Estate planning is highly recommended. Even if you are a person of modest means, you have an estate and several strategies to choose from to make sure that your assets are distributed as you wish and in a timely way. The right strategies depend on your individual circumstances. That is, what is best for your neighbor might not make the most sense for you.

Whatever the size of your estate, you should designate the person who, in the event of your incapacity, will have the responsibility for the management of your assets and your care, including the authority to make health care decisions on your behalf.

Although Estate Planning is particularly important for seniors, it is a much neglected necessity. Many older Americans are unaware of the many benefits of proper Estate Planning. A properly developed Estate Plan can save you, your spouse and your loved ones a considerable amount of money, time and inconvenience. Seniors have particular issues which must be dealt with when creating an effective Estate Plan. Some of these issues concern Estate Taxes, Medicaid Medi-Care, Medi-Cal, and long term healthcare.

There are many tools to use in asset protection planning, including, but not limited to:

A Will is a legal document that dictates how to distribute your property after your death. If you don't have a will, you die intestate, and the law of your state determines what happens to your estate and your minor children. The probate court governs this process. A living trust is different from a living will. A living will expresses your wishes about being kept alive if you're terminally ill or seriously injured. And, the FTC advises, proceed with caution. Because state laws and requirements vary, "cookie-cutter" approaches to estate planning aren't always the most efficient way to handle your affairs. Before you sign any papers to create a will, a living trust, or any other kind of trust:

Irrevocable Trusts: There are a variety of Irrevocable Trusts that provide excellent Asset Protection. However, choosing the right type of Irrevocable Trust is important. Irrevocable Trusts can privide excelent protection, however, they are much more restrictive that other types of Asset Protection.

Limited Liability Company (LLC): An LLC can be set up with special provisions to provide asset protection. You can be the manager of the LCC with full control over the assets placed in it. In the event of a lawsuit or judgement against you personally, the creditor will unlikely be able to reach your assets that you placed in the LLC. LLCs have become a very popular and beneficial tool for asset protection.

Corporation: A Corporation has much the same protections offered by an LLC. The main benefit of a Corporation, just like an LLC, is the liability protection offered to the owners of the LLC.

A Charitable Remainder Trust is an irrevocable trust. The purpose of a Charitable Remainder Trust is to allow you to make a donation to the charity of your choice while allowing you to retain control of the donation and keep any income derived from the assets during your lifetime. Upon your death or at the end of 20 years, the assets are given to the charity and the assets are not taxed as part of your estate.

Helpful Resources

Where to Complain: The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into Consumer Sentinel, a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.

The National Academy of Elder Law Attorneys, Inc., 1604 North Country Club Rd., Tucson, AZ 85716; 520-881-4005.

The National Consumer Law Center, Inc., 18 Tremont St., Ste. 400, Boston, MA 02108-2336; 617-523-8010.

The American Bar Association, Service Center, 541 N. Fairbanks Ct., Chicago, IL. 60611; 312-988-5522.

United States real estate investment information for the global real estate investor is provided by Bruce Woodworth.