets. It will simply be too late.
Another reason to act sooner rather than later – what would happen if you were to get into an accident or become ill and not be able to function? Waiting for those types of events is not a good idea. Then it’s too late to determine who you would want to handle your affairs or for them to know how you want things to be handled. Most importantly are decisions about your care.
Make 2020 The Year You Set Your Sights On Getting
The new year is a number that is associated with good, clear normal vision. 2020 is a great year to be proactive and set yourself up for success by finding a reputable estate and asset protection attorney to work with. You might even feel richer for having taken this step. And for sure you’ll feel smarter. After all, there are plenty of wealthy people who put their financial affairs in the hands of dishonest people and end up in big financial troubles. You may have more limited assets than some people, but handling them smarter will make all the difference.