As more Americans reach retirement age and live further into the years beyond it, the issue of asset protection is becoming more important to a larger cross-section of the population. Once you are no longer working regularly, your savings, investments and other retirement funds may become your only source of income. With the right planning and savings during your career, that can be a substantial pool of resources, but it does need to be protected.
The law creates many openings where elder citizens might be vulnerable to exploitation or other sources of asset loss, including the use of their funds by spendthrift family members. There are a variety of ways to plan around this, though. Some require the help of an elder law or estate planning attorney, so knowing your options and the resources they require is the first step.