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There’s a myth that asset protection is only for the rich and famous. Both the wealthy and middle class can benefit from asset protection strategies. These strategies help people protect the assets they will need in retirement, as well as the property they want to pass on to their loved ones. This is especially true in the second half of life, when many of us begin to see some changes is health. Because health care costs, especially long term care related costs, can be devastating to a family’s plans for their retirement years, elder care attorneys help middle class families protect and preserve their nest egg, so they don’t have to worry about a health issue wiping them out financially.
When a loved one is diagnosed with dementia or Alzheimer’s, it can be an overwhelming and emotional experience. Noticeable differences in your loved one’s behavior, capacity, or care needs can be jarring for everyone involved. Planning and preparing for the changes and challenges ahead is crucial in these moments.
Memory Care Planning
Getting older comes with a unique set of challenges. You worry about the toll aging will take and the cost of long-term care. At the same time, you want to protect your assets for yourself while you’re living and your loved ones after you’re gone. While all of this can seem overwhelming, a Central and Southeast Ohio elder law attorney can help you sort through what matters most and create a custom long-term care strategy that will offer peace of mind now and into the future.
Long-term care is often both expensive and necessary. When the time comes that you need assistance, you want to have a plan in place to pay for the care. That’s where Medicaid planning can help. Our Central and Southeast Ohio Medicaid planning lawyer can help you qualify for the program without losing your assets. Then, you can still pass down assets to your beneficiaries without sacrificing care.
Did you know that if you pass away without an estate plan, you will have died “intestate?” That means the state of Ohio will choose what happens to your assets. Even worse, if you are a parent of minor children, the state will determine who will become their guardian. Instead of letting the state of Ohio make these important choices for you, contact a Central and Southeast Ohio estate planning lawyer.
Estate Tax Planning
You have worked hard to grow your assets and wealth, and you want to leave your investments and property to your loved ones. However, you are concerned that a large portion of it will go to the government due to estate taxes. While that might be true without planning, the Jarvis Law Office can help you minimize your estate tax burden. Then, instead of losing your wealth, it will continue to grow in the next generation.
When people pass away with or without a will, their estates must go through probate. This is the process of validating the will and settling the estate. The beneficiaries cannot receive the property until the probate process is finished. Depending on the size of the estate, they might have to wait months or even over a year to reach the end of probate.
Trust And Will Lawyer
Does the idea of estate planning make you feel a little uncomfortable? If so, you’re not alone. You can’t help but confront your own mortality when considering an estate plan, which is hard for everyone. However, it’s risky to grow older without a plan. Without a plan, you are essentially handing over control to the state of Ohio after your death. The state will choose who receives your assets and cares for your minor children.
Powers Of Attorney Lawyer
It’s hard to know what tomorrow might bring. Even so, you can plan for whatever arises in the future with powers of attorney. Powers of attorney allow you to name someone to act on your behalf if you become incapacitated. With these documents in place, your designated person or people can step in and make decisions for you.
Business Succession Planning
As a successful small business owner, you are probably used to doing it all. Even if you have employees who are in charge of various aspects of the company, you like to stay informed of what’s happening at all times. But what will happen after you are gone? Do you have a business succession plan in place that protects your business regardless of what happens to you?
We all know that nursing homes cost a lot of money. Despite this knowledge, very few of us have done anything to prepare for the possibility that we might one day need nursing home care. If we give it any thought, we just decide to figure out how to pay for it if the time comes. While this approach is understandable and very common, there are other alternatives.
Special Needs Planning
As the parent or guardian of a person with special needs, you have always done what you had to do to ensure that they get the support and services they need to thrive. From working with their school on an appropriate educational plan to applying for government benefits, it’s no small task to care for someone with developmental or physical challenges. This care and advocacy don’t end once you are no longer able to do it.
Charitable gift planning can be simple a simple process. For example, you can write a check, hand over cash, transfer stock or sign a quit-claim deed to real estate directly to the charity of your choosing. On the other hand, there are more involved strategies whereby you can give and receive depending on your unique circumstances.