• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sinclair Prosser Gasior

Estate Planning Attorneys - Annapolis, Maryland

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Call Now: (410) 573-4818

Attend a Free Workshop Trustee School

  • Home
  • About Our Firm
    • About Our Firm
    • Meet Our Team
  • Services
    • Annapolis, MD Asset Protection and Business Planning
    • Estate and Gift Tax Figures
    • Annapolis, MD Elder Law & Medicaid Services
    • Annapolis, MD Trust Administration & Probate
    • Family-Owned Businesses & Farms
    • Annapolis, MD Incapacity Planning
    • Annapolis, MD LGBTQ Estate Planning
    • Annapolis, MD Pet Planning
    • SECURE Act
    • Annapolis, MD Special Needs Planning
    • Estate Planning for Young Families
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Definitions
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Power of Attorney
      • Trust Administration & Probate
    • Is Your Estate Plan Outdated?
    • Probate Resources
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Trust Administration
      • Estate Planning for Niches
    • Top 10 Estate Planning Techniques
    • Newsletters
  • COMMUNITIES WE SERVE
    • Anne Arundel County
      • Annapolis
      • Crownsville
      • Davidsonville
      • Highland Beach
      • Millersville
    • Baltimore County
    • Calvert County
      • Dunkirk
      • Huntingtown
      • Owings
    • Charles County
      • Charlotte Hall
      • Waldorf
    • Howard County
    • Prince George County
      • Bowie
      • Fort Washington
      • Glenn Dale
    • Queen Anne’s County
      • Grasonville
      • Queenstown
      • Stevensville
    • St. Mary’s County
      • Charlotte Hall
      • Leonardtown
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact Us
  • Make A Payment
  • Client Portal
Home / Estate Planning / Asset Protection Planning for Seniors

Asset Protection Planning for Seniors

January 29, 2021 by Laura Curry, Estate Planning Attorney

Annapolis elder law attorney

When you think about the priorities in your estate plan, you likely think about the need to ensure that your loved ones are provided for in your absence. That causes you to focus on creating a plan to distribute your estate assets according to your wishes. While it is always important to focus on how your estate assets will be passed down to loved ones, it is equally important to incorporate tools and strategies in your estate plan that help to protect those assets while you are alive.  Many of the basic asset protection concepts apply to anyone who wishes to protect their assets. The Annapolis elder law attorneys at Sinclair Prosser Gasior explain tools and strategies that seniors may wish to use to protect their assets.

How Might Your Assets Be at Risk?

If you are enjoying your retirement years, it means that you have already spent a significant portion of your life building up your assets through work and/or investing. You may already be aware of some of the more obvious threats to your assets; however, to keep your retirement nest egg safe, and ensure that there is something left to pass down to loved ones, you need to be even more vigilant during this phase of your life.  As a senior, your assets might be at risk in several ways you have not thought of, including:

  • Spendthrift beneficiaries – just about every family has a spendthrift – that family member who simply isn’t good with money. Many families have also dealt with a family member who has an addiction problem. Whatever the concern, it is crucial that you are honest with yourself when considering your beneficiaries and their level of responsibility with money. If you are concerned that a beneficiary might squander any assets you leave him/her, it may be wise to utilize a trust instead of handing that beneficiary a lump sum. The Trustee, appointed by you, can manage the beneficiary’s inheritance and the trust terms allow you to maintain a certain degree of control over how the assets are used.
  • Elder financial exploitation – sadly, financial exploitation is at the top of the list of potential threats to your assets. Each year, there are over 5 million instances of financial exploitation with a senior victim and over 90 percent of the perpetrators are family members. As difficult as it may be to think of family members or other loved ones as a threat to your assets, it is imperative that you do so.  People take advantage of seniors in a variety of ways and for a variety of reasons. Sometimes it is because of an underlying addiction problem or because of their own financial struggles. The bottom line, however, is that seniors are disproportionately victimized in financial scams and crimes. With that in mind, it is crucial that you guard yourself and your assets. Do not give anyone access to your bank accounts or other assets. Consult with your attorney if someone asks you to sign a power of attorney.  Resist the urge to help everyone who asks you for financial assistance. Never send money to someone you do not know and always confirm the identity and story of anyone claiming to be calling for a loved one in trouble.
  • Long-term care expenses – by far one of the biggest threats to your retirement nest egg is the high cost of long-term care. If you are already in your retirement years, you stand a 50-75 percent chance of eventually needing some type of LTC services, as does your spouse if you are married. Nationwide, the average yearly cost of LTC for 2020 was just over $100,000. Because neither Medicare nor most health insurance plans cover LTC expenses, you could be forced to pay out of pocket if you do not plan for the possibility of needing LTC. Medicaid will cover LTC costs; however, you must qualify for benefits. By incorporating Medicaid planning into your overall estate plan, you can protect your assets and ensure that you qualify for Medicaid if you need it in the future.

Contact an Annapolis Elder Law Attorney

For more information, please join us for an upcoming FREE WEBINAR. If you have additional questions or concerns about senior asset protection, contact an experienced Annapolis elder law attorney at Sinclair Prosser Gasior by calling (410) 573-4818 to schedule an appointment.

  • Author
  • Recent Posts
Laura Curry, Estate Planning Attorney
Laura Curry first became interested in estates and trusts when practicing as a family law attorney at the start of her career. She learned that each family had their own dynamics which shapes their goals and desired outcome. It was quickly apparent to her that planning and re-evaluating plans when necessary is critical to families as life changes course.

Laura’s unique professional background as a family law attorney and working at a creditors’ rights law firm provides her with the skills to bring comprehensive services to our clients. Laura was first attracted to Sinclair Prosser Gasior because of their approach to work with clients throughout years and life stages. Sinclair Prosser Gasior strives to make our clients confident about their choices to provide peace of mind and lasting security.
Latest posts by Laura Curry, Estate Planning Attorney (see all)
  • Do You Have a Living Will? - April 14, 2022
  • Three Things a Living Trust Won’t Accomplish - March 15, 2022
  • 4 Estate Planning Mistakes You Should Avoid Making - February 16, 2022

Filed Under: Estate Plan in Maryland, Estate Planning Tagged With: Asset Protection

Other Articles You May Find Useful

Is My Estate Plan Still Valid If I Move To Another State?
Should You Tell Your Kids if You’re Leaving Them Money in Trust?
Can I Contest My Father’s Will?
Sinclair Prosser Gasior
When Is It Too Late To Create An Estate Plan?
estate planning attorney
How Often Should I Meet with an Estate Planning Attorney?
"Three Categories of Assets at Death" by Attorney Colleen Sinclair Prosser
Key Steps Which Are Part of Annapolis Estate Planning

Primary Sidebar

Download our free estate planning worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Testimonials

5 Stars
Client Review
September 3, 2020
    

We initiated estate planning following a presentation by Sinclair Prosser Attorney Jon Gasior. We were so impressed, we contracted with them to complete our estate planning. Subsequently, we assembled information on our assets and Sinclair Prosser Gasior did the rest. Correspondence was communicated to our financial institutions and the estate was established. We were very pleased with the courteous manner of the Sinclair Prosser Gasior staff. However, it was their professionalism that made us satisfied we chose this firm to handle our estate. We have nothing but praise for Sinclair Prosser Gasior .

default image
– Walter K.

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

ANNAPOLIS

900 Bestgate Road
Suite 103, Annapolis, Maryland 21401
Phone: (410) 573-4818
Fax: (410) 573-2802

BOWIE

4201 Mitchellville Road
Suite 403, Bowie, MD 20716
Phone: (301) 970-8080
Fax: (410) 573-2802

MILLERSVILLE

1520 Jabez Run Rd
Suite 300, Millersville, Maryland 21108
Phone: (410) 573-4818
Fax: (410) 573-2802

WALDORF

Hamilton Centre II
3261 Old Washington Road, Suite 2020 Waldorf, MD 20602
Phone: 800-366-4615

Map

map for office

Footer

footer logo
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

The information on this Maryland Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

© 2022 American Academy of Estate Planning Attorneys| Privacy Policy | Contact Us | Disclaimer | Site Map