In Ohio, Elder Law involves planning for the long-term care, complex health care, and other matters faced by disabled people, the elderly, and their families. Some studies indicate that most of us will need long-term medical care at least once before dying. Consequently, everyone must take into account that at one point or another, residency in an assisted living facility or nursing home may be required.
Regrettably, the cost of nursing home care has the potential of wiping out an entire family’s savings and the potential inheritance planned for loved ones. In order to avoid wiping out a family’s nest egg, many families turn to Medicaid as an alternative to paying for the nursing home privately.
Experienced Asset Protection Law Firm
Many people have the misconception that very little can be done to protect one’s assets and properties from costs associated with nursing home care. Fortunately, however, much of this knowledge is largely misinterpreted or false. With the support of a law firm experienced in Elder Law and Medicaid Planning, assets can be safeguarded from long-term care costs.
Alex Carr Law, LLC is committed to providing comprehensive estate planning and Elder Law services to clients and their loved ones in Ohio. The experienced law firm limits its practice to this estate planning, including Medicaid Asset ProtectionTrust, Elder Law, Living Trust & Wills, and Special Needs Planning. This narrow focus has allowed the firm to provide its clients with the utmost skilled and knowledgeable representation. For many years, Alex Carr Law, LLC has assisted clients with small to large-scale estates preserve and protect their legacies. To schedule a complimentary consultation with the firm, consider contacting the firm today.
Issues Faced by Seniors and Disabled People Today
In order to avoid unnecessary court proceedings upon death or in case of an unexpected disability, people must consider setting up a comprehensive plan. For many, Trusts are tools used in place of Wills because they generally do not require a court process. As a result, Trusts save families in court fees and time by avoiding legal procedures.
When a Revocable Living Trust is set up, this will take effect during the Trust creator’s lifetime. The Trust grantor will have access to stipulate what party can manage the assets in the event of incapacitation. By planning ahead, clients can maintain control of their assets by setting trusted advisors or relatives to look out for their best interests. For example, if a person became suddenly disabled and a plan was not left in place, the court will need to intervene to set a legal guardian for the person. The appointed guardian may also not have been the preferred selection for the disabled individual. Also, the disabled person’s assets may not be able to be transferred to protect them from being used for long-term care costs without the court’s permission, which may not always be granted.
People can also find asset protection through Medicaid Asset Protection Trusts. These Trusts are usually subject to a years-long holding period but it is possible to explore other alternatives to avoid paying extensive long-term care facility costs.
Speak to a Well-Versed Special Needs and Elder Law Attorney
Planning for death or a sudden disability can provide peace of mind. With adequate planning, clients and their loved ones can avoid unnecessary courtroom procedures and expenditures. With the support of a qualified estate planning attorney, setting the right plan for you and your loved ones is possible.
Alex Carr Law, LLC has extensive experience helping aging clients and their loved ones with forming a plan that lessens the overall expenses stemming from long-term medical care and ensures the quality of life for those resigning in a nursing home facility. Equally important, the firm helps clients preserve their legacy for future generations. To schedule a complimentary consultation with the firm and to learn more about Elder Law and Medicaid Planning, consider calling or filling out the online contact form here.
