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Home / Estate Planning / Insurance You Need to Protect Your Assets

Insurance You Need to Protect Your Assets

September 12, 2019 by Alexander M. Pagnotta, Estate Planning Attorney

“Insurance to Protect Your Assets” by Attorney Victor Lembo (Audio)

We all want to ensure our families are protected in times of need, as we never know what life has around the next corner. Keeping your money secure can be a challenge, and as estate planning attorneys, Sinclair Prosser Gasior can help make certain that you are taking the necessary steps to protect your family and assets. For example, making a living trust can protect your assets in case of incapacity and to ensure your wealth is transferred after death to the successor trustees so it can be managed properly. In addition to making an estate plan, you may also need to consider the purchase of different kinds of insurance policies to provide the maximum protection for your wealth.

One important type of insurance that you may consider buying is long-term care insurance. This type of insurance helps if you need long-term care in your home provided by a home health aide or if you need nursing home care in an institutional facility.  Medicare, Medicare Advantage, Medigap or private insurance policies may only pay for skilled nursing care and not pay for the routine custodial care that commonly affects seniors or disabled individuals. If an outside insurer does not pay for the care, then you have a private pay situation, without some other insurance coverage. Also, depending on asset and income levels, consider legal strategies for medical assistance planning, so that you do not impoverish yourself for means-tested benefits. There are additional insurance products that may be available for your unique situation.

Also, life insurance not only can protect your family, but can protect assets. If you have substantial assets, your estate could owe estate taxes when you pass. And if your estate has a family farm, business, or other illiquid assets, your estate may not have enough capital to pay taxes due after death. Your fiduciary may be forced to sell estate assets to pay for the estate tax, unless your beneficiaries are able to take a loan. Thus, life insurance proceeds may help to pay for estate tax. In addition, life insurance provides liquidity for the trustee or executor to pay funeral expenses, manage bills, provide necessary home maintenance or improvements, etc.

Sinclair Prosser Gasior will guide you in making key decisions necessary to provide the maximum protection for your assets. We understand how hard you work to amass money and property, and want to help keep your nest egg safe and secure.

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Alexander M. Pagnotta, Estate Planning Attorney
Alexander M. Pagnotta, Estate Planning Attorney
Estate Planning Attorney at Sinclair Prosser Gasior
Alex Pagnotta’s personal experience with the problems that can result from an inadequate estate plan along with his interest in helping others drove his desire to pursue the areas of estate planning and estate administration. He counsels individuals and families to preserve wealth and ensure that their hard earned assets are passing to the correct individuals when they want and how they want.
Alexander M. Pagnotta, Estate Planning Attorney
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Filed Under: Estate Planning, Life Insurance, Long term care insurance Tagged With: Asset Protection

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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 .

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