North Georgia Elder Law - March 2019

Kevin’s Peace of Mind

www.kevintharpe.com (770) 503-1022

March 2019

The Type of Spring-Cleaning You Should Be Doing How to Maintain Ownership and Protect Your Assets

For millions of people around the world, this month marks the kickoff of your annual spring-cleaning. Whether you enjoy this type of cleaning or despise it, at least you can see it as an opportunity to get your life more organized. But before you start weeding all your garden beds or taking apart your garage, I urge you to consider your assets. Do you have them organized properly? Many of you know that I decided to leave a career as a tax attorney to pursue elder law after my grandmother, who was worried that she couldn’t afford to pay for my grandfather’s nursing home bills, looked at me and asked, “Am I going to lose my home?”While I was unable to answer that question for her in the moment, now I base my entire career on helping other people find answers to this question and others like it. Unfortunately, a large portion of the population has to stay in a nursing home at some point in their lives, which can cause some financial uncertainty. When this happens, people are stuck wondering what could happen to their assets if they get sick The best and simplest way I help my clients find a solution for this type of situation is by giving them two pieces of information:

ownership during your lifetime — like you do if you deed them to someone else or by putting these assets in an irrevocable trust — then these types of assets remain protected during your lifetime. In the next issue, we’ll talk about the type of legal document that will continue the protection of assets for your surviving spouse, your children, your grandchildren or whomever you want at your death. As you prepare and organize all your legal documents, it’s easy to get overwhelmed by terminology, others’ recommendations, and the number of options you have available to you.

When the vast majority of people or their families are faced with getting sick or having to move into a nursing home, they assume they have to give up ownership in order to protect their assets. They don’t make these assumptions out of thin air. Lots of other advisors, including attorneys, tell them that in order to protect assets like their home, they have to deed it over to their children or add their child’s name to their financial accounts. Actually, the opposite is true. Don’t assume you have to give up ownership of your assets if you get sick or have to move into a nursing home. Instead, the type of asset you have determines the kind of protection you need. If you have to move into a nursing home, you are protected through the types of assets you own. And, as long as you don’t give up

I. The type of asset determines the type of protection.

II. Do not give up ownership of your assets during your lifetime.

As long as you remember these two points, you will drastically reduce your stress load.

If you still have questions, I’m only one call away!

“Don’t assume you have to give up ownership of your assets if you get sick or have to move into a nursing home. Instead, the type of asset you have determines the kind of protection you need.”

-J. Kevin Tharpe

www.kevintharpe.com | 1

Published by The Newsletter Pro • www.newsletterpro.com

www.kevintharpe.com

Made with FlippingBook HTML5