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December 2014 Archives

Financial requirements for Medicaid in Ohio

The government sets strict guidelines when determining who is eligible for Medicaid and the long-term care services that come with it. In general, those who qualify will have limited income and assets. Income is defined as wages, salaries or pension benefits. Dividends from stocks and bonds as well as interest from bank accounts may also qualify as income. Each state has different requirements as to how much an individual can make while still qualifying for Medicaid.

The importance of updating wills

People in Ohio who have previously drafted a will may still need to reevaluate its provisions on a regular basis. When certain life changes occur, it may be necessary to draft a new will or amend the old one in order to incorporate new beneficiaries or to remove an existing one.

Ohio legacy trusts

Ohio offers anyone planning an estate access to a financial tool called an Ohio Legacy Trust. These trusts, also called domestic asset protection trusts, allow benefactors to set aside funds in a special account that is inaccessible to creditors. This protects the contents of the trust from creditors regardless of how much the creditors are owed.

The most common types of trusts

Many individuals use a will as part of their estate planning process. A will is widely used document that directs the distribution of assets after an individual's death. Sometimes, though, an estate plan needs more direction than a will can provide. That's where a trust comes in. A trust can be used to meet specific goals, such as limiting access to certain assets or minimizing estate taxes. There are several different types of trusts available based on an individual's specific needs and goals.

What is a living will and do I need one?

Individuals in Ohio who are working on estate plans may wonder whether they need to include a living will. A living will is a way that an individual can make their wishes known regarding end-of-life care after he or she is no longer able to express those wishes.

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