Solutions For What Matters Most
Responsive, Hands-On And Caring Legal Services In Family Law, Estates And Estate Planning, Misdemeanor Defense, Landlord-Tenant Issues And Personal Injury.

5 ways to protect your finances when considering long-term care

On Behalf of | Dec 12, 2023 | Estate Planning |

Estate planning and ensuring financial security in the face of potential long-term care needs is not always straightforward. In other words, Ohio residents doing this must navigate a complex landscape.

Taking proactive steps to protect your finances is important for a stable future.

1. Review your assets

Conduct a comprehensive assessment of your assets. Take stock of your real estate, investments and personal property. For example, the median value of an owner-occupied home in Ohio is $183,300. Knowing the full extent of your financial portfolio will help you make informed decisions about how to safeguard your wealth.

2. Establish a living will and health care power of attorney

These documents guide medical decisions in the event that you cannot make them. The documents can prevent financial strain on your estate due to prolonged medical treatments.

3. Explore Medicaid planning strategies

Medicaid planning is an integral part of safeguarding your assets. Understanding the eligibility criteria and implementing strategies to qualify for Medicaid assistance can provide a safety net for potential long-term care costs.

4. Set up trusts

Establishing trusts is a proactive measure to keep long-term care expenses from depleting your assets. Irrevocable trusts, in particular, can protect assets while allowing you to qualify for Medicaid benefits.

5. Review and update regularly

Estate planning is not a one-time task. Regularly reviewing and updating your financial plan ensures that it aligns with your current circumstances and any changes in Ohio laws.

By taking these proactive steps, you can navigate the complexities of financial planning, ensuring a secure future for both yourself and your loved ones.

FindLaw Network
Martindale-Hubbell | Client Champion | Silver / 2023
AV | Martindale-Hubbell | Preeminent | Peer Rated for Highest Level of Professional Excellence | 2023
Avvo Rating 9.7 | David Robert Boldt | Top Attorney
Avvo | David Robert Boldt | Reviews Five Stars Out of 2 Reviews
Avvo Rating 8.7 Excellent | Featured Attorney Divorce
Avvo Top Contributor 2018 | Family
Avvo Rating 8.7 Excellent | Featured Attorney Family
Avvo Rating Excellent | Featured Attorney Family
  • | Best Probate Lawyers in Parma | 2023
  • | Best Probate Lawyers in Parma | 2023
  • | Best Probate Lawyers in Parma | 2023