Asset Protection, Long Term Care Plans, Estates, Trusts & Family Law

Planning for All Stages of Your Life

More than seven of every ten Americans have not formally planned their estates.   Most of those who have planned their estates have only created a simple will or are relying on joint tenancy ownership to pass title of their property to their loved ones. If you are one of the overwhelming majority who have an inadequate asset protection and long term care plan, or, no formal asset protection and long term care plan, state law will determine how your property is distributed. In addition, your surviving family members may have to endure time-consuming probate court procedures and pay significant attorney fees and costs.

Another consideration for individuals and families in light of the laws, regulations and finances involved in long term care is the planning for some form of institutionalized or planned care for yourself or a loved-one at some time in the future.  Planning today is more effective when sooner done.  It is much easier to deal with the issues raised by long term care as part of a family’s overall asset protection and long term care plan long before your spouse or you need such care.  Estate planning attorneys have spent so much effort planning the estate of a couple in anticipation of their deaths, but in light of the survival of so many of us today we have to ask the question, “What happens if we live?” More to the point, what happens if we live and need long term care?

A long term stay in a nursing home may be caused by diseases or conditions that require treatment which are not paid government programs such as Medicare.  In that instance, you’ll either have to pay privately (i.e. use long term care insurance or your own funds), or you’ll have to qualify for Medicaid.

Long term care insurance may be the best option, but the cost of the premiums may be prohibitive for the coverage individuals may be able to buy based upon their age and chronic health conditions.  Some individuals may not even qualify for long term care insurance.  Other methods of planning for that risk may be available to you by developing an effective long term care plan with a competent attorney.

The proper professional advice, counsel and representation can be of invaluable assistance in planning for financial security, retirement benefits and protection of family assets throughout the lives of individuals.  In addition, complex family legal disputes occur that require careful and imaginative solutions.

The Government’s Plan

Over centuries the law of “descent and distribution” has developed in each distinct jurisdiction providing guidelines for the distribution of your property upon your death in ways the government believes is best. These are decisions made by legislatures that may or may not agree with your family’s needs.  The government’s plan is a “one-size-fits-all” scheme of law created to fit all people in all situations.

Adding to the complexity and over that same period of time, our laws have developed separately concerning the treatment of different types of property, property transfers and property ownership.  And as one century ends and another begins there more new types of property interests being created than ever before.  From various new retirement accounts to new types of ownership interests in various business entities, property law is constantly adjusting to meet the needs of an evolving economy and the society it serves.

Your Long Term Care and Asset Protection Plan

Making an effective plan for you and your estate is a matter of will and responsibility toward your surviving loved ones, but it is also an effective tool for managing and protecting your financial interests during your life and the life of your spouse or life partner.  An effective long term care plan can help the individual organize his or her financial and property interests in a manner that makes those interests easier to deal with, less expensive to keep and less expensive to transfer.  Your plan should provide for the degree of asset protection required by your life style and potential exposure to liability.  Your plan should also help you plan for a period in your life where your health and desires lead to a less active commercial life, whether in retirement or change of employment, trade or profession.  Your plan should also anticipate times when you or your spouse or life partner will need some form of long term care.  The advice and counsel you may need at those times may make a significant difference in your life and the lives of your loved ones.

Wills and Trusts

The most basic method of planning is the formal executed simple will.  At best this document is able to identify family members, provide a simple plan of distribution, nominate an executor to manage your estate in probate, and nominate a guardian to take care of your minor or disabled children.  Wills containing more complexity can be prepared to deal with discrete and conditional gifts you might desire to have distributed from your estate.  However, often as the complexity of your will increases and upon your death, more property interests must be dealt with administratively under the supervision of the appropriate probate court with jurisdiction over each type of property to be distributed.  Finally, a will is considered a “transitory document” until the creator dies. This means that only the event of your death gives your will any legal power and effect.

Generally, a trust is a right in property which is held in a “fiduciary relationship” by one or more individuals for the benefit of one or more others.  The one who holds the property is a type of fiduciary known as a “trustee.”  A trustee holds the property for the benefit of another known as the beneficiary. While trusts described as “testamentary” can be created in a will, the most common use for a trust device is the creation of an “inter vivos” trust created during your lifetime by you as the grantor.  The trust comes into existence as a separate legal entity when you create the legal relationship between yourself as grantor and the trustee and set aside a property interest to be held in trust.  The trust relationship evidenced by the formal trust agreement may be amended throughout your life and can last beyond your death.  Any identifiable persons can be beneficiaries of your trust including yourself, your spouse and your family members.

Our firm can help clients develop relationships with trust companies, private client service providers and other professional fiduciaries who can provide proper management of assets and direct services to beneficiaries of your trust, now and into the future.   You can make reliable arrangements to protect and serve your loved ones for long periods of time and for generations of your descendants.

Modern Long Term Care Planning and Probate Administration

Today effective long term care and asset protection plans may include combinations several documents such as revocable and irrevocable living trusts, durable general powers of attorney, special real property transfers, annuities, charitable trusts and gifts, durable powers of attorney for health care (in Kentucky known as appointment of health care surrogates), living wills and HIPAA authorizations and waivers.  Often, the separate treatment by deed or assignment of particular items of real and personal property is necessary to complete the plan.  Wills are then executed to provide the public evidence, if necessary upon death, of what is essentially a very private legal arrangement.

Our firm is active in representing our clients in probate proceedings to establish guardianships and conservatorships for the persons and estates of minor children and disabled individuals. However, the trusts created for you as part of your family’s long term care plan can also be used to avoid the need for court–supervised guardianships for your children and grandchildren as minors.  Your plan can also be used to create the equivalent arrangements for a disabled adult child or an elderly parent when needed.      

For those of you whose needs arrive before an effective private long term care plan can be established, this firm stands ready to represent your estates in probate court proceedings to help the executors, guardians and conservators you have nominated to accomplish settlement of those probate estates.

Asset Protection and Business Organizations

Clients form and build business enterprises ultimately to serve their personal interests and the interests of their families.  The taxation and business services we can provide for our asset protection and long term care plan clients allows us to blend our business, tax and asset protection and long term care planning services to design legal structures to separate some of the potential liabilities to which entrepreneurs are commonly exposed in the course of business from the personal and family estates business owners have worked to build throughout their lifetimes. 

Family Law

Clients who find themselves in marital difficulties and family legal disputes need effective advice, counsel and representation to assure proper property division and settlement of non-property marital and family issues.  Clear, reasonable and practical planning is important in the resolution of the complex personal, property and financial issues present in most family law disputes.  Our representation ranges from premarital and prenuptial agreements, mediation, and legal separations to dissolutions of marriage, marital property division, child custody, child support, spousal support, postnuptial agreements and post-judgment modifications.

Initial Consultation and Fees

Within reasonable limits, there is no charge for the initial contacts and the first exploratory consultation.  The firm will discuss fee options for certain asset protection and long term care planning services available.  In addition we work with our clients on mutually agreed upon payment schedules and we accept most major credit cards upon approval.