Safeguarding Your Assets In Grove City
A common misconception is that asset protection is exclusively for the affluent and well-known. In reality, both high-net-worth individuals and middle-class families can benefit from asset protection planning strategies. These approaches help safeguard assets needed for retirement and preserve property intended for inheritance. This becomes particularly crucial in later life stages when health changes often occur. Given that healthcare expenses, particularly those related to long-term care, can severely impact retirement plans, elder care attorneys and experienced estate planning attorneys can assist middle-class families with asset protection planning. This helps preserve their financial resources and alleviates concerns about potential financial setbacks due to health issues.
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 Grove City asset protection attorney from Jarvis Law Office. We can review your situation and develop the ideal asset protection plan for you.
Why Asset Protection Matters
When it comes to elder law, asset protection plays a pivotal role in preserving seniorsโ financial health throughout retirement. This practice implements various strategies to defend assets against creditors, legal action, and the high costs of long-term care. Protection methods may include establishing trusts, forming LLCs, utilizing annuities, employing gifting strategies, and other personalized planning approaches. The professionals at Jarvis Law are acutely aware of the challenges seniors face in protecting their lifetime savings and are committed to providing superior solutions. Our comprehensive asset protection services are designed to offer top-tier advice and guidance tailored to your unique needs.
The Right Time to Engage an Asset Protection Professional
Planning ahead is key in asset protection. An asset protection attorney offers invaluable assistance in risk assessment and developing protective strategies for your assets. Prompt consultation with an asset protection lawyer is recommended if you have significant property holdings, high-value investments, or own a Grove City business entity. Your attorney will provide guidance on structuring your assets and investments to safeguard them from potential creditors and litigation. They can also assist in creating trusts or other legal structures to secure your wealth for future generations. Given the complexity of asset protection laws, which vary by state, a knowledgeable asset protection attorney at Jarvis Law can help you navigate these intricate legal requirements.
Asset Protection Strategies
Our Grove City 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
Long-Term Care Costs on the Rise in Grove City
Long-term care services in Grove City and throughout the nation began a dramatic rise starting in 2022. Cost increases have been so significant that even individuals with long-term care policies may now need to look at additional ways to address the ever-increasing rates for home care, assisted living, and nursing home levels of care.
Most of our Grove City clients prefer to receive any assistance that they might need in their own homes. And we are very lucky in Ohio to have a program under the Medicaid umbrella of services that can assist families with the cost of that care. That is a good thing because this area has seen one of the highest cost increases due to the reduction of the labor force over the last few years. Previously the cost of one month of round-the-clock home care was approximately $16,000 per month. Our clients have been reporting to us that they have recently received service quotes in the $21,000-$24,000 per month range. With costs this high, most of the families we work with would be unable to sustain this level of care for a significant length of time.
In recent times, Grove City nursing home and assisted living center rates have also jumped significantly. A local 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. Grove City seniors can access tools and strategies to make their savings last longer by working with an experienced Jarvis Law elder care attorney who can leverage their assets and strategize adequate safeguards for them.
Ohioโs Asset Protection Trust Advantage
Ohio legislation permits the use of robust asset protection instruments, including asset protection trusts. This underutilized and often misunderstood tool plays a crucial role in safeguarding assets from Medicaid spend-down, specific creditors, and legal actions. These trusts have been accessible to Grove City residents for several decades. A seasoned asset protection lawyer or elder care attorney can employ this hybrid form of irrevocable trust to shield your personal assets from the aforementioned real-world risks. Moreover, as a hybrid trust, it allows you to retain control over your trust assets. You can designate your children and grandchildren as beneficiaries, incorporating safeguards against lifeโs uncertainties such as divorce, bankruptcy, disability, lawsuits, and poor decision-making. Given its versatility, itโs clear why this option is favored by Grove City residents seeking to protect 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 trust assets. Once that time passes, your assets will be protected.
Protecting Assets With Insurance
Your Grove City 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 Grove City asset protection attorney will review your jointly-held accounts and assets and recommend legal strategies to protect those assets.