When an older individual is heading into retirement, one thing they often put a lot of pride in and care quite a bit about is the nest egg they have built up over the years. Such a nest egg can represent decades of hard work and a person’s hopes of having the kind of retirement they deserve after all that hard work.
Unfortunately, there are things that could potentially rather quickly deplete the assets an elderly individual has carefully built up over the years. Some examples of such things include nursing home costs, medical bills, a spouse’s medical costs and lawsuits.
There are many worries an elderly person may have regarding the possibility of asset depletion including:
- Concerns that asset depletion could leave them without proper funds in their later years.
- Concerns that asset depletion could result in them not being able to leave the kind of inheritance to their loved ones that they want to upon their death.
- Concerns that asset depletion could cause a cherished family asset to be sold off.
Thankfully, an elderly individual doesn’t simply have to cross their fingers and hope that no significant asset-depleting events occur to them. There are often actions individuals can take to put some protections in place regarding the assets in their nest egg. Trusts and other estate planning devices can sometimes have some very helpful asset protection applications.
Our firm has decades of experience in asset protection and can help individuals figure out what sorts of asset protection mechanisms they may be able to put into their estate plan to help keep the assets that they care about protected.