A Quick Lesson in Estate Planning | Chicago Estate Planning & Eldercare Attorney-CPA Anthony B. Ferraro

It’s time to face the facts.  Most people wait until it’s too late to implement a great estate plan.

According to PBS.com, the typical American over the age of 65 has a 75% chance of needing extra assistance with daily activities.  If your loved ones can’t be there to help you in this situation, you will, unfortunately, have to spend your savings in order to get the in-home care that you need

For those who end up in nursing home care, they will have to pay as much as $7,000 to $8,000 a month!  That works out to about $100,000 per year!  With cutbacks in funding for government-run programs, you can’t afford to rely on anybody but yourself in these particular situations.  So, it is imperative that you have the proper estate planning.

How do you know if you are getting the proper estate planning?

For starters, everyone should have a living will and powers of attorney for health care and property – these documents state one’s wishes on what they feel would be appropriate to do in the event that they have an incapacitating terminal illness that would require life-prolonging treatment.

In order to have a proper estate plan, you will need the help of a qualified Estate Planning/ Elder Law attorney.  You will be assisted in order to explain to the attorney how you would like to be protected in the event that you become incapacitated or pass away.

The number one thing to remember in estate planning is that it is absolutely imperative that you consider the “what-ifs.”  This way, you and an attorney can work towards a solution that will be the most beneficial to you and your loved ones.

-Anthony B. Ferraro

Attorney-CPA