The power of attorney law in Ohio changed on March 22nd of 2012. The Ohio legislature adapted the Uniform Power of Attorney Act which put certain high powers in place meaning that if you don’t have specific power to do something inside the power of attorney then you do not have it and if you have a power of attorney that was written prior to March of 2012, it might make sense to have that reviewed to make sure that it still will do what you think it will.
Well, that’s something I hear quite often when I’m interviewing clients or at least it’s presumed because their parents never had any long term care. But with modern medicine and their ability to extend our life expectancies, that’s really not the case anymore. When I first started lecturing in 1999, the chance of needing long term care was about 50%. That same statistic now, if you reach the age of 65, is now over 75%. So, it’s no longer true that it won’t happen. It’s just a question of when.
My spouse is in a nursing home and I need help paying for care. What will I have to live on if my spouse gets Medicaid?
Well, that is kind of a warning salvo, when you first are diagnosed and basically, it’s saying we’re going to need long term care in the future and it’s critical that we get the proper legal documents in place, essentially, the financial power of attorney because down the road, if we have issues with competency, we don’t have a power of attorney, it could thwart some of the strategies that might be available.