Tom and Jane (not their real names) had blended their two families and were preparing for retirement. Their assets included a small amount of cash, their home and some rental real estate property. Their total net worth was approximately $1.5 million, but with most of their net worth consisting of real estate Tom and Jane’s concerns were:
- The risk of legal claims arising from their rental properties,
- The high cost of nursing care, should either or both of them were disabled, and
- Minimizing the risk of discord among their children over money
The Solution
After their vision meeting, Tom and Jane selected an Asset Protection Plan. Utilizing a combination of estate planning tools, including a trademarked asset protection trust, Breshears Law designed and implemented a plan that:
- Immediately protected more than $1 million in assets that were at risk of loss in the event of legal claims or the cost of nursing care
- If Tom and Jane remain healthy for 35 months, an additional $4,500 per month will be protected from being taken to pay for long-term nursing care. In 60 months, 100% of their assets will be fully protected
- Ensured that in the event of disability neither Tom or Jane would ever need to have their property managed by a court-appointed guardian
- Eliminated the need to settle their estate in the probate court system
- Saved a minimum of $10,000 in future legal fees by avoiding probate
- Provided a plan for their children that will protect their inheritance from being taken in divorce, by creditors, or lawsuits
- Left clear instructions for their disability and after their passing, making it likely that there will be little room for conflict among their children
The Cost? Less than two months of nursing care, and less than they would have spent on probating wills alone.
Tom and Jane have a plan in place that provides them tremendous peace of mind, knowing that they have protected themselves and their property, and provided for their loved ones’ future.