There has been a very recent legislative change in Ohio which will require your Financial Power of Attorney to be updated. This change relates to potential Medicaid and long-term care services which go into effect on or after July 1, 2016.
All Ohio Financial Powers of Attorney must specifically allow the attorney-in-fact to create a Qualified Income Trust (QIT). Previously, a Financial Power of Attorney only required the general power to create a Trust.
As of July 1, 2016, anyone with a monthly income of above 300% of Supplemental Security Income (SSI), or $2,199 in 2016, will no longer qualify for Medicaid without a QIT.
While you may not be close to going into a long-term care facility, it is still important to update your Estate Plan to reflect this legal requirement. In addition, if it has been more than three years since your Estate Plan was completed, now might be a good time to review and ensure your plan is still consistent with your goals.
For more information about elder law or Medicaid Asset Protection Planning in Cincinnati, Ohio, feel free to contact us.