As the costs of long-term care increase, people in Ohio are more concerned with the specifics of providing for themselves in the event that they need care later in life. For those who are planning to rely on Medicaid to cover some or all of the expenses, it's important to understand the way the program looks at assets. Married individuals may want to consider the way their assets are owned and classified.
Estate taxes can often be avoided with dynamic estate planning
Most Ohio residents would probably prefer to pay as little in estate and inheritance tax as possible. This is especially true in the case of untimely deaths. The last thing a grieving family wants to deal with is extra taxes. The story of the so-called 'death tax" is an infamous part of the history of Congresswoman Kristi Noem. Despite the Representative's claims, a close examination of her story and documents points to poor estate planning rather than unfair tax laws as the culprit. The lesson of the Noem family can serve as a memorable lesson for all taxpayers.
Legacies and estate planning
People in Ohio who are creating an estate plan might think in terms of making a will and setting up a trust. However, there is another way to conceptualize the process.
Some may pay more for Medicaid next year
At the end of each year, older Ohio residents and others throughout the country receive something called a Income-Related Monthly Adjustment Amount (IIRMA). It is sent by the Social Security Administration (SSA) and lets a person know how much that they will pay in Medicare premiums in the following year. In 2018, the typical retiree will pay $134 a month in Medicare Part B premiums, which are generally deducted from social security benefits.
Using the Veterans Aid & Attendance Pension Benefit for care
Veterans and the surviving spouses of veterans in Ohio may be eligible for a little-known benefit from the Department of Veteran Affairs. This program offers monthly benefits to help to pay for long-term care when people grow older and need help.
