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A Quick Piece of Advice | Chicago Elder Law Attorney

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February 20, 2014

- Chicago Elder Law, Chicago Elder law attorney, Eldercare Attorney

Paying for nursing home care may be one of the toughest things many of us will have to do. It is no secret that today’s nursing home costs are sky high and they are only going to continue rising. Most of us automatically assume that we will have to spend our entire life savings on our nursing home care. Considering the prices of nursing homes, it certainly seems that this is the truth. However, there are ways around doing so. The first thing that you absolutely must do is contact an Elder Law attorney, like myself, before you venture into the process of selecting and paying for a nursing home. Today, many people aren’t incredibly educated in areas such as Medicare, Medicaid, and VA Benefits. Therefore, they don’t know about the ways in which those programs will be able to help them save money as they begin their long-term care journey. Luckily, we do. Always remember, talk to us first. It’s as simple as that. -Anthony B. Ferraro
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Choosing the Right Nursing Home | Chicagoland Elder Care Attorney

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February 19, 2014

- Alzheimer's Care, Chicago Elder law attorney

Choosing a nursing home for a loved one may be one of the most daunting things we have to do in life.  But, when a loved one is in a condition that requires them to be in a nursing home, as a caregiver or agent under power of attorney, it is your job to choose the place that is best for them.  You want them to get the proper medical attention while still feeling like they’re at home.  Your worst case scenario would be for them to feel neglected or to be treated poorly. There are ways to ensure that this does not happen. For starters, when beginning the nursing home selection process I recommend that you visit https://abferrarolaw.com/senior-resource-kits/alzheimers-resource-kit/.  There you will find the guide, “How to Choose the Right Nursing Home and Ensure Your Loved One Gets Great Care,” which includes: 1)      A Nursing Home Evaluation Form, which gives you a lot of insight pertaining to issues that people tend to overlook when choosing a nursing home; 2)      3 steps to make the nursing home transition a smooth one; and 3)      1 huge secret on how to connect with nursing home staffers so that your loved one gets the best treatment. After narrowing down the nursing home selections, the next best thing to do is to contact someone on the nursing home staff, such as the social worker, to voice your concerns and engage in further questioning on your nursing home of choice.  After contacting staff, they may offer to give you a tour of their facility to give you an even more in depth insight on what may soon be your loved one’s new home. All in all, throughout the whole process, make sure to involve your loved one. Make sure that they know that the journey they are about to embark on is not a scary one, but an exciting one. -Anthony B. Ferraro
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7 Secrets to Surviving The Medicaid Spend-Down | Chicago Estate & Trust & Elder Law Attorney-CPA, Anthony B. Ferraro

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January 10, 2014

- Chicago Elder Law, Chicago Elder law attorney, Medicaid and Paying for Nursing Home Care

The key to figuring out how to save money by turning to Medicaid is understanding what exactly Medicaid benefits entail and how they may relate to you. These 7 secrets to surviving the Medicaid spend-down will help you be in a better position to protect your hard-earned savings. 1) Many couples end up spending too much money on the first spouse’s long-term care costs because they do not know the rules.  An Elder Law attorney can show you the rules and make the healthy spouse’s life better. 2) People give their assets to their children using the wrong method.  If you choose to go this route, you must do this right, or it could have terrible consequences. 3) Save money by transforming your assets.  Medicaid categorizes your assets as either available or exempt, and an Elder Law attorney can help you convert your available assets into exempt assets so that you keep them. 4) Medicaid application timing is crucial.  If your timing is off, you could lose thousands of dollars, and create a Medicaid penalty because you applied too early or too late. 5) Avoid going broke due to giving your assets away in the wrong way.  There is a Medicaid ineligibility penalty for seniors who give away their assets in the wrong way to children, churches, or charities within 5 years of applying to Medicaid. 6) Annuities are not always “Medicaid-proof”.  Don’t assume just because an annuity is touted as “Medicaid-proof” that it actually is.  Instead consult an elder law attorney, to ensure it actually is. Learn all about VA benefits – A wartime veteran and a spouse could potentially receive $2,000 or more for in-home or assisted living medical care. Stay tuned for further elaboration on the 7 Secrets to Surviving the Medicaid Spend-Down. -Anthony B. Ferraro
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A Quick Lesson in Estate Planning | Chicago Estate Planning & Eldercare Attorney-CPA Anthony B. Ferraro

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January 3, 2014

- Chicago Elder law attorney, Estate Planning Attorney

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
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Read The Nursing Home Contract BEFORE You sign it!|Illinois and Chicago Elder Care Attorney Blog

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May 13, 2013

- Blog, Chicago Elder law attorney

Nobody would buy a home without being represented by a real estate attorney. So, why is it that most seniors are signing nursing home contracts in the Chicago metropolitan  that require them to pay $6,000-$10,000 a month, for the rest of their lives, and never give them to an elder law attorney to review until after they’ve signed them and moved in? Nursing homes in Chicago and Chicago suburbs can cost anywhere between $6,000 and  $10,000 a month. That means that a nursing home contract can cost you between $72,000 and $120,000 a year! How can you enter into a contract of this magnitude without the advice of elder care counsel? Here are the risks you run in signing these contracts: 1) Losing access to the court system if something goes wrong in the nursing home. 2) Asking the senior’s children to sign as guarantors. Now the kids are liable! 3) Dictating to a senior what the senior may do with his/her own money while they are living in that particular facility and paying privately. 4) Requiring large deposits before one may apply for Medicaid. 5) Making legal and ethical asset protection planning by a senior  breach of contract. Remember: some nursing homes want you to believe that a single person must be down to $2,000 of assets before Medicaid becomes available. This is far from the truth. Medicaid allows for the legal and ethical repositioning of assets so that you can be at the eligible Medicaid level and still have a “rainy day fund” with which to buy hearing aids, have infected teeth extracted, buy eyeglasses, buy a TV for your room, etc. You wouldn’t buy a home without having a competent real estate attorney representing you, right? So, why would you buy into your nursing home without a competent elder care lawyer representing you before you sign the nursing home contract? Stay tuned, more to come.   Anthony Ferraro  
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