Many people believe that estate planning is all about protecting families and making sure that assets are distributed correctly after death. While this is true, estate planning can also provide protection during your life. At Freedman & Grinshpun, PC, our goal is to help you find an estate plan that will protect your family, your assets — and you.
Montgomery County Lawyers Assisting With Asset Protection
While estate planning documents, like wills, can protect your family in the event of your death, there are many estate planning instruments that can protect you at any stage of your life. They include:
- Powers of attorney: If you do not choose someone to take care of your affairs in the event that you are no longer able to do so yourself, the court may appoint a guardian. This person may not be someone you would choose yourself. The only way to ensure that someone you trust assumes responsibility for your affairs is to give him or her that responsibility through a durable power of attorney.
- Health care directive: Nothing is more personal than a health care-related decision. A health care directive can ensure that medical professionals follow your wishes even if you are incapacitated and unable to state your wishes yourself.
- Family limited partnership: Parents can begin to transition their assets to the next generation and still maintain control over them during their lifetimes.
- Special needs trusts: Assets like inheritance or personal injury settlements can jeopardize access to benefits like Medicaid for people with disabilities. However, by placing these assets into a trust, you can ensure that your loved one retains both the assets and access to benefits.
- Other types of trusts: Revocable or living trusts, dynasty trusts, charitable trusts and marital bypass trusts are just a few of the types of trusts that can help you minimize taxes and protect assets for the next generation. For some, a trust is a good option for avoiding probate.
Contact Freedman & Grinshpun, PC | For Your Business And Personal Needs
To understand which estate planning tools are the best fit for your particular needs, contact an experienced estate planning lawyer. In Philadelphia, Pennsylvania, contact Freedman & Grinshpun, PC, at 215-708-7390 to schedule a consultation.
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