The Elrod Firm

Topic: Asset Protection

Time For Taxes

“In this world nothing can be said to be certain, except death and taxes.” When Ben Franklin penned those words, he was eighty-three and, as it turned out, only five months away from death.  But considering men in his day only lived thirty-six years on average, he had already beaten the odds by a long …

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Did We Use Our Trust Right?

Justin, My mother recently set up a trust, and she asked me to look over everything to see if I had any questions. Everything looks right to me—she even retitled her home and brokerage account into the name of the trust. She didn’t change her checking and savings accounts, but she said she planned to add me to those. Do you have any other suggestions?

Could My Kids Be Left Out?

Justin, My current wife and I are both in our second marriages. Each of us brought several children into this marriage. She has been pressuring me to schedule an appointment with an attorney because she read an article that scared her. She thinks that in a situation like ours, the children of one spouse could be completely left out of our estate depending on the order of death. Do we really have anything to worry about?

How Can I Plan Ahead for VA Benefits?

Justin, I read your comment that planning ahead for VA benefits is more crucial now than ever. Can you clarify why you say that and explain how I can plan ahead?

Can A Trust Protect Assets?

Justin, My mom and dad created a trust about twelve years ago. Almost everything they own is titled in the name of that trust. That should mean their assets are safe even if they need long-term care one day, right?

Why Not Add My Daughter To My Account?

Justin, I want to add my daughter to my bank account so that she can write checks for me. When I visited a branch to do that, the banker I met with didn’t think it was a good idea, but I’m not sure why. Can you help clear this up for me?

How Do Death Beneficiary Forms Work?

Justin, My financial advisor has talked to me about the importance of keeping my accounts out of probate court. He said I can accomplish that using death beneficiary forms his company provides. Are there any details I should know about before going with that plan?

Is It Too Late To Protect Assets From Nursing Home Costs?

Justin, My mom has been living in a nursing home for the last half year, and she is depleting her savings at an alarming rate.   In six months she has spent over $35,000 on nursing home costs, and the spending is causing her tremendous anxiety.  She and my late father never spent a dime on themselves, and they saved all their lives.  Mom feels helpless now that her savings is getting eaten up so quickly.  Is it too late for her to hire an attorney to try to protect her home and savings?

Can A Trust Protect Assets?

Justin, My mom and dad created a trust about twelve years ago. Almost everything they own is titled in the name of that trust. That should mean their assets are safe even if they need long-term care one day, right?

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