Asset protection lawyers in Indianapolis, Indiana are standing by to help you protect what you’ve built for yourself and your family, and at Dickmann Reason Bogigian & White, we know the importance of protecting your legacy.
In a perfect world, we wouldn’t have to worry about losing what we’ve built for ourselves over the course of a lifetime. We’d have complete confidence that our property and investments go to the right people after our death, and we’d never have to worry about vindictive or estranged family members swooping in at the last minute to take parts of your estate you’d rather bequeath to others.
Unfortunately, when you leave behind an estate and plan for your assets to be distributed to your family and friends, there’s always the possibility of arguing and bitter fights over what you owned. Even when you’re still alive, your assets are in danger – but an asset protection lawyer in Indianapolis, IN can help.
Why are my assets in danger?
There are many possible reasons you might risk losing everything. While most people usually think of family members fighting over their estate after they die, your assets could be at risk during your lifetime. For example…
- Lawsuits: Lawsuits don’t happen to everyone, but if you have valuable properties and enemies, you could find yourself on the receiving end of a nasty lawsuit. It can be challenging to deal with any kind of legal battle, and when you’re being sued by someone you thought you could trust, it becomes even more bitter and painful. If you lose a major lawsuit and have to satisfy the other party, you could have to sacrifice your hard-earned property to get out from under the financial burden. Do you really want to give up what you’ve worked hard to make for yourself?
- Bankruptcy: Bankruptcy is a touchy subject, and many people like to think they’re financially stable enough to not have to worry about Chapter 7. Unfortunately, many people are usually mistaken about their finances, and bankruptcy happens a lot more often than you’d think. When someone has to file Chapter 7 bankruptcy, it means they have to liquidate their assets to satisfy their creditors. This means selling off valuable properties, collections, and even family heirlooms. It’s a painful process, and once again you should be asking yourself an important question: “I worked hard for all of this – am I really going to give it all away?”
Asset Protection for the Elderly
As the average life span continues to increase for Americans, there are more people who are classified as senior citizens. Asset protection lawyers can help with a variety of legal matters that pertain to a disabled or older person. These can include issues that relate to long-term care planning, Medicaid/Medicare, retirement, health care, and more. While help from an elder’s family is key, there are matters that are better addressed by an asset protection lawyer in Indianapolis, IN.
Long-Term Care Planning
One of the most important areas to address for seniors is long-term care planning. With Americans living longer, and the cost of healthcare continuing to skyrocket, it is imperative to ensure that your elderly family members have access to the best quality care. We can assist clients in deciding what the best way is to proceed based on a family’s finances and needs.
There are several tools an Indianapolis, IN asset protection lawyer can recommend that can help with long-term care planning. These include:
- Guardianships: When someone becomes mentally or physically incapacitated, the court may need to appoint a guardian who can make long-term-care decisions on his or her behalf.
- Living trusts: You may use a living trust like a disability planning tool. This allows you to choose assets to place in the control of a trustee such as a family member or friend. These assets would then be used to help cover expenses for long-term care for your loved one.
- OBRA trusts: Nursing home costs can deplete asset portfolios at an alarming rate. However, placing assets into an OBRA trust will exempt them from being used for Medicaid qualification and assistance. This will allow your loved one to preserve some assets while still being eligible to receive public benefits to cover the costs of their long-term care.
Planning for the End of Life
You might think end-of-life planning consists simply of writing out a will, but there is more to it than that. You and your loved one will also need to address important decisions about the various medical procedures they would like and which ones they would prefer to decline if the need arises. Some topics that are addressed when planning for the end of life that an Indianapolis, IN asset protection lawyer can also help with include:
- Wills: A will is the standard default estate planning tool that many people gravitate to. It is designed to transfer assets and personal property to named beneficiaries after the person’s death. You can also set up a living will for your loved one, which will outline advanced medical directives and end-of-life healthcare preferences.
- Healthcare Power of Attorney: You can use a power of attorney in conjunction with a living will to designate who will be authorized to make medical decisions for your loved one in the event they become disabled or incapacitated in some way. While a living will provides instructions on the life-saving measures that should or should not be taken, healthcare power of attorney gives a particular person the authority to make those decisions known to medical staff.
Contact an Asset Protection Lawyer Today.
At Dickmann Reason Bogigian & White, we know how frustrating it is for our clients when they realize that their hard-earned assets are in danger. We’re fully committed to protecting the legacy you’ve made for yourself and your loved ones, and we’re ready to help you with any questions you might have about asset protection.
Don’t gamble with your future – or your family’s future. Reach out to an asset protection lawyer in Indianapolis, IN today, and see how Dickmann Reason Bogigian & White can help you plan for tomorrow.