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Asset Protection In Worthington, Ohio

Asset protection is often seen as something only for the elite and famous, but this is a misconception. Both the wealthy and the middle class can greatly benefit from implementing asset protection strategies. These strategies serve as a safeguard for individuals wanting to secure their retirement funds and ensure the smooth transfer of their assets to loved ones. This becomes even more crucial in the latter half of life when health issues tend to arise. With the rising costs of healthcare, particularly long-term care expenses, families can find themselves in financial distress during their retirement years. Thankfully, elder care attorneys specialize in assisting middle-class families with asset protection planning to safeguard their hard-earned savings from being depleted due to health-related expenses. By effectively preserving and protecting their nest egg, individuals can enjoy peace of mind and a worry-free retirement.

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 an Ohio asset protection attorney from Jarvis Law Office. We can review your situation and develop the ideal asset protection plan for you.

What is Asset Protection?

Asset protection is a crucial aspect of elder law, helping seniors secure their financial well-being during retirement. It encompasses various strategies aimed at safeguarding assets from creditors, legal judgments, and nursing home expenses. Methods for asset protection include trusts, LLCs, annuities, gifting, and other planning techniques. The team at Jarvis Law acknowledges the challenges seniors encounter in defending their hard-earned assets and is committed to offering the best possible solutions. Through our all-encompassing asset protection services, we work diligently to provide you with top-notch advice and guidance tailored to your needs.

When Should I Contact an Asset Protection Lawyer?

In asset protection, proactivity is essential. An asset protection attorney can help assess risks and develop strategies to safeguard your assets. If you have property, high-value investments, or a business, consulting with an asset protection lawyer promptly is recommended. Your asset protection attorney will offer legal guidance on structuring your investments and assets to shield them from potential creditors and lawsuits. Additionally, they’ll aid in setting up trusts or other entities to secure your wealth for future generations. Understanding the asset protection laws in your state is vital, and a skilled asset protection attorney at Jarvis Law can assist you in navigating these complexities.

Asset Protection Strategies

Our Worthington, 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

Important Facts About Long-Term Care Planning In Worthington, Ohio

Since 2022, there has been a notable surge in the cost of long-term care services in Westerville, Ohio, as well as across the nation. The substantial increase in costs has created a need for individuals with long-term care policies to explore additional solutions to address the rising rates of home care, assisted living, and nursing home care.

Our clients typically prefer to receive the necessary assistance within the comfort of their own homes, and luckily, Ohio offers a program under Medicaid that can provide financial support for such care. This is particularly beneficial considering that this region has experienced one of the highest cost escalations due to a declining labor force in recent years. Previously, the cost of round-the-clock home care for one month amounted to approximately $16,000. However, our clients have informed us that they have recently been quoted service fees ranging from $21,000 to $24,000 per month. With costs reaching these heights, most of the families we work with would struggle to sustain this level of care for an extended period 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. Seniors in Worthington, Ohio 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.

Domestic Asset Protection Trusts

Ohio law allows for the use of powerful asset protection tools and strategies, including asset protection trusts. This little-used and even less understood tool is an important part of an overall strategy to protect assets from a Medicaid spend down, certain creditors, and lawsuits. These trusts became available to Ohio residents in the last few decades. An experienced asset protection attorney or elder care attorney can use this hybrid type of irrevocable trust to protect your personal assets from the all-too-real risks mentioned above. In addition, because this is a hybrid trust, you are still able to maintain control of your trust assets. You can also name your children and grandchildren as beneficiaries and include protections for them from uncertainties in their lives like divorce, bankruptcy, disability, lawsuits, and their own poor judgment. With so much flexibility, it’s easy to understand why this option is so popular with Worthington, Ohio residents who want 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 assets in the trust. Once that time passes, your assets will be protected.

Protecting Assets With Insurance

Your Worthington, Ohio 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 Worthington asset protection attorney will review your jointly-held accounts and assets, and recommend legal strategies to protect those assets.

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Frequently Asked Questions

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.

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.

While financial advisors play a valuable role in managing investments and financial planning, consulting an attorney specializing 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.

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.

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.

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