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Regardless of one's age, asset protection planning is crucial

People spend their lifetime working hard to make sure they will have enough money to enjoy retirement, cover possible care they may need in old age and hopefully leave their families with a little something extra when their time is up. Unfortunately, some don't take the necessary steps to protect the assets they have attained. New Jersey residents, regardless of age or financial status, would benefit from asset protection planning to ensure they will be well prepared for the future.

There are several steps that can be taken to make sure any assets acquired during a person's life are protected. The first would be having adequate insurance. Homeowners, car, medical and even long-term care insurance -- to name a few -- can mean the difference between financial security and serious debt. Protecting oneself from unplanned events can save a person from unnecessary financial hardship.

Another step is to have an estate plan that will provide for family in the event of one's death, while at the same time minimizing tax burdens. Understanding state laws regarding wills and/or trusts can help in deciding the best course of action when determining where assets should be divided. Estate plans can also include instructions for long-term care, medical directives and final instructions, so family members will have a clear picture of what is expected.

Understandably, estate planning may not be what everyone wants to talk about, particularly those who are still young. However, asset protection planning -- regardless of age -- will help New Jersey residents protect everything they have and work so hard for. Creating an estate plan, reviewing it and making necessary changes when assets change will only help in providing future financial security for oneself and the family members they will leave behind.

Source: dailyfinance.com, 4 Ways to Protect Your Money, Barbara Hernandez, Jan. 6, 2014

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