Long Island asset protection attorneys can provide you with help taking steps to protect your assets. One of the key steps that you may need to take is to make sure you have the right insurance coverage. The insurance you need to protect your wealth may change as you get older and the risks to your assets change.
Mark S. Eghrari and Associates, PLLC can provide the help that you need to protect your wealth. We can work with you to make effective use of legal tools and to identify the appropriate insurance coverage so you and your loved ones will be protected even if something goes wrong. Just give us a call today to find out more about how we can help you to make your plans for the future.
Insurance You Need to Protect Your Assets
There are many different kinds of insurance coverage that help to ensure your wealth is not at risk of loss due to something going wrong. In some cases, purchasing insurance is required. For example, if you drive a car, you need auto insurance in case you cause an accident and injure others or damage the property of others. If you have a mortgage on your home, the bank likely also requires the purchase of homeowner’s insurance in order to make certain that damage or destruction of the mortgaged home can be repaired. Homeowner’s insurance provides protection from liability as well.
In addition to these common types of insurance that you know you need, there are also other types of policies that may provide important protect as well. For example, purchasing an umbrella insurance policy makes sense for many people.
An umbrella insurance policy is a policy that provides added protection if you are sued and you hit coverage limits on your other policy. If you caused a car accident and the other party had $1 million in damages for example, your automobile insurance may only cover $250,000 of those damages. You could potentially be held liable for the remaining damages and, if a judgement was entered against you, you could find your wages garnished or liens could be put on your assets.
This could be avoided with an umbrella insurance policy that provides secondary coverage.The policy would kick in to pay the remaining money owed above and beyond the $250,000 that your car insurance covers.
In addition to umbrella insurance, you may also wish to look into the purchase of long-term care insurance. Long-term care insurance is a policy that will help to defray the costs of nursing home care or the costs of long-term care provided at home if something happens to you and you end up needing care.
Long-term care and nursing home care can both be very expensive and, unfortunately, neither are usually covered by Medicare or by most private insurance. You can get Medicare to cover long-term care or nursing home care only if you need skilled nursing care and if you meet other specific qualification requirements such as a qualifying hospital stay. The majority of people who require long-term care or nursing home care are in care facilities or require help because they cannot do routine activities of daily living any more. The care they need is called custodial care and since insurance typically does not pay for it, they may be required to pay for it out of their own pockets.
A long-term care insurance policy can provide some protection from the catastrophic financial loss that can occur if you have to pay for long-term care on your own. However, such policies often have substantial coverage limitations and could become prohibitively expensive as you get older. Because of the limitations and the high costs of paying for a long-term care policy, this is not a viable option for most.
If you cannot protect yourself from the possibility of nursing home care costs or long-term care costs with a long-term care policy, you should work with Long Island asset protection attorneys to look into the possibility of making a Medicaid plan to try to get Medicaid to pay for the costs of your nursing home care.
Getting Help from Long Island Asset Protection Attorneys
Long Island asset protection attorneys at Mark S. Eghrari & Associates, PLLC can provide personalized help in identifying the different tools — including the different types of insurance policies — that you may need to get covered. To find out more about how our firm can help you, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online today.
Latest posts by Mark S. Eghrari, Estate Planning Attorney (see all)
- Why Do So Many People Need to Make a Medicaid Plan? - March 15, 2018
- What Executors Need to Know About Managing Estate Assets - March 13, 2018
- What Do You Need to Know If You’re Named as Guardian - March 8, 2018