Asset Protection Lawyer Gahanna Ohio

Your Gahanna, Ohio 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 Gahanna, Ohio

Asset protection planning is not exclusive to high-net-worth individuals; it is a valuable strategy for both affluent and middle-class families. These techniques are designed to safeguard retirement assets and preserve wealth for future generations. This becomes particularly crucial in later life stages when health-related challenges may arise.

The potential financial impact of healthcare expenses, particularly those associated with long-term care, can significantly disrupt retirement plans. To address this concern, elder law attorneys assist families in developing asset protection strategies. These plans aim to preserve and shield their financial resources, mitigating the risk of severe financial setbacks due to unexpected 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 Gahanna, Ohio, asset protection attorney from Jarvis Law Office. We can review your situation and develop the ideal asset protection plan for you.

Asset Protection is a Cornerstone of Elder Law

Asset protection ensures financial stability during retirement, and is among the most important aspects of elder law. This practice employs various strategies to shield seniors’ assets from potential threats such as creditor claims, legal judgments, and long-term care expenses. Effective asset protection may involve establishing trusts, forming Limited Liability Companies (LLCs), utilizing annuities, implementing strategic gifting, and other planning techniques. At Jarvis Law, we understand the challenges seniors face in safeguarding their lifetime accumulations. Our team is dedicated to delivering optimal, tailored solutions through comprehensive asset protection services. We strive to provide exceptional advice and personalized guidance to address each client’s unique needs and objectives, helping to secure their financial well-being in retirement.

When to Engage an Asset Protection Lawyer

Proactivity is key when it comes to asset protection planning. So, consulting with an asset protection attorney sooner rather than later is important to getting ahead of potential financial risk and developing strategies to safeguard your wealth. If you possess significant property, high-value investments, or own a business, it’s advisable to seek consultation with an asset protection lawyer without delay. These legal professionals provide invaluable guidance on structuring your investments and assets to shield them from potential creditors and legal claims. Furthermore, they assist in establishing trusts or other legal entities designed to preserve your wealth for future generations. Given the complexity of asset protection laws, which can vary by state, the experience of a knowledgeable asset protection attorney at Jarvis Law can be instrumental in navigating these intricate legal landscapes. Their knowledge ensures that your asset protection strategy is both robust and compliant with applicable regulations.

Strategies for Protecting Your Assets

Our Gahanna 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

Key Considerations for Long-Term Care Planning in Gahanna

The year 2022 witnessed a significant surge in the expenses associated with long-term care services, in Gahanna, Ohio, and across the United States. This substantial increase in costs has been so pronounced that even individuals who have long-term care insurance policies in place may need to explore additional strategies to address the escalating rates. This applies to various levels of care, including home-based services, assisted living facilities, and nursing home care.

Most of our clients prefer to receive any assistance that they might need in their own homes. And we are very lucky in Gahanna 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, 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. Gahanna seniors can access tools and strategies to make their savings last longer by working with a Gahanna elder care attorney who can leverage their assets and strategize adequate safeguards for them.

Domestic Asset Protection Trusts in Gahanna

Ohio law permits the use of robust asset protection tools, including asset protection trusts. These trusts, while often underutilized and misunderstood, play a crucial role in safeguarding assets from Medicaid spend-down, certain creditors, and lawsuits. Available to Gahanna residents in recent decades, these hybrid irrevocable trusts offer unique benefits. An experienced asset protection or elder care attorney can leverage these trusts to protect personal assets while allowing you to maintain control. Additionally, you can name children and grandchildren as beneficiaries, incorporating protections against potential life challenges such as divorce, bankruptcy, disability, and legal issues. This flexibility makes domestic asset protection trusts an attractive option for Gahanna residents seeking comprehensive asset protection.

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 Gahanna 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 Gahanna 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. 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 to consult with an attorney from Jarvis Law Office to obtain personalized advice based on your specific circumstances.