Understanding Ohio Elder Law Attorney’s Role for Seniors
Planning for the future is never easy, especially when determining how you would like to distribute your assets and property once you are no longer here. But establishing a cohesive estate plan is a crucial step to take — and one that can give you peace of mind as you think about the years ahead.
What is Ohio Elder Law?
Elder law encompasses many legal matters affecting an older or disabled person. An Ohio elder law attorney specializes as a legal advocate for aging adults and their loved ones. Ohio healthcare costs are rising faster than most people’s finances can afford. Advances in medicine and healthcare in Ohio are helping some people live longer lives than ever. The US federal government anticipates nearly 70 percent of individuals turning 65 will require long-term care. Elder law attorneys help plan to protect their client’s nest egg for when, not if, a long-term care event strikes to upend expenditures and decimate inheritable assets.
Why Do You Need an Ohio Elder Law Lawyer in Your Corner?
Whether you seek legal counsel for yourself or a loved one, elder law attorneys have a wide range of expertise and services that you will require at some life stage, whether in your 40s, 50s, or beyond. Actions you take in one part of your life may have unintended legal consequences in others. Without the benefit of elder counsel, you can put yourself in a disadvantageous position.
Proper planning for your golden years of life requires a tailored approach based on your needs, goals, and circumstances. A skilled Ohio lawyer will listen to you, consider a wide range of factors, and develop an estate plan that gives you the ultimate peace of mind.
How Does Estate Planning and Elder Law Work Together?
Estate planning and elder law are necessary for people who wish to age and pass as comfortably as possible while minimizing the negative impact of their death on their families.
Estate planning specifies a senior’s orders for asset management after they pass away. Elder law legal strategies — like long-term care planning — can remove the burden of caregiving from relatives and ensure seniors get the best services available to them. The secret to bridging estate planning with elder law is understanding how one can inevitably determine the success of the other.
In each type of planning, there are risks involved. Without elder law legal strategies, individuals with serious health problems and limitations may not get adequate assistance or be able to afford it. In the absence of estate planning, the potential for conflicts of interest can tear estates and families apart.
When most people make an estate plan, they think about how that plan can help take care of their spouse and future generations when they pass. But careful estate planning can also protect you from ruinous medical costs in the later years of life. In addition to arranging for the transfer of assets after passing, an estate plan can also help you qualify for long-term care programs such as Medicaid.
What is Ohio Medicaid?
Medicaid is a Federal and State program, and the rules vary from state to state. If you reside in Ohio and need Medicaid, Ohio’s Medicaid rules apply. If you or a loved one are concerned with the high cost of long-term care and qualifying for Medicaid, an elder law attorney can help. An elder law attorney who understands Ohio’s specific Medicaid rules can legally navigate you through the application and approval process.
How to Qualify for Medicaid Coverage in Ohio
Ohio Medicaid gives individuals and families access to healthcare resources they may not have otherwise. If you or a loved one need Medicaid benefits, you must meet specific eligibility requirements needs in the state of Ohio.
To qualify for benefits, you must:
- Be over the age of 64 or
- Be blind or disabled or
- Have a child, parent, or spouse in your household who is blind or disabled or
- Have an annual household income below a determined amount
The Medicaid application process can be complicated, and some families worry that they do not meet the household income level to qualify for care. Without the aid of Medicaid, the cost of an Ohio nursing home can wipe out your family’s savings, retirement funds, and an inheritance for your loved ones or result in the loss of your home.
What is the Cost of Ohio Long-Term Care?
The cost of long-term care often shocks retirees and can place an extreme burden on themselves or their families. Long-term care expenses are uncertain and can fluctuate from very little to over $1 million. Attempting to plan for this yourself without an experienced elder law attorney’s help is risky, and even the most carefully thought-out retirement plans would not be able to handle this spending shock.
OHIO ANNUAL MEDIAN COST OF CARE (2020)
|IN-HOME CARE||COMMUNITY/ASSISTED LIVING||NURSING HOME FACILITY|
|Homemaker Services $53,768||Adult Day Healthcare $15,600||Semi-Private Room $85,775|
|Home Health Aide $54,798||Assisted Living Facility $52,200||Private Room $98,550|
What is Long-term Care Planning in Ohio?
Long-term care planning is a legal strategy that helps aging Americans plan for the high cost of various healthcare services as they age into their golden years of life. Proper Ohio long-term care planning with an expert elder law attorney can assist you or a loved one avoid the worry and financial drain that the cost of healthcare will have on your savings and hard-earned legacy assets.
Planning for the future needs of long-term care is vital for everybody. Statistically, there is a likely need for care, and it is prudent to take steps to prepare for this possibility, thus reducing the stress on ourselves and our family members. The cost of care continues to rise, and long-term care planning can protect assets like your home, your hard-earned savings, your retirement fund, or anything you wish to pass to your loved ones in the future.
The Importance of Working with an Experienced Ohio Elder Law Attorney
Our experienced elder law attorneys can help you or a loved one protect your home, life savings, retirement funds, or valuable assets from the cost of long-term care with specialized long-term care planning strategies.
Seif & McNamee, LLC is here to help you and your loved ones understand business law, personal injury, estate planning, elder law, probate, collections, and municipal law. Our experienced Ohio lawyers are here to help you accomplish more. We welcome you to contact our Chillicothe or Waverly law firm to learn more about how we can help you achieve favorable results in business and personal legal matters in Southern Ohio, statewide, and across the Midwest.