Mistake No. 6: Not planning to protect children and grandchildren's inheritances.
Many people have wonderful, effective planning to pass their wealth down to the next generation, but what then? Inheritances distributed outright can be lost, to divorce, lawsuits and creditors. It is critical to consider protecting your children and grandchildren by leaving their inheritance in trusts accessible for their own needs while barring creditors and predators.
Showing posts with label protection. Show all posts
Showing posts with label protection. Show all posts
Tuesday, March 17, 2009
Tuesday, March 10, 2009
Top 7 Mistakes In Estate Planning: Mistake No. 5
Mistake No. 5: Not planning for the cost of nursing home care.
One out of every three adults over the age of 65 will need nursing home care for some period of time and increasing health care and nursing home costs are one of the greatest threats to a comfortable retirement. The costs in Massachusetts are approaching $12,000 a month and rising.
Because long term care insurance is so expensive, many families have chosen a Protective Trust to protect their lifetime savings, homes and other asset so that they do not need to spend their lifetime savings on a nursing home. A Trust also provides flexibility to protect assets and pay for in home care and assisted living facilities.
One out of every three adults over the age of 65 will need nursing home care for some period of time and increasing health care and nursing home costs are one of the greatest threats to a comfortable retirement. The costs in Massachusetts are approaching $12,000 a month and rising.
Because long term care insurance is so expensive, many families have chosen a Protective Trust to protect their lifetime savings, homes and other asset so that they do not need to spend their lifetime savings on a nursing home. A Trust also provides flexibility to protect assets and pay for in home care and assisted living facilities.
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