THE DIRE CONSEQUENCES OF NOT HAVING AN ASSET

PROTECTION PLAN A GUIDE FOR RESIDENTS OF OHIO

WHY YOU NEED TO PROTECT YOUR ASSETS

You work hard to earn money and to acquire property.

You need to protect what you have worked for so it is not lost and so

the money and property can provide you and your family with financial

security.

IDENTIFYING THE RISKS

It is important to identify the risks of loss so you can take the right asset

protection steps.

There are a variety of possible sources of loss including:

There are a variety of possible sources of loss including:

Once you have identified the biggest risk factors, you can take

action. This is important to avoid the dire consequences of not having an

asset protection plan. These consequences can include the

following:

LOSING YOUR NEST EGG

If you do not make plans to protect assets, all of your wealth could be

gone quickly if something goes wrong.

Nursing homes alone cost thousands of dollars a month, and aren’t covered by most insurance.

If you get older without an asset protection plan, you could find

yourself spending down your money and even selling assets until you get below the Medicaid eligibility

limit and Medicaid finally begins to pay for your nursing home.

BECOMING A BURDEN ON OTHERS

If you lose your assets because of a lawsuit, creditor claims, or

bankruptcy, you could find yourself relying on family to support you.

It can be especially difficult not to have enough money to live on when

you are older, as it may be impossible to return to work and

you may have high medical costs and other bills.

WORRYING ABOUT MONEY

If you have lost your assets because you did not make an asset

protection plan, you could face significant stress due to worrying

about money.

If you have not made an incapacity plan to ensure your investments are

carefully managed if something happens to you, you could also face stress knowing that your wealth is

unprotected.

NOT BEING ABLE TO LEAVE A LEGACY

If you must spend your assets on nursing care or you lose your

wealth to lawsuits, you won’t be able to leave financial gifts to help

your family or charities.

If you don’t plan for estate taxes and try to make sure probate costs are reduced or kept to a minimum, your heirs could also get a smaller

inheritance than they otherwise would have.

HOW CAN YOU AVOID THESE CONSEQUENCES?

You can avoid these consequences by taking smart asset protection

steps, such as creating trusts and a power of attorney.

GETTING LEGAL HELP

An experienced asset protection lawyer can provide you with help.

Contact The Zimmer Law Firm today at 513-721-1513.

http://www.zimmerlawfirm.com/