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Asset protection covers a wide variety of issues from eliminating or minimizing estate taxes to protecting assets in the event of you or your spouse requires nursing home care, your spouse remarries, a beneficiary divorces, or a lawsuit is filed against one of your beneficiaries. Asset protection has two goals: to minimize risk of potential liability and to preserve your assets. Asset protection involves a combination of legal structures that create barriers between your assets and any undesirable and avoidable diversion of funds or loss of assets – to the I.R.S, a divorcing spouse, a spendthrift child, the government, etc. There are many reasons why you should consider an asset protection plan, including:
• Medical bills from an unforeseen accident • To protect real estate and other assets from litigation or lawsuits • To protect property and assets from the expenses of long-term care of a spouse • To protect assets in the event you or your spouse require nursing home care or Medicaid assistance • To protect assets for an adult disabled child • To reduce inheritance or estate tax liability
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Asset Protection
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