You are Wealthier Than You Think: Protect Your Assets!

White eggs in a brown nest labelled with IRA, Pension, 401k and House representing a typical nest egg.

If you have a child and a home, you are ready for an Estate Plan. And by the way, you are likely wealthier than you think you are. Clients are often surprised after completing my client questionnaire (which requires a step-by-step asset analysis) that they have considerable more assets than originally thought.

For example, when contemplating your family’s wealth do you remember to count all retirement plans from every job you and your spouse have ever had (401Ks, IRAs, pensions, death benefits, etc.)? Also don’t leave out home equity, life insurance and any other items of value that are oftentimes overlooked like antiques, collections or hobbies.

Protecting assets can be as simple as making sure your beneficiary designations are up-to-date to creating a Trust within your Will for life insurance proceeds intended to provide for a minor or disabled child.

This article is not intended as legal advice. Be sure to consult with an attorney when contemplating any of the above-described matters.

About the author. Daniel Del Collo, III is an Estate Planning and Elder Law attorney with an office located in Mount Laurel, New Jersey. He is also a member of the National Academy of Elder Law Attorneys. To discuss this article or any others, you can contact Dan at (856) 533-2405.

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