By Law Elder Law’s Rick Law. The LEL team is comprised of Estate, Asset & Retirement Tax Planning attorneys in the Western Chicago suburb of Aurora in Illinois.
Planning ahead to protect your surviving spouse is one of the best things you can do to protect your loved ones. The problem is, some people wait until it’s too late. I’ve said it before, when you’re out of money, you’re out of options.
So what are some of the things you need to plan and protect against?
- Loss of a Social Security Check
- Possible loss of pension
- Survivor’s taxes may be higher because
- Single person tax brackets are compressed
- The big 4 tax deductions are gone
- Mortgage Interest
- Dependent children
- 401k & IRA deductions
There could be a myriad of reasons why these items would affect you, but now is the time to protect your spouse’s future income with tax planning to increase the net spendable dollars.
In the end, it’s all about your family – your surviving spouse and your children. At Law Elder Law, we can help create trusts tailored specifically to each beneficiary.
This level of targeted planning can help protect your adult child’s inheritance from:
- Inability to handle money
- Poor decisions
But what about you? An estate and asset protection plan also needs to protect you! Are your assets at risk? Will you lose your house if long-term care is required? Depending where you are on the elder care journey, our firm may be able to help you better navigate the twists and turns, and the pitfalls and roadblocks of planning to live. That’s right, because we all know we’re going to die… but what if you live? What if a protracted illness sees you stuck in a care facility for an extended period of time? Will you have the resources to survive without leaving your spouse destitute? Will your children have an inheritance when you’re gone?
That’s where the experienced professionals at Law Elder Law come in. Our team is ready to help you plan and protect your future, for better or worse.
If you’re ready to start getting your estate in order and secure your assets for the “worst-case” scenario, please give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now.
Rick L. Law, Estate, Asset, and Retirement Tax Attorney
8 times named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine, Rick has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate, Asset and Retirement Taxes. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Call 800-310-3100 for your free consultation now!