Practice Areas

Asset Protection and Elder Law

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Laribee & Hertrick, LLP counsels many individuals on asset protection, which can be achieved through the formation of a living trust, limited liability companies and closely-held corporations. A great fear among many individuals is that they will eventually find themselves in a nursing home. Because nursing homes can be extremely expensive, ranging from $5,000 to $12,000 per month, one of the biggest concerns people have is losing all of the assets that they have accumulated during their lifetime to pay for nursing home care. Thus, we often receive calls from clients or other people in our community expressing the fear of losing everything they have earned during their lifetime to a nursing home facility or Medicaid taking their loved one’s inheritance. The two most common questions that we are asked are: (1) do I have to spend or give away everything I own so that a nursing home or Medicaid will not eventually get it; or (2) do I have to give up complete control of my assets to prevent such an outcome?

The answer is “no.” With proper planning, a person will not end up paying for nursing home care out of their lifesavings until they run out of money. It is a common misconception that a person must “spend down” all of their assets so as to prevent a nursing home from taking those assets. It is equally a misconception that a person must “spend down” to qualify for Medicaid. While this approach may be wise in certain circumstances, it is not necessary if a person plans early enough. Although a will or living revocable trust will not protect a person from such a dreaded result, a proactive planned approach using the appropriate estate planning tools can allow a person to prevent a nursing home, creditors or Medicaid from eventually ending up with your assets during your lifetime or thereafter. In addition to asset protection from creditors during your lifetime, proper planning allows you to pass assets on to your children or loved ones in a manner that protects them from lawsuits, divorce and nursing home expenses. If necessary, it can also protect them from their own indiscretions. With the proper estate planning, whether simple or complex, you can be certain that your assets are protected and passed along as you determine.
 

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The following attorneys specialize in asset protection and elder law in our Medina, Ohio law firm.

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