Taking team approach can keep finances in check

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Paul A. Brule

Legal Corner by Paul A. Brule

Our law firm helps many families save assets from loss for payment of nursing home expenses. People are surprised that we can save significant amount of assets, even when the need for a nursing home admission is imminent. Actually, our most dramatic saves are when the individual has already been in the nursing home for quite some time. It is never too late to take steps to save some assets.

How we go about accomplishing our goals differs from client to client. The level of assets, the type of assets, the financial history and the family relationships all have an impact on how we are able to save assets.

Generally, one of the methods we like to use in accomplishing our goals is to make sure our client has a good team in place. What do we mean by a team? That depends upon the client, but almost always it includes an experienced tax adviser. Whether the adviser is a certified public accountant, enrolled agent, public accountant or other adviser is not as important as whether the person can provide the tax advice necessary to protect our clients from possible adverse tax consequences.

In addition to a good tax adviser, most clients benefit from working with a good financial adviser. Because our objective in saving assets is to have them available to provide supplemental benefits for our client, making sure that the saved assets are intelligently invested in the interim is extremely important.

For clients with real estate, it might be helpful to have a real estate adviser. Whether that means a broker, an appraiser or a real estate manager would depend upon the circumstances.

We want to make sure there is an experienced legal adviser on the team as well. Of course, that’s where we like to think that we come in.

The above are just examples of what I mean by putting together a team. Depending upon the circumstances, other advisers might make an important addition to the team.

Sometimes, the client already has a good team put together, other times we may need to assemble such a team. But, having the team assembled is just the beginning. The real test is how well the team can work together to address the clients’ needs.

While having good legal advice is very important, depending upon your circumstances, you may be much better served by having a comprehensive team approach to solving your problems.

Who’s on your team?

Paul A. Brule is an attorney with the firm of Walsh, Brule & Nault, P.C., in Cumberland. He can be reached at (401) 334-4545.

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