Protecting Your Assets in Bexley, Ohio
Many believe that asset protection is only necessary for the wealthy and famous, but it can benefit both the affluent and the middle class. These strategies help safeguard the assets needed for retirement and the property intended for loved ones. This becomes particularly important in the latter part of life as health changes often occur. Healthcare expenses, especially those related to long-term care, can significantly impact retirement plans. Elder care attorneys assist middle-class families with asset protection planning to secure their savings, ensuring that a health issue does not deplete their finances.
While the tools and strategies are complex, our attorneys make the process a smooth and easy one for our clients. Everyone deserves the peace of mind of knowing their future is secure. This is a complicated legal process, so contact a Bexley, Ohio, asset protection attorney from Jarvis Law Office. We can review your situation and develop the ideal asset protection plan for you.
What You Should Know About Asset Protection
Safeguarding financial resources is a cornerstone of elder law, crucial for maintaining seniorsโ economic security during their retirement years. This discipline utilizes an array of approaches to protect assets from vulnerabilities including creditor actions, court decisions, and nursing facility expenses. Protective measures often incorporate trusts, Limited Liability Companies (LLCs), annuities, strategic gifting, and additional planning tools. Jarvis Lawโs team understands seniorsโ obstacles in safeguarding their hard-earned wealth and is dedicated to offering the finest solutions. We provide thorough asset protection services, committed to delivering exceptional advice and direction customized to your unique circumstances.
When is the Best Time to Contact an Asset Protection Lawyer?
In asset protection, taking action early is crucial. An asset protection attorney can help evaluate risks and develop strategies to safeguard your assets. If you own property, high-value investments, or a business, seeking advice from an asset protection lawyer promptly is advisable. Your attorney will provide legal guidance on structuring your investments and assets to protect them from potential creditors and lawsuits. Theyโll also assist in setting up trusts or other entities to secure your wealth for future generations. It is important to understand the asset protection laws in your state, and a knowledgeable asset protection attorney at Jarvis Law can help you navigate these complexities.
Asset Protection Strategies
Our Bexley asset protection attorneys utilize various strategies to assist clients. These strategies protect our clients by:
- Preserving your life savings from the catastrophic cost of long-term care by Preventing or Reducing a Medicaid Spend Down
- Protecting your home from a Medicaid Lien
- Making sure you and your spouse have enough income and savings to last the rest of your lives
- Creating a plan for the future that ensures a seamless transition to your chosen individual(s) that is smooth and easy
- Making sure you are never a burden on your spouse or children
The Rising Tide of Long-Term Care Expenses in Bexley
The year 2022, brought a significant uptick in long-term care service costs to Bexley, Ohio, and elsewhere across the nation. This dramatic increase has been so pronounced that even those with existing long-term care policies may need to explore additional avenues to address the escalating rates for home care, assisted living, and nursing home care.
Most of our clients in Bexley express a preference for receiving care in their own homes. Ohio residents benefit from a Medicaid program that can assist families with these care costs. This is particularly crucial as this sector has experienced one of the most significant cost increases, largely due to workforce reductions in recent years. Previously, a month of round-the-clock home care was priced at approximately $16,000. However, our Bexley clients now report receiving service quotes ranging from $21,000 to $24,000 per month. Given these high costs, most families we assist would find it challenging to maintain this level of care for an extended period.
In recent times, nursing home and assisted living center rates have also jumped significantly. A local Bexley nursing home that was previously charging $9,000 a month for care recently quoted $14,000 for that same care. Several other care centers in the area have implemented similar increases in their rates. These businesses are having trouble keeping staff, and their expenses have risen due to inflation.
This has created an environment where those needing care and assistance have to use a larger amount from their savings than they had ever planned to. All of this is leading to concern that seniors wonโt be able to afford the care and support services that they need.
But there is hope. Bexley seniors can access tools and strategies to make their savings last longer by working with an elder care attorney who can leverage their assets and strategize adequate safeguards for them.
Protecting Assets Using Domestic Trusts
Ohioโs legal framework allows for the implementation of powerful asset protection tools, including asset protection trusts. This underutilized and often misunderstood instrument is essential in a comprehensive plan to shield assets against Medicaid spend-down, specific creditors, and legal actions. These trusts have been accessible to residents of Bexley for several decades. An experienced asset protection or elder care attorney can employ this hybrid irrevocable trust to protect your personal assets from the very real risks previously mentioned. Moreover, as a hybrid trust, you retain control over your trust assets. You can designate your children and grandchildren as beneficiaries, incorporating safeguards against lifeโs unpredictabilities such as divorce, bankruptcy, disability, lawsuits, and poor decision-making. This flexibility clarifies why this option is popular among Bexley residents seeking to safeguard their assets.
There are some caveats to keep in mind. We still have to keep an eye on the five-year lookback with Medicaid if we are hoping to utilize that option to supplement the high cost of care in the years ahead. Sometimes families come to us, and they donโt have five years available until their loved one needs care. Thatโs okay too. These tools can be combined with other strategies to preserve a significant amount of what would otherwise be lost. The more time the elder care attorney has to work with you, the more likely they will be able to protect your assets. Also, creditors have 18 months to bring claims against the assets in the trust. Once that time passes, your assets will be protected.
Protecting Assets With Insurance
Your Bexley asset protection attorney can also advise you on purchasing umbrella insurance policies. These policies can shield you against liability, even if youโre involved in a lawsuit. You can often buy the policy you need through your homeownerโs insurance company. However, consult with your attorney to ensure it provides the asset protection you need before making a purchase.
Jointly Held Accounts
Did you know that money in jointly held accounts is at risk? For example, if you share an account with a child who gets divorced, the money could be seized. Your Bexley asset protection attorney will review your jointly-held accounts and assets and recommend legal strategies to protect those assets.