Asset Protection Lawyer Bexley Ohio

Your Bexley Asset Protection Lawyer

Jarvis Law Office helps people protect and preserve assets for retirement and the next generation.

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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 seniors’ 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 Law’s team understands seniors’ 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. They’ll 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 won’t 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

Ohio’s 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 life’s 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 don’t have five years available until their loved one needs care. That’s 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 you’re involved in a lawsuit. You can often buy the policy you need through your homeowner’s 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.

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Why Choose Jarvis Law Office?

Free Consultation – Discuss your needs during a complimentary consultation with Jarvis Law Office. We can consult virtually, so you don’t have to visit the office.
High Satisfaction Rate – Our clients have left reviews praising our knowledge, experience, and helpfulness. We have a track record for high-level service and customized solutions.
Focused Practice Areas – We focus exclusively on the area of elder law.
Three Convenient Locations – We have offices in Lancaster, St. Clairsville, and Dublin, making it easy to reach clients throughout Central and Southeast Ohio.
Free Events – Our firm offers free events for Ohio residents. These events cover essential estate planning issues, such as how to pay for long-term care while protecting your assets.
Family First – We’re focused on family. Our family (yes, we employ several family members in the firm) is protecting yours.

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I have worked with Emily at Jarvis Lancaster location and she is very personable, friendly and has “Great” customer service. I would recommend Jarvis Lancaster location to anyone who needs assistance with elder care planning!

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Frequently Asked Questions

What are asset protection services, and why are they important for the elderly?

Asset protection services are legal strategies aimed at safeguarding the assets of elderly individuals from potential risks, such as lawsuits, creditors, or excessive taxation. Individuals may face increased vulnerability to financial exploitation, nursing home costs, or legal disputes as they age. Asset protection helps shield their personal property and wealth, ensuring their long-term financial goals are not compromised.

What are some important aspects of asset protection law for the elderly?

Asset protection law encompasses various legal options and tools tailored to protect the elderly’s assets. For example Domestic Asset Protection Trusts (DAPTs) are commonly used tools that allow individuals to transfer assets into a trust while retaining some control while enjoying protection from creditors. Offshore asset protection trusts are another option, providing additional layers of security. Understanding the nuances of asset protection law is crucial to making informed decisions about protecting assets.

Should I consult a financial advisor or an attorney for asset protection services?

While financial advisors play a valuable role in managing investments and financial planning, consulting an attorney who is knowledgeable in elder law and estate planning is essential for asset protection services. Attorneys have a deep understanding of asset protection law, ensuring comprehensive asset protection. They can help you navigate legal complexities, develop a personalized asset protection plan, and coordinate with other professionals, such as financial advisors, to align your estate plan with your long-term financial goals.

Is transferring assets the only way to protect them?

Transferring assets is one strategy employed in asset protection, but it is not the sole solution. Asset protection services encompass a range of legal tools and techniques that suit different circumstances. Transfers may involve creating trusts, changing ownership structures, or utilizing legal exemptions. The effectiveness of transferring personal assets depends on various factors, including the timing and purpose of the transfer. Consulting an experienced Ohio asset protection attorney can help you determine the most suitable asset protection strategies for your specific situation.

When should elderly individuals consider asset protection services?

Elderly individuals, especially those who possess significant personal property or are considered high-risk due to potential legal issues or creditor claims, should consider asset protection services as part of their overall estate plan. It’s advisable to seek asset protection early, as some legal options may have time limitations or be less effective once legal proceedings or claims have begun. By proactively engaging in asset protection planning, elderly individuals can better safeguard their wealth and achieve peace of mind for themselves and their loved ones.

Please note that the information provided here is general in nature and should not be considered legal advice. It is recommended that you consult with an attorney from Jarvis Law Office to obtain personalized advice based on your specific circumstances.