Effective December 1, 2004, retirement plans in Ohio for a married couple with a healthy spouse and an institutionalized spouse came under attack. For those with great wealth, the change is insignificant; however, for the middle class and younger citizens, this is a major change. It will impact the quality of life of the well spouse for the balance of his or her life. One available option that can protect the well spouse is divorce; however, most believe that divorce for purposes of preserving retirement benefits is morally repugnant. Our firm, in collaboration with Knights of Columbus, has prepared an alternative to divorce. This plan is consistent with federal pension law and is intended to allow the well spouse, and in some cases the ill spouse, to preserve their retirement assets in a pension-type device.
For more information, please visit www.smepension.com.