Asset Preservation Planning

Protecting Your Hard-Earned Assets Throughout Retirement & Beyond

When people hear about asset preservation planning, they often assume it is just another option for retirement planning, or an adjustment from saving for retirement to living off of retirement.  While that is not exactly wrong, there is much more too it.  As people age, they need to be aware of some of the most significant financial hazards that they can face, and position their assets to ensure they are protected.

A significant percentage of people will need to enter some type of long-term care facility at some point in their retirement.  These facilities can cost tens of thousands of dollars per month, which can burn through even large retirement funds quite quickly.  While Medicaid is an option for some people, it only begins paying once your other assets are depleted.

In addition to long-term care facilities, it is also important to plan for general medical expenses, tax issues, and more. We work closely with our clients to identify their specific needs, and help them to set up their assets in a way that will ensure they are there for as long as needed, and can be passed on to their loved ones.  The following are some of the different areas that we’ll look at with you to determine what steps are needed in your particular case:

• Private Pay Long-Term Care – Paying out of pocket for long-term care is something that should be avoided whenever possible. We’ll look at what options are available in your situation to minimize your expenses should you or your spouse require long-term care.
• Long-Term Care Insurance Policies – Depending on your age, it may be possible to set up long-term care insurance at a reasonable rate.  This is a great option to ensure you have the care you need, without depleting your savings.
• Medicaid – Medicaid is a government program intended to help those 65 and older with their medical expenses, including long-term care. There are many restrictions, however, and planning a head can help ensure you will be able to qualify should it become necessary.
• Taxes – Taxes continue to be a significant financial burden for people long after they have retired and potentially for their loved ones after they’ve passed away.  With proper planning, however, it is possible to avoid paying a dime more than is absolutely necessary.
• Other – There are many other innovative and effective tools we can use to help protect your assets.  Looking at what you can do today, and what to expect down the road, can save you and your loved ones thousands of dollars.

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