Asset Protection Lawyer Grove City Ohio

Your Grove City, Ohio Asset Protection Lawyer

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

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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 seniors’ 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 specialized 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 won’t 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.

Ohio’s 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 life’s uncertainties such as divorce, bankruptcy, disability, lawsuits, and poor decision-making. Given its versatility, it’s 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 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 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 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 Grove City 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.

Testimonials

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. One commonly used tool is the domestic asset protection trust (DAPT), which allows individuals to transfer assets into a trust while retaining some control and 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 experienced 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 assets depends on various factors, including the timing and purpose of the transfer. Consulting an experienced 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.