Tag Archives: insurance

Asset Protection

Tips for Minimizing your Business’s Liabilities

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If you own a business, it is imperative that you take steps to safeguard your company and yourself from liability claims. Sadly, threats of liability to businesses and their owners are more abundant than ever. Most business owners are unaware of the broad range of actions that can place their personal and their business assets in jeopardy.

The following are a few items to consider in how to protect your business:

  • Have you properly incorporated your business as a C-corporation, an S-corporation, or a limited liability company (LLC)? If so, are you following the corporate formalities to ensure your business is treated as a legal separate entity and to protect you from personal liability?
  • Do you have a written agreement with your business partners?
  • Does your business have adequate liability insurance in amount and scope of coverage?
  • Is your stock owned by a Trust or other separate legal entity to ensure that you are protected from personal liability if the corporate veil of the business is pierced?
  • Do you maintain separate corporate entities for each business venture in order to segregate liability?
  • Are your personal assets protected by a Trust?
  • Do you have an attorney assisting your business with tax-saving opportunities?
  • Does your business have guidelines and policies that comply with applicable government regulations? If your business has employees, does your employee handbook comply with the law?

Advising business clients for nearly 30 years, we can help you navigate these issues with ease and peace of mind. Protection of your personal and business assets is a primary focus of our firm. Don’t wait until an issue arises and your entity is in trouble. Take preventative and protective action now to save yourself time, money and heartache in the future.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Asset Protection

Qualifying for Veteran’s Benefits

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If you have attempted to navigate the numerous state and federal medical insurance programs, you have quickly realized that the bureaucratic systems can be quite confusing. Working with an experienced elder law attorney at Astill Law Office can save you stress, time and money. In fact, we may be able to assist you in discovering benefits that you were not aware that you qualified for, including the Veteran’s Affairs (VA) Aid and Attendance Program for war veterans.

The VA Aid and Attendance benefit is one that is paid not only to veterans, but also to their spouse or surviving spouse. It is also a benefit that is paid in addition to the veteran’s basic pension. As a matter of fact, eligibility to the VA basic program can assist you in receiving this benefit.

Who qualifies for VA Aid and Attendance benefits? The benefits are paid to applicants who require financial assistance to pay for in-home care, assisted living facilities or nursing homes. It is important to note that the disability does not have to be the result of military service, but you cannot receive non-service and service-connected compensation at the same time. The VA Aid and Attendance benefits are paid to applicants who:

  • Are eligible for a VA pension
  • Were discharged from service under conditions other than dishonorable
  • Meet the minimum service requirements
  • Meet certain disability requirements
  • Meet income and asset limitations as set by law

There are many veterans (and their spouses) who are unaware that they qualify for this benefit. It is common for veterans and their families to tell us that they were never informed that this program exists.

If you or a loved one is a veteran and you are interested in learning more about the benefits you may qualify to receive, let us help. The application process can be complicated, but we will walk you through the process step by step.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

 

Asset Protection

How to Protect Your Assets from Paying for a Nursing Home

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We have all heard stories about how expensive nursing home care is, but hoping that you don’t ever need that type of long-term care is not enough. If you want to prevent your life savings from being used to pay the nursing home while also qualifying for government assistance, it will take a significant amount of pre-planning.

Medicaid has restrictions on when and how you can gift your assets in order to qualify for assistance. Certain transfer penalties can be applied. The general transfer penalty law has a five-year look-back period, so the sooner you start your planning, the better off you will be.

Below are three suggestions on how to pre-plan your gifting of assets while also retaining sufficient wealth to provide for your care during the five-year look-back period:

  1. Early inheritance. If you can afford to give your children a portion of their inheritance while retaining sufficient assets to privately pay for any necessary long-term care during the five years, it can be an effective means for protecting your assets and your loved ones. It also allows you to see your beneficiaries enjoy the money while you are still alive.
  2. Long–term care insurance. If giving an early inheritance to your loved ones is not feasible for you, purchasing long-term care insurance is an option to consider. It is important to research the long-term care insurance policies and make sure you truly understand what is and is not covered.
  3. Asset protection trust. An asset protection trust is often a very advantageous option for you and your family. You can transfer property into a Medicaid irrevocable trust that will safeguard your assets from being vulnerable to paying for nursing home expenses. You should discuss whether an asset protection trust would be beneficial for you with one of our experienced estate planning attorneys.

The above three options are just a few considerations if you are concerned about the costs of long-term care. The sooner you begin your asset protection planning, the easier it is for us to find the most beneficial means for protecting your family and your assets.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

 

Estate Planning

Handling Unoccupied Property in an Estate

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If you are tasked with handling the estate of a deceased individual or administering a trust, it is important to properly handle any property that is sitting unoccupied. While a house that is in good condition is likely to sell quicker, it is important to check the insurance coverage on the property before any work is done or improvements are made to it. You should also inform the insurer of the work or renovations that are planned before anything is done. Most insurance policies that cover unoccupied properties are set up with strict requirements and any deviation from the terms of the policy can put the coverage in jeopardy.

When work is being done on a house, it presents numerous risks. Not only can construction cause damage to the structure (which is often excluded from coverage), but it also increases the likelihood of vandalism and theft while the work is in progress.

Insurance companies write their policies with terms, exclusions and restrictions that can lead to coverage being completely invalidated if work commences without prior notification to the insurer. This can include even minor repairs and redecorating, so it is essential to carefully review the policy (or have your attorney review it) and confer with the insurer to verify that your renovations remain covered by insurance.

Handling an estate can be difficult. It is important to avoid putting any assets into jeopardy, so having a conversation with the insurer of the property before any work commences on it is essential. Insurance policies can be very confusing, so seeking legal counsel should be something you consider in understanding and obtaining the right insurance. If you need assistance properly managing the estate of a deceased loved one or you have questions regarding how to appropriately administer a trust, we can help.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

How to be Prepared for the Unexpected

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We all know that life can change in an instant. Regardless of your age or your financial status, estate planning is critical to protecting your loved ones in the event an unexpected negative event occurs. Below is a checklist to consider in creating a “safety net” for your family:

  • If tragedy should strike, you want to have the financial resources to deal with it. This means having medical insurance and life insurance.
  • Execute the necessary documentation evidencing how you want your end-of-life medical treatment to be handled. This may include signing a living will, appointing a health care proxy, and/or signing a Do Not Resuscitate (DNR) order.
  • If you have minor children, it is essential that you appoint a guardian to care for them in the event you are unable to care for them yourself.
  • It is important to create a will or trust that sets forth who will inherit your property and assets. You should verify that any real estate, bank accounts, or financial assets that you own are titled to reflect your intent as set forth in your estate plan.
  • Take steps to organize your important records and make sure your loved ones know how to access them. You should include instructions regarding your digital assets as well.
  • Consider pre-planning your funeral and/or burial arrangements.
  • Review your beneficiary designations on your retirement accounts, life insurance policies and other pay-on-death assets.
  • If you have a pet, consider creating a plan for its care.
  • Have open and honest conversations with your family, friends and other loved ones so your intentions are clear.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

 

 

Asset Protection

Guidelines for Asset Protection Planning

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16430757_sIf you are wondering if you should be taking steps to protect your assets, you probably should. Whether you have a high-risk job or you are an average person who wants to make sure you are protected if a difficult situation arises, you should contact us to discuss your options.

Asset protection planning can take a variety forms, but all of them focus on strategies for safeguarding your most valuable assets from potential creditors. Just as important, however, is to take steps to ensure that nobody ends up in legal trouble, including going to jail for contempt or fraud for engaging in the process.

Below are a few guidelines to keep in mind when you are developing asset protection strategies:

  • Start planning as soon as possible. It is imperative that you create asset protection tools before a claim or liability arises. The longer your protections have been in place, the less likely a creditor can claim they are a “fraudulent transfer.”
  • Be wary of late planning. Any asset protection planning that occurs after a claim arises will likely make matters worse. In fact, a debtor and whoever assists him in fraudulent transfers can be held liable for the creditor’s attorney fees. You also lose any chance of obtaining a bankruptcy discharge.
  • You still need insurance. Even if you have established an effective asset protection plan, you still need liability and professional insurance. Your insurance will help pay any legal fees, pay to settle claims, and even help you survive a fraudulent transfer claim.
  • Business entities protect business assets. If you form a corporation, partnership or limited liability company, it should be used to protect business assets. Placing your personal property in a business entity does not ensure they are protected because an entity can be pierced by a creditor under a theory of “alter ego.” If successful, the creditor will have access to your personal assets. It is much smarter to create a trust to protect your personal property. However, many people misperceive that their estate planning trust protects their assets. This is not the case. Only certain types of irrevocable trusts work for asset protection.
  • Don’t keep too much control. An effective asset protection plan strives to provide you with sufficient control so that the assets don’t disappear, but not so much control that other parties can argue that you and the asset protection tools are one and the same.

If you are interested in exploring your asset protection options, call us today. The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.