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Why Legal Documents Are Essential to Asset Protection (Part 1)

Asset Protection Today with Bill Alexander

Release Date: 11/26/2018

When To Retire show art When To Retire

Asset Protection Today with Bill Alexander

Important concepts to consider before you retire and how to set yourself best for asset protection in retirement.

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After Caregiving show art After Caregiving

Asset Protection Today with Bill Alexander

Bill continues his conversation with Diane Surgeon as the subject shifts to what you need to do once your caregiving journey has concluded. 

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Caregiving Respite show art Caregiving Respite

Asset Protection Today with Bill Alexander

Bill welcomes attorney Diane Surgeon to discuss how taking care of yourself when in a caregiving role is an essential part of life planning.

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Minimum Required Distributions show art Minimum Required Distributions

Asset Protection Today with Bill Alexander

Bill breaks down what you need to know about taking money out of a retirement account, before and after retirement.

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401K Mistakes show art 401K Mistakes

Asset Protection Today with Bill Alexander

Bill describes how 401K retirement accounts work and how to avoid some common mistakes.

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Long-term Care Options show art Long-term Care Options

Asset Protection Today with Bill Alexander

Bill dives in to the options and costs of the various forms of long-term care that are available. 

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Umbrella Insurance show art Umbrella Insurance

Asset Protection Today with Bill Alexander

Bill explains what umbrella insurance is, how it should be used, how much you should have and why it's more important than you think. 

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The SECURE Act show art The SECURE Act

Asset Protection Today with Bill Alexander

Bill explains how a potential new piece of legislation could create major changes for retirement accounts. 

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Asset Protection with Revocable Trusts  show art Asset Protection with Revocable Trusts

Asset Protection Today with Bill Alexander

Bill goes into detail on how trusts work and how revocable trusts can be used in your asset protection plan to protect your assets from uncertain family dynamics. 

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Using Life Insurance as a Gift show art Using Life Insurance as a Gift

Asset Protection Today with Bill Alexander

When thinking of gifts to leave for grandchildren, Bill shares why he believe life insurance is the way to go over college funds. 

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More Episodes

Legal documents, such as wills and powers of attorney, can help you control and protect your property. However, most fail to use their legal documents to their advantage. Many fail to realize that their legal documents don’t work the way that they expect or intend with their overarching estate plan. If done correctly along with proper planning, your legal documents can keep your family in harmony after your death.

In this episode, Bill tells the story of a client who had an asset protection plan undone by incorrect legal documents. 

 

People often think that a last will and testament trumps every other document. While a will is important, this is generally not the case. For example, many husbands and wives own their property jointly. When a husband and wife own a home in North Carolina, the survivor normally will own the house as stated on the deed. This is the case regardless of what their Wills say. Likewise, if you leave everything in your Will to your spouse but designate your children as beneficiaries of your life insurance policy, your children will receive the life insurance. This is true regardless of the language in your will. Finally, if you have a joint account at the bank with one of your children, that child is entitled to half or all of the account. This is the case even if your Will leaves your assets to all of your children equally, because your contract with the bank trumps the will.

If you or your loved one needs assistance with your legal documents, or if you have questions about government assistance programs such as Medicaid or Veteran’s Benefits or other Special Needs programs, consider W.G. Alexander & Associates – we offer a unique blend of asset protection, Elder Law and estate planning. You can also attend our free seminars, learn more through our website at www.wgalaw.com, or call us at (919) 256-7000.