Chances are you, a parent, or an elderly loved one has accumulated a nest egg of assets that you wish to protect. But what happens when a spouse becomes seriously ill and may need long-term care? What if a couple has a child with special needs and wants to set aside assets for the child for when the couple has passed away? What if your loved one has accumulated a decent-sized nest egg, but it is connected with an investment broker who makes inappropriate investment decisions that further his or her financial interests rather than those of your loved one?
These are just a few of the situations that can put your or your elderly loved one’s assets at risk. No matter how much or how little a person has, there are threats and risks out there. Therefore, it’s necessary to assemble a team of experienced professionals that can develop solutions to protect hard-earned assets and shelter resources that may be needed down the road. The Pennsylvania Institute of Certified Public Accountants offers suggestions for putting together a plan of protection for your assets.