Many people like the idea of having assets they can pass on to their surviving loved ones. Whether these assets are monetary funds, personal items, real estate or something else, it is important to take the right steps to protect those assets. In some cases, the remaining assets of an estate could face risks.
You may not immediately think that any of your assets are at risk, but have you really considered all the possibilities? Even if you do not see any present risk, you could face scenarios in the future that could prove problematic.
Possible risks to your assets
Though you may feel fairly secure at the present time, you may want to remember that an emergency or unexpected event could suddenly place you in a difficult spot. It may be wise to consider the following risks your assets could potentially face:
- Creditor claims: If you have outstanding debt at the time of your death, your creditors could make claims against your estate for payment. If the court considers the debt a priority, your estate could lose funds.
- Business losses: If you own a business and have not incorporated it, business creditors could come after your personal assets to cover business losses.
- Nursing home costs: Though you may feel at the peak of health now, you could suffer medical issues as you age. If you have not made plans to cover payment for nursing home care or other long-term care expenses, you could lose assets trying to pay for care later.
- Medicaid estate recovery: You may think that if you qualify for Medicaid to cover your long-term care costs then your assets are not at risk. However, after your death, Medicaid agents could attempt to seize certain property because it is no longer protected.
Now, you may feel slightly worried that your assets do not have the right protections. Fortunately, you have options to consider.
Estate plan protections
Protecting assets is a goal that many California residents want to achieve with their estate plans. Planning tools, like trusts, can often help immensely when it comes to asset protection. If you want more information on your best options for protecting your property, you may want to gain information from local legal resources. An estate planning attorney could help you understand your assets, possible risks and how to best protect what you hold dear.