The 3 major mistakes that could cost your family EVERYTHING!
Act now to learn the secrets to protecting your family home and nest egg from nursing homes, lawsuits, and divorces By Gary Brainin Brainin Law Office SANTA CLARAThe funeral is only the start of your family’s problems. Even though you’ve worked hard your entire life and saved up something you’d like to pass on to your family, they may end up with nothing. You can spare your family a second round of grief. Keep reading and I’ll share just 3 critical reasons your family may be facing difficulties. My name is Gary Brainin, and I have reviewed countless wills and trusts here in California. Recent legal trends cause me great concern. In this article, I’d like to highlight just some of the issues which may affect your family.
RISK #1—LOST IN PROBATE COURT
Chances are high your estate is going to wind up in probate court. In probate court they decide if your will is valid, try to settle disputes, distribute your assets to your heirs, and settle any outstanding issues. Probate court is a very lengthy process and it may take months or years until your will clears probate. Another problem is everything about your will is in the public record so virtually anyone has access to every single detail of your finances. Finally, your heirs don’t get their share of your estate until Uncle Sam and the lawyers get their share, which can be very expensive. But there is a way to pass on your entire estate— regardless of its size—to your loved ones while legally avoiding probate and minimizing or eliminating Federal Estate Taxes. I’ll show you how to do this at an upcoming free seminar.
RISK #2—NO PROTECTION FROM NURSING HOMES
You’ve worked hard your entire life and you’d like to pass on your estate to your loved ones. But unless you quickly take action, there may be nothing left for your family. Statistics reveal you are six times more likely to become disabled before you die. The US Government Census Bureau expects the disability rate to double in the next decade. Yet most people plan their wills only for what will take place after their death. This is a serious mistake. Very frequently we see plans people have made for their heirs become undone because of the need for long-term nursing care. This year the cost of a nursing home stay in the south bay can be up to $128,000 per year. It’s been reported that more than 500,000 seniors a year go broke because of these long-term care costs. Before Medi-Cal picks up a dime, your assets may be exhausted. You may die and leave nothing to your heirs.
RISK #3—NOT PROTECTING YOUR FAMILY
Most people fear once they’re gone their spouse and kids will be taken advantage of by creditors, lawsuits, or divorce; or they may squander the estate with foolish financial decisions. Most wills and trusts I’ve examined do nothing to protect against these risks. Many wills and trusts give your assets outright to your heirs when you and your spouse are gone. This is a huge mistake. If one of your goals in establishing a trust was to protect your family, your work may have been in vain. There are three principal issues of concern with regard to protecting your family.
Skyrocketing Divorce Rate
With the divorce rate hovering at 50%, you cannot afford to ignore another very real danger. In California, a divorcing spouse can walk away with 50% of your assets if things are not properly handled. You worked your entire life to build up a nest egg and planned carefully to make sure it was transferred into the right hands. You don’t want a sizeable chunk of it to end up in the hands of a “soon to be ex” in-law.
Irresponsible Behavior
Sometimes protecting your family means protecting individual members from their own irresponsible behavior. Perhaps there is a young person in your family who has not fully matured yet and may take the money you saved and squander it in one afternoon. There are simple ways around this problem we will detail at our free seminar.
Special Needs Relatives
If you have a child or grandchild with special needs and this child inherits wealth from your estate—all of the government benefits will stop immediately. Your gift may cause them a double problem—first the loss of services and then, when their money rapidly runs out, the inability to arrange for a resumption of government services. We’ll show you how you can look after your special needs family member even after you are gone.
FREE SEMINAR REVEALS A BETTER WAY
If you are concerned about making sure the money you’ve earned goes to your loved ones without going through probate you owe it to yourself to attend our upcoming Free Legacy Wealth Planning Seminar. At the seminar, I’ll highlight some of the most common risks you’ll want to consider and show you how to protect yourself and your family.
Here’s What You’ll Discover
I’d like to invite you to join me at an upcoming Legacy Wealth Planning presentation. In this 90-minute seminar, you’ll find out what a “barebones” estate plan is and how dangerous it can be for your family. The most common remark I hear after these seminars is that most people are amazed at how exposed their family was. Some people might even be a little angry their planner didn’t advise them of many of these issues. The good news is that it’s not too late to fix the problem and get the real peace of mind you deserve. Even though you’ve worked hard your entire life and saved up something you’d like to pass on to your family, they may end up with nothing without proper planning. When you attend one of our Wills and Living Trusts seminars, you’ll immediately discover how you can prevent this from happening to you and your family… but space is limited, so call now to reserve your seat. All seminar attendees will receive a FREE one-hour, personal consultation to see how a proper estate plan will benefit you and your family ($500 value).