Worth Is A Vital Component Of Your Team
Looking through our services, you will notice that we offer estate and elder care planning. It is essential to understand what these are, how they differ from one another, and how a financial planner fits into the equation. Regarding the last point, these are two areas of the law. Although some estate planning attorneys also practice elder law, you will likely need legal counsel to get the full range of protection. With that said, a lawyer may also advise you to seek the assistance of a financial planner who is accustomed to handling them.
The difference between the two is relatively simple. Estate planning is an area of the law that answers what happens to the assets accumulated during your lifetime. (Estate plans generally also include durable and healthcare powers of attorney and other critical documents for incapacity planning.) Elder law centers around maintaining your quality of life as you age.
For example, as of now, anyone over 65 has a 70% chance of requiring a nursing home. In North Carolina, a skilled nursing facility may cost upwards of $7000–$8000 a month. Some of these people spend several years in the facility, and they can’t afford it. Additionally, they have too many assets to qualify for Medicaid. The mistake many people make is that they find ways of reducing their assets to become eligible for it. Doing this requires the help of an elder law attorney and a financial planner because if you do it incorrectly, you could sell or give up your assets and still not receive Medicaid. There are ways to have both, but you must surround yourself with the right team of professionals.
The Role of the Financial Planner
We have repeatedly stated that everyone, not just the wealthy, can benefit from financial planning. The same applies to estate planning. If an estate plan can assist you with transferring your assets to others, then it is paramount that you know what your assets are. You will likely possess tangible assets such as your home, cars, and personal property, but you also have a series of intangible ones.
- Mutual Funds
- % of ownership in businesses (shares)
- Various bank accounts
Your financial planner will have a command of the assets you own and how much they are worth. Although we would be remiss not to highlight that an estate plan comes with many tax consequences, which a financial planner can assist you with. Lastly, many people embrace distributing their assets without considering how they will do so. What are the financial needs associated with the people you leave behind? Whether you have a special needs child or want to ensure your appointed guardian has the financial resources to care for the minor children you ask them to raise.
Protect Your Assets with Worth Advisors, LLC
Working with a financial planner gives you professional support and guidance regarding estate planning and affording long-term care, such as a nursing home. When you face these challenges, we will review and consult you regarding asset protection and risk management. Our goal is to serve you and find ways to protect you and your family from the unexpected. Contact us to schedule a consultation with one of our financial planners.