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Experienced Troy, Ohio Elder Law Lawyer
As the county seat of Miami County, Troy, OH is also the largest city in the county with about 26,000 residents. In 2009 Troy was voted as one of the 5 best cities in Ohio, by Ohio Magazine. A large traffic circle in the middle of town is immediately recognizable in the thriving business district. Victorian-style buildings line the streets of Troy, many of which are in the National Registry of Historic Places. Founded in 1808, Troy’s population quickly grew, largely due to the railway and the canal, making Troy a center for agricultural trade.
Between the 1920s and the 1940s, WACO Aircraft Company built popular airplane models in Troy, and was, at one time, the largest creator of civilian aircraft in the world. The headquarters of Kitchen Aid was originally in Troy, and today, the Goodrich Corporation (a division of United Technologies) still produces braking systems and wheels for space shuttles in this thriving town. Each year Troy holds the Strawberry Festival—one of the largest festivals in the Midwest, boasting more than 100,000 visitors.
According to Senior Care, about 13 percent of the population in Troy, OH are senior citizens. Compared to other states, Ohio ranks 35th for Long Term Care and 30th for America’s Health Rankings. About 26 percent of the senior citizens in Troy are also veterans. Seniors may have unique needs regarding health, housing, and entertainment, and the city of Troy strives to meet those needs. Seniors also have unique legal needs, which is why an experienced Troy elder law attorney can be an invaluable resource.
Why Choose Lovett & House for Your Elder Law Needs?
The Lovett & House attorneys have been serving the unique legal needs of seniors since 1988. We understand the specific estate planning challenges seniors may face. While nobody ever expects to require long-term care, such care can drain an entire life savings if there is no careful planning. Attorneys George Lovett and William House will ensure your plan suits your needs perfectly while keeping the planning as simple and easy as possible. At Lovett & House, we:
- Have more than 100 positive Google Reviews
- Offer a free five-minute phone appointment
- Have decades of experience
- Have an attorney that is a Board-Certified Specialist by the Ohio State Bar Association
What is Elder Law?
Elder law is a very specialized field of law that addresses the needs of senior citizens, focusing on the legal issues that affect today’s Baby Boomers. The issues seniors face are governed by complex laws and regulations. A unique understanding of the many impacts of aging is essential for attorneys who practice elder law. While it can sometimes be difficult to admit that these decisions must be made, elder law essentially addresses life decisions that arise as we grow older. One aspect of that is how estate plans will be executed after your death. Another aspect is planning for poor health or incapacity through long-term care planning. Many lawyers who practice elder law can also help with guardianship or conservatorship and even help address elder abuse.
What is Long-Term Care Planning and Why Do You Need It?
According to CNBC, over half of the people who are over 65 today will need long-term care at some point in the future. Experts on aging say the best time to consider planning for long-term care is in your 50s, yet many people do not have such a plan in place. Having an elder law attorney help you plan for long-term care will ensure that your financial goals align with your lifestyle goals for retirement and end-of-life care. Of course, most people say they want to stay in their own home and be fully independent; unfortunately, this unrealistic for many. Barring staying in their own home most would choose to move into an assisted living facility or stay with family members. Since the projected median cost of a private nursing home room is expected to be close to $100,000 per year by 2027 (and, in some states has already reached that amount), it is simply far better to plan and not need those plans than to fail to plan and need long-term care.
How is Estate Planning Different When You are Older?
Estate planning is essentially the same across the ages, with a few key differences. When planning in your 20s or 30s, you may need to factor in minor children by naming a guardian. You probably also do not need to consider long-term care planning at this age. When you are older, you will consider long-term care, and while you may want to plan for your adult children, an adult child with special needs, or grandchildren, you won’t have the same issues as young parents. For those of all ages, a will or trust will handle the disposition of their possessions, and a trust can also address a potential incapacity. To determine what your unique estate plan should look like, talk to a knowledgeable Lovett & House attorney who can guide you through the process, making it as simple as possible.
Other FAQs Related to Elder Law
How can I stay in my home as I get older?
If you have family members, friends, or neighbors who are willing to help you periodically with your needs, then staying in your own home in Troy is much more feasible. For some, making certain home modifications that take any medical conditions into account can make life much easier. Many people may find that staying in their own home is actually much less expensive than moving into a nursing home or assisted living facility. There are certain government benefits available to seniors living in their own homes and some seniors consider such things as a reverse mortgage. It is important to note that before doing anything that could potentially impact your future, speaking to a knowledgeable elder law attorney is a wise choice. Of course, some seniors will not be able to stay in their homes due to physical or mental conditions that require more than home health care.
Should I purchase long-term care insurance?
The goal of long-term care insurance is to cover some or all of the expenses associated with nursing home care. Some long-term care policies may also cover some of the expenses associated with home health care or an assisted living facility. This may seem like an attractive option since the cost for long-term care and assisted living facilities can be steep and are not covered by Medicare. Unfortunately, these policies are usually very expensive, and, in the end, may not cover all the care required. Further, a significant portion of those who have purchased long-term care insurance never collect any benefits at all from it. If you are considering long-term care insurance it is imperative that you speak to a Troy elder law attorney from Lovett & house.
How an Experienced Troy Elder Law Attorney from Lovett & House Can Help
At Lovett & House, we handle specific elder law issues, as well as all types of estate plan issues, including probate. A highly skilled Troy elder law attorney will make the entire process as quick and transparent as possible, with an eye toward avoiding any future family disputes. If you are interested in elder law issues, estate planning, and long-term care issues, contact Lovett & House today at (937) 667-8805.