It is a great relief when you can find a person you trust to take care of your parents or loved one as they age. Caregivers can be a great help for those who may not be totally self-sufficient. But there may come a time when your parents’ needs exceed the scope of an in-home caregiver. At this point, you may look nursing home care for your loved ones, especially if medical professionals feel that that is necessary. Once in a nursing home, most people will try to qualify for Medicaid, which is the only governmental program that will …

As we make our way into the New Year, I would like to apprise you of three new items that took effect on Jan. 1, 2015: New Illinois Power of Attorney for Healthcare – Effective Jan. 1, the state has a new statutory short-form power of attorney for healthcare. Without further changes, this will be the new statutory power of attorney healthcare professionals will use and find recognizable. It therefore may be advisable to have the new power of attorney created for you to replace an old one. Small Estate Affidavit — Effective Jan. 1, the small estate affidavit has …

Aside from the emotional difficulties that arise when a loved one goes into some sort of care arrangement, there are often legal and financial ramifications. Remember, however, that any care arrangement is a contract and all contracts are negotiable. Every good negotiation starts with good questions. Here’s a starter list: Have you toured the facility during off hours? Has legal counsel reviewed the contract before you signed it? What services are being excluded in the contract? What provisions in the contract deal with behavior altering medications? Does the contract limit your civil right to engage in Medicaid asset protection planning …

What is an elder law and what do elder law attorneys do? The answer to the first part of the question is simple enough: It’s a law that impacts the lives of seniors. First, what is elder law? Simply put, it’s a law that impacts the lives of seniors. The answer to the second part of the question is a little more complicated. Elder law attorneys use a wide array of tools and strategies that are designed to meet the goals and objectives of our clients at every step of the older years. We handle issues from traditional estate planning …

This month, I’d like to highlight seven ways to maximize government assistance for nursing home costs. 1) Make sure that you have powerful powers of attorney. A standard power of attorney is weak at best. For example, they do not authorize the transfer of assets in order to qualify for public benefits. The ability to transfer assets to a spouse or caregiver child is an important consideration but must be done with the advice of counsel so as not to incur Medicaid penalties. 2) Know exactly when to apply for Medicaid, Social Security, Medicare, or VA Benefits. If you panic …

There are three phases of planning for your retirement, and each requires different tools. Estate Planning and Long Term Care Planning are ongoing processes that should begin early in a person’s life. Your estate planning documents should adapt in the face of challenges that arise through aging, changes in your financial situation, or changes within your family. As estate planning attorneys, we see three major phases in the estate plan process: the maturing years, the senior years, and the post-death years. Each of these phases has a different focus, and, therefore, requires different documents. In this article, we will guide …

In 2014, it is expected that Gov. Quinn will sign into law three new bills affecting seniors: First, there will be a revised power of attorney for healthcare document. This new power of attorney form is quite controversial. While it appears to be shorter than the original power of attorney, it lacks some of the options for end-of-life decisions that are in the current version. There are those that feel the new power of attorney is an improvement and others that feel it is not. Perhaps time will tell. Second, there will be new legislation addressing abuses in the caregiver …

As we begin our New Year, now is a great time to make sure you have your estate planning and long-term care planning affairs in order. The following are the nine things everyone must know: 1) The 3 Phases of Life There are 3 phases of life, and each phase requires different kind of planning. First are the Maturing Years. Second are the Senior Years. And finally, are the Post-Death Years. 2) How Health Care Reform Affects You In 2014, Medicaid will be opened to all people that do not have health insurance and whose income is up to 133 …

In the parlance of estate planning, “portability” refers to the ability to transfer unused estate tax exemption of a deceased spouse over to the surviving spouse, who can then add it to his or her own exemption. By doing this, it may be possible for the surviving spouse to use those accumulated exemptions decades later to shield assets from the state tax at his or her death. But portability is not a magic bullet, and there are risks if you don’t plan ahead. You need to be aware of the following limitations: 1) Portability does not apply to state death …

All of a sudden everybody wants a taxable estate! Why? Because income tax relief is now preferred over estate tax relief. We are witnessing a sea change in tax planning due to two new developments: 1) The new “portability” of the estate tax exemption for our clients. The concept of portability allows the surviving spouse (widows and widowers) to carry over the estate tax exemption of the spouse who died and add it to their own exemption amount. However, to take advantage of this action you must “elect portability.” This means your executor, with the assistance of estate tax counsel, …