Most of us look forward to retirement, but if you’re going to really enjoy those golden years, it’s important to make sure your assets are protected so you don’t burn through them faster than expected. An asset protection lawyer in Tampa, FL can help you set things up in a way that will ensure your future is secure.
From a Tampa, FL Asset Protection Lawyer: Getting Protected Before You Retire
The precise steps you take will depend on your unique situation, so this is something you need to talk over with a lawyer in person. But in general there are some basic steps that you’ll probably want to take:
1. Establish Trusts
When you create a trust, you transfer some of your assets from your own estate and into the trust. Those assets now do not technically belong to you: they belong to the trust. You can set yourself as the trustee or have another trustee appointed, and you can still manage how assets in the trust are used.
There are several types of trusts, but the two large, overarching types are revocable and irrevocable. Revocable trusts offer you more flexibility to change things, but they offer fewer protections. Irrevocable trusts offer more protection but are less flexible once they’ve been set up. A lawyer can help you decide the best choice for you.
2. Diversify
It’s always wise to diversify your investments as you try to build wealth and look towards your retirement years. Every type of investment, from stocks and bonds to real estate, gold, or even crypto, comes with its own risk profile and rewards.
If you have, as they say, “all your eggs in one basket,” you’re taking on too much risk. If everything you have is in the stock market, for example, and the stock market tanks at the wrong time, your retirement could be endangered. By diversifying as much as possible, it’s more likely your retirement income will stay stable.
3. Be Smart About Insurance Coverage
Insurance is something you can pay into now and reap big benefits from when you hit retirement. Healthcare is always a huge issue to be concerned about. For one thing, you just don’t know how many years of life you might have, so you don’t really know how many years of retirement you’re going to need to plan for. For another, should you end up needing serious long-term care, you could easily burn through all your assets.
Consider getting long-term care insurance and disability insurance to get peace of mind for all this. The right life insurance policy can also be helpful. With some life insurance policies, you can choose cash out the policy under the right circumstances, and that gives you an extra source of money should you be hit with something unexpected.
These are just a few of the options that can protect your assets as you head into your golden years, but the best thing that you can do to prepare is to talk with an experienced attorney. Contact the Law Office of Elizabeth Devolder in Tampa, FL today.
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