Asset Protection

The concern about Asset Protection is not limited to the extremely wealthy or to professionals who risk their wealth in their careers. Because of the cost of long-term care today, many people are concerned about protecting their assets and meeting the cost of long-term care. Currently in Hawaii the cost of nursing homes ranges from $6000 to $10,000 a month. For most people in a middle class position the possibility of having to pay such costs over an extended period of time is frightening. We all hope never to need such extended care, but 6 out of 10 people are expected to need some long-term nursing care in their lifetime.

At Sterling & Tucker we are able to design your personal asset protection plan. The plan includes in depth meetings with experienced attorneys, analysis of your financial assets, personal goals and family situation, and preparation of the proper legal documents tailored to your unique plan. The ultimate goal is to create the best plan to meet your goals, protect your assets, and plan for potential long-term care needs. The earlier you start planning, the better the results.

The stages in asset protection planning

Our planning commences with an in-depth meeting with an attorney, the formulation of the plan, and finally the implementation of the plan. With our background and experience in tax preparation, tax planning and financial planning and our sister companies that provide tax preparation and tax planning services as well as financial services, we are able to formulate and carry out a comprehensive plan in entirety.

The cost of asset protection planning

At Sterling & Tucker, planning is usually done on a fixed fee basis. The fee varies depending on the complications involved in a particular situation. However, you will know the fee before you decide to work with Sterling & Tucker, for your particular situation. Our fee includes meetings as necessary to implement the plan. And, phone calls to our office about your planning while we are doing the planning and after the plan is completed. We invite all our clients to client seminars to keep them updated in asset protection planning and other estate planning and tax topics.

Techniques involved in asset protection planning

The planning may involve gifting strategies; the use of living trusts and various kinds of irrevocable trusts, family partnerships, powers of attorney and other documents and entities. In Hawaii, the family home is a very valuable asset. For many of our clients, preserving the family home is of great concern. The State of Hawaii will place a lien on the family home to recover any Medicaid payments for nursing home care provided to an owner of the home. Frequently we focus our strategies on planning to preserve the family home. There are various ways of accomplishing this goal, depending on the particular family circumstances, and we can usually find a way to save the family home from a state lien.

In planning, we want to be sure the proper documents are in place so that the burden on your loved one is as minimal as possible in the event of incapacity or death. To accomplish this, the planning involves preparation of a number of estate planning documents or a complete review of existing estate planning documents and, possibly, updating those documents. Documents frequently used in the estate planning process include wills, trusts, powers of attorney, advance health care directives and living wills.

Achieving peace of mind

Of course, we all hope that we will never need to incur the cost of long-term care or burden our loved ones in coping with our disability. Real peace of mind can be achieved through a clear understanding of the issues, making informed choices, and knowing that you have a plan in place for the possibility of long-term care needs and the inevitability of death.

Hawaii Elder Law

Asset Protection

Medicaid Planning

Long Term Care Insurance

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