Helping You Protect Your Assets At Critical Moments

Asset protection is the practice of preserving your assets and hard-earned savings from potential risks, such as the high cost of long-term care. While planning for this is most effective when done well in advance, some life events may not give you or your loved ones the time or opportunity to do so.

When a sudden accident or health issue comes up for a loved one, you may face the need for a nursing home, assisted living or in-home care. This can be overwhelming for many families, who may worry about affording care without compromising their finances or assets. Our attorney at Sitterley Law, LLC, is here to help you find a clear path forward. She provides legal counsel to help secure your loved one’s care, as well as your family’s financial future.

A Personalized Plan For Your Situation

We provide guidance, but we do not just tell you what to do. Attorney Jennifer H. Sitterley collaborates with you to create an asset protection plan tailored to your specific concerns and situation. This may involve:

• Trusts, powers of attorney and other legal documents to protect assets from future expenses
• Strategies to minimize taxes and protect inheritances for your loved ones
• Planning for Medicaid eligibility to help cover the cost of care
• Protecting your home and other real estate assets

Jennifer has over 15 years of experience helping individuals and their families. She is the only certified elder law attorney (CELA) in Fairfield County with certification from the National Elder Law Foundation and the Ohio State Bar Association. Beyond having a deep level of knowledge and dedication to her field, she takes her role as an advocate very seriously. Together with our paralegals and staff, we are ready to guide you through the process, even when it feels time-sensitive.

Frequently Asked Questions About Ohio Asset Protection

The following answers address common questions about protecting your assets in Ohio:

What is an Ohio Legacy Trust, and how does it shield personal assets from potential future creditors?

An Ohio Legacy Trust is an irrevocable trust that may protect certain assets from future creditor claims. Ohio Revised Code Chapter 5816 allows you to transfer property to the trust while keeping a limited right to receive funds at a trustee’s discretion.

To gain this protection, the trust document must name at least one qualified trustee and state that you cannot revoke the trust. Ohio law also requires the trust to follow specific state rules. Before each transfer, you must sign an affidavit that addresses your ownership rights, financial condition and known claims.

You may keep certain powers, but you cannot manage the assets as though you still own them outright. Protection also has limits. Existing claims, improper transfers and statutory exceptions may allow a creditor to reach trust property.

What constitutes a “fraudulent transfer” when implementing asset protection strategies in Ohio?

A fraudulent transfer may occur when you move assets to hinder, delay or defraud a creditor. Ohio law may also allow a challenge when you receive less than fair value, and the transfer leaves you unable to pay your debts.

Courts review the facts surrounding the transfer. Warning signs may include hiding the transaction, moving assets to a relative, keeping control of the property or transferring most of what you own. A court may also question a transfer that occurs near a threatened lawsuit or causes financial distress.

For that reason, you should create an asset protection plan before a claim or major debt arises. Moving assets after trouble begins may weaken the plan and expose the transfer to a court challenge.

Can a standard revocable living trust protect assets from lawsuits or nursing home expenses in Ohio?

No. A standard revocable living trust generally does not protect your assets from lawsuits, creditor claims or nursing home costs. You keep the power to amend or revoke this trust and withdraw its property. As a result, Ohio law allows your creditors to reach those assets during your lifetime.

A revocable trust may still help you manage assets, plan for incapacity and avoid probate. However, it does not create the loss of ownership and control that asset protection often requires. An irrevocable trust may offer stronger protection, but it can also affect your access to funds, taxes and Medicaid eligibility.

Let Us Help You Find A Solution: Call Us Today

Protecting your assets and finances, even in urgent or crisis situations, is possible with the right legal support. Learn more about how we can help by calling our office at 740-681-1765. You can also send us your questions or concerns through our website.