In May 2012, Ohio’s version of the Uniform Power of Attorney Act became effective, which made many older financial power of attorney forms ineffective.
A Financial Power of Attorney gives an individual of your choice the authority to make financial decisions and perform financial transactions on your behalf.
Without an effective Financial Power of Attorney in place, should you become incompetent, a loved one would have apply to become a court appointed guardian to assist you with your finances. The court process to be appointed guardian generally takes a minimum of a month and a half and … Read the rest
When a married couple is facing a health crisis for one spouse, there is a myriad of issues to sort through. What care will be needed? Where will care be provided? How will it be paid for?
Medicaid is a government program that pays for long term care. Oftentimes, the couple will utilize Medicaid for the spouse facing long term health care needs. There are rigid resource and income requirements to qualify for Medicaid and planning options available that are beyond the scope of this post, but have been discussed in other blog posts on this site, including http://www.perlalaw.com/medicaid-planning-with-annuities-for-married-couples/… Read the rest
Individuals with special needs may be eligible for government assistance programs like SSI and Medicaid. SSI is intended to provide financial assistance for food and shelter and Medicaid provides health insurance coverage. Child support payments impact eligibility for these programs and the establishment of a special needs trust when the child becomes an adult can be critical to maximizing child support payments and government benefits for the child.
When the child is a minor and receiving SSI:
When a minor is residing with a parent, his parent’s financial resources are taken into… Read the rest
Under Ohio law, if a beneficiary (a person entitled to inherit property) under a Last Will and Testament, with the power to control a will withholds it from probate for one year after the death of the testator (the person whose will it was) intentionally and without reasonable cause, the property devised (to be inherited) by the beneficiary will pass as if the beneficiary had predeceased the testator.
What that means in a nut shell is that if you are holding onto a Last Will and Testament, of your mother or father for instance, and he or she dies and you don’t deposit the Will with probate court within… Read the rest
Effective April 6, 2017, parents and grandparents and other individuals seeking to leave property to minor children can now delay delivery of property to minors until the age of 25 pursuant to the Ohio Transfers to Minors Act (OTMA).
So why does that matter?
The Ohio Transfers to Minors Act allows people to leave property to a custodian to manage and distribute property for a minor child’s benefit. Prior to the law, if you wanted to leave property to a minor, it would require either a guardian to be appointed by probate court to manage the funds, and the costs and filing requirements of that arrangement,… Read the rest