Asset Protection Lawyer Lewis Center Ohio

Your Lewis Center Asset Protection Lawyer

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

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Asset Protection In Lewis Center

Asset protection isn’t just for the wealthy; it’s 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. It’s vital for maintaining seniors’ 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 Law’s 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, it’s 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 won’t 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 life’s 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 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 Lewis Center 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 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.

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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 knowledgeable in elder law and estate planning is essential for asset protection services. Our asset protection planning attorneys have a deep understanding of asset protection law, ensuring comprehensive and individualized strategies. 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.