You’re in the right place if you need to…
Secure the assets you have spent a lifetime accumulating from a long-term care stay
Safeguard your loved ones from the bad things that may happen to them
Protect your personal information and keep it out of the court system
Name someone to handle your affairs should you become unable to do so
Nursing Home Planning
Nursing home planning is also called crisis planning, which is necessary when someone is in a nursing home, assisted living facility or receiving in home care now, or will need those services in the near future.
***With proper planning, we can usually protect approximately 40-60% of the assets an individual owns. Planning varies depending on whether or not the individual is married or single.
Veterans' Aid & Attendance Benefits
Did you know that a single veteran could qualify for approximately $1900/month to be used for their care? Or that a married veteran could qualify for approximately $2300? Or that WIDOW of a veteran could qualify for approximately $1200?
There are four main qualifications for this benefit:
Wartime Service: 90 Days active duty, one day of which was during a wartime (WWII: Dec. 7, 1941 - Dec. 31, 1946; Korean Conflict: June 27, 1950 - Jan. 31, 1955; and, Vietnam Era Aug. 5, 1964 - May 7, 1975, if in Vietnam from Feb. 28, 1961 - May 7, 1975.)
Disability: Not related to their service (that's a different benefit). Requires assistance with at least one activity of daily living: eating, bathing, dressing, toileting (going to the bathroom), transferring (getting in and out of a bed or chair) and continence (ability to control bowels).
Income: Care costs must eat up all income to qualify for full amount
Assets: As of Oct. 2018, there is now a set limit for Aid and Attendance; as of 2020, this amount is $129,094. There is also a gifting penalty, if you attempt to transfer assets in the three years prior to applying for Aid and Attendance.
Nursing Home Protection Trusts
This trust would be used to provide probate and nursing home protection.
The assets usually need to be in the trust for 5 years before you have 100% protection.
You also have to give up some control. You cannot be the trustee nor the beneficiary. However, these positions are filled by people of YOUR CHOOSING.
This trust can be amended or changed at any time during your lifetime. With this trust, you are the trustee and the beneficiary. You are in complete control of the assets in this trust.
This trust provides the following protections:
For special needs beneficiaries including but not limited to: SSI recipients and beneficiaries who have medical issues, financial issues or spousal issues.
Basic Estate Planning
Basic Estate Planning includes Financial Powers of Attorney Health Care Powers of Attorney and Living Will.
Financial Powers of Attorney is a document which names someone to handle your financial affairs if you are unable to do so.
Health Care Powers of Attorney is a document which names someone to make you medical decisions if you are unable to do so.
A Living Will is a document where you make your wishes known on whether or not you want to be kept alive on machines if two doctors state that you are in a permanently unconscious state or terminal condition.
A Will is a document in which you inform the probate court as to where you would like your assets to pass after your death. Probate court must be involved in the distribution of assets.
Creditors are given six months from the date of death to make claims. Average probate estate is open for 18 months in the state of Ohio.
Attorneys can usually charge a percentage of your estate for Attorneys fees. There will also be court costs and appraisers fees as well.
Records are public and are either online or available in the court house. These records contain personal information regarding beneficiaries and Assets.
This is the court supervised distribution of your assets. The court appoints the person who will assist with the distribution, this is your Executor or Administrator.
The distribution of assets through the probate court includes: determining assets, determining beneficiaries, notifying beneficiaries, distributing assets and assistance with all court paperwork.