The uncertainty of the future is a reality we all face. However, through meticulous planning, you can rest assured that you are set up for success. At Alperin Law& Wealth, we specialize in crafting personalized financial plans for our clients, encompassing a comprehensive array of risk management strategies. These strategies are meticulously designed to safeguard against potential financial losses stemming from lawsuits, disability, or the need for long-term care.
Safeguarding Assets Against Lawsuits
In our current litigious environment, individuals of all ages and professions face the risk of losing their hard-earned assets in legal disputes. For instance, in the event of a severe car accident surpassing insurance coverage limits, injured parties may come after your personal assets. Similarly, homeowners are vulnerable to lawsuits arising from incidents such as slip and fall accidents, dog attacks, or injuries in their backyard swimming pool.Securing umbrella insurance is a commonly employed method to shield assets from potential lawsuit threats. Typically obtained in coverage increments of $1 million, these policies apply to liability or personal injury claims that surpass the coverage limits of your home or auto insurance. Establishing an asset protection trust represents another effective strategy for risk management. This form of irrevocable trust serves to shield most assets from civil judgments, offering a protective measure for your estate and ensuring its preservation for the benefit of your children and grandchildren. For small business owners, comprehensive risk management planning involves safeguarding personal assets against legal actions linked to the business. This may entail the establishment of a limited liability company (LLC), which not only provides protection but also serves as a safeguard in the event of bankruptcy filings on behalf of your business.
Preparing for Potential Disability![Financial managers discussing risk management plan | Virginia Risk Management Lawyer]()
Instances of disabilities preventing individuals from working are more prevalent than most may think. The Social Security Administration reveals that over 25% of people will experience a disability lasting 90 days or more before reaching retirement age. These disabilities encompass injuries from accidents, as well as those related to serious illnesses such as cancer, heart attacks, or diabetes. To safeguard against such uncertainty, short-term and long-term disability insurance is essential. While employers may provide coverage, obtaining an independent policy offers added flexibility and the assurance of continuous protection, even if job changes occur in the future.
Anticipating Long-Term Care Expenses
Contemplating the need for long-term care may be uncomfortable, yet approximately 60% of those reaching 65 can anticipate requiring nursing home, assisted living, or in-home care, according to the US Health & Human Services Department. As Medicare does not cover long-term care expenses, proactive planning becomes crucial to ensure financial security and access to necessary care. The median cost of a private room in a nursing home is now nearly $110,000 annually, with assisted living and in-home care expenses averaging around $55,000 annually.
Few individuals possess the assets required to cover such costs independently. Long-term care insurance typically covers care expenses for a specified period, and some policies include inflation protection. Hybrid options are also available, where benefits not utilized become life insurance payouts to heirs. Depending on your financial situation, long-term care planning may involve Medicaid planning and restructuring assets to qualify for Medicaid benefits for nursing home care—often through mechanisms like qualified income trusts or Miller trusts. Strategic planning may enable you to access Medicaid benefits while safeguarding assets for a spouse at home or heirs.
Let Us Assist You in Preparing for the Unknown
Alperin Law & Wealth collaborates with diverse clients, including young families, business owners, high net worth individuals, medical professionals, and retirees or those approaching retirement. We provide a comprehensive one-stop solution addressing all your financial and legal needs—from risk management and asset protection to tax planning, estate planning, and business planning.
Are You Searching For An Experienced, Dedicated Risk Management Advisor In Virginia?
The Alperin Law & Wealth team is available at our conveniently located offices in Virginia Beach, Norfolk, and Suffolk, VA to assist clients throughout the region. Our team is also available to meet virtually for clients across Virginia and North Carolina. Schedule a free 15-minute call today to explore how we can support your financial planning and investment needs by calling (757) 490-3500.
