Planning For Special Assets

Some types of assets in your estate require that special plans be made to handle them after you pass away. These are assets that you cannot merely give away in a will or trust.

Many assets you have are easy to distribute after you pass away. For example, it is easy to give someone the proceeds of financial accounts in most cases. However, there are other assets that require careful planning and may even require special estate planning tools to be used.

The Lake County News recently published a list of some of these special assets in an article titled “Estate Planning: Planning for special assets.”

Here is part of their list:

Businesses – There are some businesses that require specific licenses. These businesses cannot merely be turned over to someone without the required license. Someone who is licensed will have to wrap up the business affairs.
Firearms – Weapons also require licenses. They need to be given to someone with a license or placed in trust.
Pets – You cannot just give your pet to anyone. You have to plan for how your pet will be cared for after you pass away.
Jewelry – Expensive jewelry needs to be carefully identified and designated to make sure it does not disappear.
Vacation Property – If you want your family to continue to enjoy vacation property after you pass away, then you need to make plans for that, too.

This is not a comprehensive list of special assets, but it should give you an idea about what types of assets need to be handled with care in your estate plan. Fortunately, with the assistance of an elder law or estate planning attorney, all of these special assets can be handled and distributed the way you want.

Reference: The Lake County News (August, 15 2014) “Estate Planning: Planning for Special Assets“

Hear From Our Clients

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben