Asset Protection In Lewis Center
Asset protection isnโt just for the wealthy; itโs beneficial for both affluent and middle-income individuals. These strategies help secure retirement assets and facilitate property transfer to loved ones. This becomes increasingly crucial as we age and face potential health challenges. Understanding that healthcare expenses, especially long-term care costs, can derail retirement plans, elder care attorneys assist middle-class families with asset protection planning. Their goal is to safeguard financial resources and mitigate the risk of financial hardship due to health-related expenses.
While the tools and strategies of asset protection 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 an Ohio asset protection attorney from Jarvis Law Office. We can review your situation and develop the ideal asset protection plan for you.
What You Need to Know About Asset Protection
Asset protection is a key focus of elder law. Itโs vital for maintaining seniorsโ economic stability in their later years. Elder law attorneys employ a variety of approaches to protect assets from potential risks including creditor claims, legal rulings, and nursing home expenses. Asset protection methods often incorporate the use of trusts, Limited Liability Companies (LLCs,) annuities, strategic gifting, and additional planning tools. Jarvis Lawโs professionals understand the challenges seniors encounter in safeguarding their hard-earned wealth and are dedicated to delivering the best possible solutions to limit liability and protect assets. Through our comprehensive asset protection services, we provide top-quality advice and personalized direction tailored to your specific situation.
When is the Best Time to Speak with an Asset Protection Lawyer?
Among the most important aspects of asset protection is timing and anticipatory action is important to getting the most out of your asset protection plan. An asset protection attorney will assist in assessing risks and developing strategies to safeguard your assets. If you possess significant property, valuable investments, or a business entity, itโs recommended to promptly consult with an asset protection lawyer. They will offer legal advice on structuring your investments and assets to protect them from potential creditors and legal action. Additionally, they can help establish trusts or other legal entities to preserve your wealth for your heirs. Understanding the nuances of asset protection laws in Lewis Center is crucial, and an experienced asset protection attorney at Jarvis Law can help you navigate these legal intricacies.
Asset Protection Strategies
Our Ohio 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 Shifting Terrain of Long-Term Care Costs in Ohio
The start of 2022 brought a significant uptick in long-term care service expenses in Pickerington, Ohio and throughout the United States. The cost surge has been so substantial that individuals with long-term care insurance may now need to consider supplementary methods to address the rising rates for home care, assisted living, and nursing home care.
Most of our clients in Lewis Center prefer 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 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 Pickerington, Ohio 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. Seniors in Lewis Center can access tools and strategies to make their savings last longer by working with an Ohio elder care attorney who can leverage their assets and strategize adequate safeguards for them.
A Potent Approach to Asset Protection
Ohio law permits the use of potent asset protection strategies, including asset protection trusts. This underutilized and often misinterpreted tool is essential in a comprehensive plan to shield assets from Medicaid spend-down, certain creditors, and legal actions. These trusts have been accessible to Ohio residents for the past few decades. A well-versed asset protection or elder care attorney can employ this hybrid form of irrevocable trust to protect your personal assets from the very real risks previously mentioned. Moreover, being a hybrid trust, you maintain control over your trust assets. You can also name your children and grandchildren as beneficiaries, incorporating protections against lifeโs uncertainties like divorce, bankruptcy, disability, lawsuits, and poor judgment. This flexibility explains the popularity of this option among Lewis Center residents aiming 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 Lewis Center 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 asset protection planning 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 Lewis Center asset protection attorney will review your jointly-held accounts and assets and recommend legal strategies to protect those assets.