Posts Categorized: Asset Protection

Can My Children Wait to Take Required Minimum Distributions From an Inherited IRA?

Jan 7, 2020

Can my children wait until they attain age 70 ½ before taking Required Minimum Distributions from an IRA they inherit from me? No, children must begin taking RMDs the year after you pass away, and...

Will Nursing Home Costs Use Up Your Retirement?

Nov 20, 2019

Can the cost of nursing home care use up my retirement accounts? Yes!! All retirement accounts – IRAs, 401ks, 403bs and deferred compensation plans are “Available Resources” in Ohio and must be used to pay...

Who Needs a Trust?

Aug 20, 2019

Who needs a trust? Neither age nor the amount of assets you own should determine if you need a trust. If any of the following applies to your situation, you should seriously consider creating a...

I Heard that I Am Allowed to Give Away Assets?

Aug 7, 2019

I heard that I am allowed to give away up to $15,000.00 per recipient, per year, without paying any gift tax. Is that a good way to make sure my estate is not consumed by...

Are Funds Set Aside for My Funeral Safe?

Aug 1, 2019

Are funds set aside for funeral and burial required to be used to pay for my nursing home expenses? Not if they are set up properly. If you prepay your funeral in a way that...

What Assets are at Risk?

Jul 12, 2019

If my spouse goes into a nursing home, are the assets owned by me alone at risk to be used up to pay for his care? Unfortunately, yes. Ohio does not look only to the...

Who Should be the Trustee?

Jun 26, 2019

If I create an Irrevocable Asset Protection Trust in order to protect my assets from the cost of a nursing home, who should be the Trustee of that trust? If the trust is properly set...

Are my Retirement Funds at Risk?

May 10, 2019

Are my retirement funds at risk to pay for a nursing home? Yes. With limited exceptions, any assets which you own are “available” under Medicaid law to pay for your nursing home care, and retirement...

Is Long-Term Care Insurance a Good Investment?

Apr 4, 2019

Is long-term care insurance a good investment? First, whether or not you can purchase such insurance depends upon (a) availability (that is, is your health good enough that an insurance company would sell you a...

At what age should I be concerned about protecting my assets against nursing home costs?

Mar 29, 2019

At what age should I be concerned about protecting my assets against nursing home costs? It is never too soon. Any of us could end up in a nursing home tomorrow due to an accident...

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Posts Categorized: Asset Protection

Can My Children Wait to Take Required Minimum Distributions From an Inherited IRA?

Will Nursing Home Costs Use Up Your Retirement?

Who Needs a Trust?

I Heard that I Am Allowed to Give Away Assets?

Are Funds Set Aside for My Funeral Safe?

What Assets are at Risk?

Who Should be the Trustee?

Are my Retirement Funds at Risk?

Is Long-Term Care Insurance a Good Investment?

At what age should I be concerned about protecting my assets against nursing home costs?

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