Asset Protection in Ohio
At HM Law, we use a combination of proven tools and strategies to protect our clients’ assets. Together, we will take all necessary steps to plan ahead, before you risk depleting your savings or the assets you are planning to leave your loved ones. Our team can help you put a plan in place today that prepares you for long-term care costs, and still allows you to qualify for Medicaid assistance as quickly as possible, all while legally protecting as much of your portfolio as possible.
One of the most common mistakes people make regarding assets is when they give them away too soon because an outright gift to an adult child can create problems for you in the long run. Not only are gifted assets at a high risk for threats like divorce or creditors, but giving away your assets can also affect your Medicaid eligibility. In fact, gifting can make you ineligible to receive Medicaid benefits for months or even years.
Additionally, your estate plan should not only protect you and your spouse from threats such as long-term care costs, creditors, but it should also be able to secure your heirs’ inheritances against any additional threats after you’re gone. For example, some children may need protection from making poor decisions in the event they are not mature enough to manage their inheritance on their own at the time of your passing. Even your grandchildren may need protection in the event that your child passes away and your in-law remarries.
Houck Menninger Law goes beyond Medicaid planning. We also do asset protection for creditor protection too (e.g. LLCs and DAPTs).
Our planning process will help you create a holistic plan that brings you peace of mind by detailing how you and your family will be cared for during any periods of incapacity in the future. In short, our team is ready to help you develop a plan that will work for you when you need it.