If your elderly mom or dad wants to plan ahead to protect their assets from the high cost of long-term nursing care, Winkler Legal in Columbus, Ohio, has all of the information you need. Planning ahead allows you to protect most—if not all—of their assets should they enter a nursing home. As a law firm focused on protecting assets the Winkler Legal team has put together our recommendations below.
- Seek an experienced elder law attorney, like Dirk Winkler, Founder of Winkler Legal. You will want to make sure your attorney is well versed in the applicable laws and regulations to qualify for Ohio Medicaid financial assistance.
- Use irrevocable trust planning. Changing ownership of certain assets using an Irrevocable Trust at least five years before needing long-term nursing care, allows you to continue using your assets while also protecting them from being counted as resources when applying for Ohio Medicaid financial assistance.
- Hire a financial planner and get your financial affairs in order. It is important to have your financial affairs in order when you retire. When it comes to qualifying for Ohio Medicaid financial assistance for long-term nursing care it is essential to have detailed financial records and the ability to identify the transfer of assets for the last five years.
- Look into long-term care insurance. If you do not have long-term care insurance coverage already, look into obtaining a policy. Currently, a significant number of life insurance companies offer a long-term care rider to add to your existing term or whole life policy that can help pay for long-term nursing care costs. The death benefit amount is paid out for a qualifying long-term nursing care stay. Usually, the rider is an additional cost and benefits are payable on a monthly amount (e.g. $5,000 monthly) with the total lifetime amount capped.
- Get your legal documents (estate planning) in order. This will save you time and money and will provide for your care during a disability and assure your wishes are carried out when you pass.
For further assistance when it comes to planning for the future, contact Winkler Legal. Our Elder Law team offers the support you need when getting prepared for the next stage of life.