As we grow older, legal and financial matters become more complex. Seniors face important decisions about healthcare, long-term care, asset protection, and quality of life. Elder law is a legal practice area focused on meeting these needs. It covers a wide range of issues, including estate planning, powers of attorney, guardianship, and Medicaid eligibility. At The Law Offices of Christopher R. Orr, we help Ohio families plan, make informed choices, and secure the care they need without losing everything they’ve worked for.
The High Cost of Long-Term Care
Nursing homes and assisted living facilities are often necessary as individuals age, but it is no secret that the cost of this care is significant. Many people find themselves paying thousands of dollars per month for this care, often out of their own pocket. This is due in part to Medicare rarely covering the full expense of nursing homes or assisted living.
That’s where Medicaid planning becomes essential. Medicaid is a government program that can cover long-term care for eligible individuals, but the qualification rules are strict. Simply giving away assets or transferring property without a plan can lead to disqualification periods or legal complications.
Protecting Assets Through Medicaid Planning
Medicaid has both income and asset limits, and individuals must meet these requirements to qualify. However, with the proper planning, you could preserve significant portions of your estate for your loved ones. Our firm relies on several legal strategies, like structured gifting and irrevocable trusts, to ensure you remain eligible for benefits.
It’s important to understand the Medicaid “look-back” period, which in Ohio is five years. Any transfers made during that time may result in penalties unless they meet specific exemptions. By planning early and with the help of an experienced attorney, you can avoid mistakes that jeopardize your eligibility.
Estate Planning
Another big part of elder law is estate planning. From drafting wills to setting up trusts, we can help you make a plan that fits your needs. Elder law also focuses on planning for incapacity.
Creating a durable power of attorney ensures that someone you trust can manage your financial affairs if you become unable to do so. A healthcare power of attorney allows a chosen representative to make medical decisions on your behalf. Without these documents, family members may need to pursue a guardianship through the court system, which can be costly and time-consuming.
Talk to an Elder Law Attorney Today to Learn More
It is never too early to start thinking about the future. Whether you have questions about your will or are concerned you might not qualify for Medicare, our team has your back. Reach out to the Law Offices of Christopher R. Orr as soon as possible to get started.