Tag: power of attorney

Explore Medicaid Planning Before it’s Too Late

When is it too late for Medicaid Planning?

Generally, if there is money left to be saved then there is planning that can be done.  However, if you become incompetent then there is little that can be done to save financial assets titled in your name.

What does it mean to be incompetent?

According to Ohio law, a person is incompetent if he is so mentally impaired as a result of a mental or physical illness or disability, or mental retardation, or as a result of chronic substance abuse, that the person is incapable of taking proper care of the person’s self or property or fails to provide for the person’s… Read the rest

How do I Know if I Need a Power of Attorney or a Guardianship?

Ideally, a person should execute a durable financial power of attorney and a health care power of attorney, and possible a living will as well, while the person is still competent, appointing an individual to make decisions on his behalf in financial and health care matters once the person is no longer able to do so.  However, if a person does not execute financial and health care powers of attorney and becomes mentally impaired and unable to take proper care of himself or his property, then a guardianship becomes necessary.  Mental impairment can be the result of mental retardation/developmental… Read the rest