Are My Beneficiaries Protected?
An important question we hear often is, “Are my beneficiaries protected?”
The risks of making gifts outright in a will or trust is one aspect of estate planning that many people overlook. Unfortunately, many Americans are not aware that such gifts do not offer any asset protection.
Receiving an inheritance suddenly can have unintended consequences, such as jeopardizing eligibility for benefits like Medicaid or Disability. Additionally, these assets may be vulnerable to claims in the event of a lawsuit, divorce, or bankruptcy.
To safeguard your assets effectively, consider asset protection planning. One effective strategy is to appoint an independent trustee, executor, or personal representative. This approach can provide the maximum level of asset protection available under both federal and state law.
Contrary to popular belief, hiring professional third parties for these roles may not be as costly as you think. While some fiduciary services charge percentage-based fees, other fiduciaries, including our firm, offer fiduciary services at flat and hourly rates.
If you are interested in learning more about options for fiduciary services—whether for a new estate plan or as an update to your existing documents—please do not hesitate to reach out to our office.
Author Bio
Joshua McKarcher, Estate Planning Attorney
Joshua McKarcher is the founder of McKarcher Law PLLC in Clarkston, where he practices estate planning and administration for families in the Lewis-Clark Valley and throughout Washington and Idaho. He handles the cross-border planning that families with property or relatives in both states need.
He earned his law degree from The George Washington University Law School in Washington, D.C., graduating in the top 2% of his class, where he was elected to the Order of the Coif and served as Managing Editor of The George Washington Law Review.
He began his career at Covington & Burling LLP, handling complex corporate bankruptcy and insurance insolvency matters. He argued and won before the U.S. Court of Appeals for the Fourth Circuit, where the court ruled unanimously in his clients’ favor, and he won unanimous opinions twice before the Idaho Supreme Court, which overruled one of its precedents at his suggestion during oral argument.
That experience, spent untangling estates and businesses after something has gone wrong, is what shapes his work today: building estate plans that identify and minimize the risk of disputes, keep families out of probate, reduce estate and income taxes, and protect what people leave behind.
537 6th Street, Clarkston,
WA 99403
