We have all seen others who are financially devastated or harmed by circumstances that are completely outside of their control. For example, a beneficiary’s spouse may take his or her inheritance in a divorce. The beneficiary may lose assets to creditors from bad luck, the poor economy or bankruptcy. In 2008, many contractors and real estate investors were forced into bankruptcy, losing their investments when the real estate market crashed.
Our society is increasingly litigious. It seems as though there must be fault with every bad occurrence. Business owners and professional real estate owners are particularly concerned by potential losses associated with lawsuits. Even the costs of defense alone can be financially devastating. If your loved ones receive needs-based governmental benefits, special needs or medical benefits, the legacy left to them may be lost to repay the government.
