Below are some tips to help you preserve and accumulate your assets. Many of these are common sense, but can be easily overlooked.
1. Stay healthy: Live a healthy lifestyle.
2. A “Stitch in Time”: Take care of any problems—medical, financial, personal—as soon as they arise.
3. Review and Pay Insurances: Know what you have and what you need. Make sure that you are not over-insured or under-insured. Have a third party notified before termination to avoid a lapse in coverage. Different types of coverage may include:
(a) Medicare, Supplement, Advantage Programs;
(d) Long term care;
(g) Boat; and
4. Update Estate Planning: Be sure to update your legal Estate Planning documents to avoid family discord and fighting, which can be very expensive.
5. Review Title of Assets: Are they joint or POD? This means that the joint owner or beneficiary will receive the assets regardless of what your Will says. Is this what you want?
6. Don’t Assume Anything: If you make a loan or gift to family or friends, make sure that it is in writing to avoid fighting and wasted money.
7. Asset Protection: There are legal techniques to protect assets from creditors and Medicaid.
8. Additional Funds: There are potential sources of funds from Medicare, Medicaid, VA, and private insurance.