Asset Protection Strategies for Florida Seniors
It is extremely important that you take steps to protect your assets, especially if you are entering the golden years of your life. Whether the elderly need help to preserve assets for their heirs, avoid probate, or protect themselves against scams, finding an elder law attorney is crucial. Our firm has compiled some suggestions for Florida seniors to help guard their finances and make sure that their wishes come to fruition upon their death.
1. Increase Your Insurance Coverage
Reassessing your insurance coverage can help protect you against life’s various “what ifs” and help put your mind at ease knowing that you will be financially backed in the event of an unforeseen accident. If you are a business owner or a licensed professional of some kind, this has even more importance.
Consider purchasing and/or increasing liability coverage for:
- Malpractice insurance
- Personal liability insurance
- Automobile insurance
- Personal disability insurance
- Homeowner’s insurance
2. Create a Revocable Trust
A revocable trust is a legal entity that allows you to make decisions regarding the management and distribution of your assets, while you are living and/or upon your death. This eliminates the need for probate court involvement and avoids costly estate administration, at the time of your passing. A revocable trust also allows you to decide how assets will be distributed to your heirs and other beneficiaries after your death. Due to the fact that estate administration can be complex and costly, using a revocable trust can be an invaluable gift to your family as it simplifies the process.
3. Contact Samuels Wood PLLC
A Florida asset protection attorney from Samuels Wood PLLC can guide you toward the most appropriate and effective strategy for your situation. Our lawyers have a wide range of elder law knowledge that can be used to shield your wealth and make sure that you will be cared for throughout your later years. To discuss your situation with an experienced legal professional, contact our firm or call (561) 623-3314 today!