Special White Paper Report

Power of Attorney versus Guardianship

Quite often we discover that clients coming to our office do not know the difference between a power of attorney and guardianship. I would like to take the opportunity to explain it to you in very basic terms. What is a Power of Attorney? A power of attorney is a legal document where one person, the principal, gives legal authority to another person, the agent, to perform certain acts on the principal’s behalf. There are financial powers of attorney and then there are powers of attorney related to health care. Your power of attorney can be made very broad in its scope. In many instances people will rely on the Illinois Statutory Short Form Power of Attorney for Property, and also the Illinois Statutory Power of Attorney for Health Care. Contrary to their names these power of attorneys are not that short. Nevertheless, quite often depending on the needs of our clients we even expand these documents to include certain provisions that the standard short form does not provide. It may be a good idea in many circumstances to use the statutory forms because these are easily recognized by health care providers and financial institutions as recognizable forms of power of attorney. You do not have to use the statutory form and can create your own power of attorney as long as it meets the standards of the statute. However, once you depart from the statutory forms you start running the risk that the document that you created may no longer be recognizable or accepted by health care providers or financial institutions. You also have the ability to strike out and reduce the powers that are listed in the statutory forms. Quite often clients don’t want to give all of the powers that the statutory form automatically provides. Finally, with regard to powers of attorney you can make them immediate powersof attorney or what we call springing powers of attorney. An immediate power of attorney takes effect the day you sign it and can remain in effect for as long as you wish. A springing power may only come into effect on the triggering of an event such as a doctors determination of your disability. You could also allow powers of attorney to remain in effect for the remainder of your life often referred to as a durable power of attorney or you can make a power of attorney last for only a short period of time, for example two weeks in order to allow an agent to close a real estate transaction for you. For estate planning and long-term care planning a durable power of attorney is obviously more effective. What is Guardianship? Guardianship is a court established legal relationship whereby the Guardianship Court appoints a person, the guardian who is determined to be the guardian to make personal and financial decisions for someone who cannot make these decisions on their own (the ward). In Illinois we have several forms of guardianship but the most common is considered to be guardianship of the person for personal decisions regarding personal care and living arrangements. The second type of guardianship is guardianship of the estate, wherein the guardian has control over the assets of the ward. Quite often a family member or interested person may initiate the guardianship proceeding by filing a Petition in the Guardianship Court in the county where the ward resides. The opinion of a doctor is necessary to establish the disability of the individual. If the ward is properly served and examined by a guardian ad litem (a court appointed lawyer acting as the eyes and ears of the judge) then the court may appoint a guardian to make decisions in either the personal area or the financial area or both. The power that a guardian has is closely scrutinized by the court and before a guardian can take any actions other than routine day to day matters, a court order must be obtained. A guardian is also required to report at least annually to the court on the status of the wards personal condition and the status of the wards income and assets. Conclusion For Long-Term Care Planning purposes we like to have powers of attorney in place so guardianship can be avoided. Guardianship will have substantial costs associated with it. However, in many cases either because the power of attorney is inadequate or non-existent, guardianship is often obtained in order to further advance the benefits to the ward. This is another example of the need for proper planning so that you have the opportunity to avoid a costly guardianship proceeding and instead rely on your self appointed agent under powers of attorney to act the way you instruct them to act in event of your disability. If you have any questions do not hesitate to contact us below. Forward your questions as follows: Anthony B. Ferraro Attorney-CPA The Law Offices of Anthony B. Ferraro, LLC The Estate & Trust, Elder and Asset Protection Law Firm Columbia Centre I 5600 N. River Road, Suite 764 Rosemont, IL 60018 PH (847) 563-4887 FAX (847) 292-1221 Website: https://abferrarolaw.com/ Email: abferraro@abferrarolaw.com P.S. Also, don’t miss our workshop: “The Elder Care Journey – How to Get Benefits Coverage for your Nursing Home Care…Without Selling your Home or Leaving your Family Without a Dime” set for the following dates. Please contact our office at (847) 563-4887 to register. September 10, 2009 at 4:00 PM September 24, 2009 at 6:30 PM Call (847) 292 1220 to make a reservation in our training room. – You don’t want to miss this workshop!

Long Term Care Planning Attorneys

The “3 Phase” Lawyers

Legal Counsel Assisting You in the 3 Phases of Your Life:

– Maturing Years – Will, Trust, Taxes, and Asset Protection

– Senior Years – Long Term Care and Nursing Home Protection

– Post Death Years – Estate, Probate, and Trust Administration

“Educate to Motivate”

Anthony B. Ferraro Attorney-CPA The Law Offices of Anthony B. Ferraro, LLC The Estate & Trust, Elder and Asset Protection Law Firm Columbia Centre I 5600 N. River Road, Suite 764 Rosemont, IL 60018 PH (847) 563-4887 FAX (847) 292-1221 Website: https://abferrarolaw.com/ Email: abferraro@abferrarolaw.com NOTE: The information contained in this message is confidential and may be protected by the attorney-client privilege and/or the work product doctrine. If you have received this electronic message in error, please reply to the sender and destroy this message. Pursuant to federal regulations imposed on practitioners who render tax advice (“Circular 230”), we are required to advise you that any tax advice contained herein is not intended or written to be used for the purpose of avoiding tax penalties that may be imposed by the Internal Revenue Service. The Illinois rules of Professional Conduct require attorneys to identify unsolicited communications to prospective clients as Advertising Material. If the context requires, please consider this letter and the enclosed literature to be Advertising Materials. To unsubscribe, please reply to this email. In the subject line, please write your name and the word “unsubscribe.” If you are responding on someone else’s behalf, please also include the email address that our message was sent to. Thank you. This document is for discussion purposes only and is not intended to be, nor should it be, considered as legal advice. You should never attempt Medicaid planning, Estate Planning, Probate, or Estate and Trust Administration without the advice of competent legal counsel.

1. Keeping Your Beneficiary Designations Current. According to Consumer Reports “Money Adviser,” it is very important to keep your beneficiary designations up-to-date on your financial accounts. By doing so, you will make sure your life savings doesn’t end up in the wrong hands, like and ex-spouse or estranged sibling or distributed under court supervision. Do’s and Don’ts of Beneficiary Designation Forms according to Consumer Reports:

• Don’t leave beneficiary forms blank or name your estate. If you do your account will be included in your probate estate and distributed per the instructions of your will. If you do not have a will then the court will decide who gets your money and this requires probate in court.
• Do list a primary and a contingent beneficiary. By listing a contingent beneficiary you are covered if the primary beneficiary dies before you do. It is often suggested that you name your spouse as the primary beneficiary and then a contingent beneficiary which can be a person or trust. Be careful naming a trust or you can blow certain tax benefits.
• Don’t name a minor as a beneficiary. Until they reach the age of 18 children cannot open up bank accounts or invest an inheritance they might receive by themselves and will need a guardian or custodian to control funds. A better approach would be to name a trust as beneficiary for the minor children. With a trust you can stipulate an age at which the children will receive their money. You can also delay distribution to Junior longer.
• Do review you choices on older accounts and policies. It is important that you contact your broker, insurance agent or bank and ask who is listed on your accounts as beneficiaries, especially since some companies have gone under or have been acquired by others. When this happens, occasionally beneficiary documents are shredded or lost in transition. If you need to re-do or update the beneficiary designation forms you might be able to obtain new ones from the company’s website or you can call and request them. Your estate planner also might be able to obtain them for you. (Keep a copy for your own records!)

2. Low-Cost Insurance to Help Ill Elderly Remain at Home. Senator Edward Kennedy released an expansive health care plan that includes a national long-term care insurance program. The program would offer basic help for the elderly and disabled. Under this proposed plan, Americans would pay roughly a $65 premium per month (which is far less than the typical cost of private long-term care insurance), and after contributing for at least 5 years, participants would be eligible for a benefit of not less than $50 a day. This might seem like a modest amount when compared to the average cost of a nursing home, but this amount would pay for a range of services that would allow an individual to stay at home longer. 3. Guardian May Conduct Medicaid Planning. A New York court allowed a guardian to conduct Medicaid planning on behalf of his great aunt, but the court requires that the money be placed into a trust for his aunt’s personal needs. Some Illinois courts also try to provide the same opportunity for planning. 4. Prepaid Burial…A Rip Off? A 2007 AARP survey of 1,087 Americans 50 and older found that 23 percent of them had made pre-payments on funerals, burials or both. However, there have been a number of funeral homes throughout the country who are not honoring the pre-paid burial plans purchased by customers. One of the common complaints is the casket bait and switch. This is when a customer asks for a specific casket and after they pass that casket is no longer available and the funeral home offers a lesser-quality model. A second complaint is when a customer tries to cancel their policies. Most funeral homes do not give refunds and many states do not require a funeral home to make full refunds. A third complaint is when customers try to transfer their policies to another funeral home whether it is in the same state or a new state after the customer has moved. But, the biggest complaint is outright fraud. Most states require that sellers deposit 70 to 100 percent of the customer’s money into trust accounts and the money should remain untouched until it is needed to pay for the service. But some funeral homes do not deposit the required amount and if they do they do not keep it there until the money needs to be used or sometimes they withdraw the money if the funeral home is strapped for cash. Some states allow pre-paid funerals to be funded by insurance policies rather than trusts and those plans are regulated separately under insurance laws. Because of the lack of federal oversight that leaves regulation of the pre-paid policies up to the states, therefore depending on state law purchasers of pre-paid policies may have little recourse when their pre-paid policies disappear. Before you buy…

• Think it over. It might not be necessary for you to purchase a pre-paid burial plans in-most cases. Instead you could deposit money into a separate interest bearing account at the local bank and on your death the named beneficiary could use the money to pay for your funeral expenses. Just make sure you choose a beneficiary that can be trusted.
• Bring a magnifying glass. Make sure you read the fine print carefully and make sure you know what is covered. If there are uncovered expenses, like flowers, clergy honoraria, death certificates, etc. make a list and inform your survivors so they know what still has to be paid.
• Ask about refunds. Be certain the contract can be transferred to another funeral home or that your money can be refunded to you if you move or change your mind. You might also want to find out if there is a penalty for canceling the policy or missing a payment.
• Follow the money. Know where the money is being invested. If it is being used to purchase an insurance policy, make sure the insurance company is highly rated, if the payments are going to go to a trust account, find out the bank or institution that will be holding the funds.
• Plan for change. Find out what happens if your circumstances change. What if something you requested is no longer available? What if the funeral home changes ownership? What if your family decides on a simpler, less expensive funeral?
• Review your finances. If you are trying to qualify for Medicaid you can put some of your money into an “irrevocable” pre-need funeral plan as a way of spending down your assets.
• Talk to an elder law attorney. This is the most important. Have your elder law attorney review any pre-need contract before you sign.

(Some of the contents of “Prepaid Burial…A Rip Off” are taken from a well written illuminating article “R.I.P. Off” by Barry Yeoman found in the AARP Magazine for January and February 2008.) Anthony B. Ferraro Attorney-CPA The Law Offices of Anthony B. Ferraro, LLC The Estate & Trust, Elder and Asset Protection Law Firm Columbia Centre I 5600 N. River Road, Suite 764 Rosemont, IL 60018 PH (847) 563-4887 FAX (847) 292-1221 Website: https://abferrarolaw.com/ Email: abferraro@abferrarolaw.com P.S. Also, don’t miss our new workshop: “Don’t Go Broke in a Nursing Home“, beginning this fall.

Long Term Care Planning Attorneys

The “3 Phase” Lawyers

Legal Counsel Assisting You in the 3 Phases of Your Life:

– Maturing Years – Will, Trust, Taxes, and Asset Protection

– Senior Years – Long Term Care and Nursing Home Protection

– Post Death Years – Estate, Probate, and Trust Administration

“Educate to Motivate”

Anthony B. Ferraro Attorney-CPA The Law Offices of Anthony B. Ferraro, LLC The Estate & Trust, Elder and Asset Protection Law Firm Columbia Centre I 5600 N. River Road, Suite 764 Rosemont, IL 60018 PH (847) 563-4887 FAX (847) 292-1221 Website: https://abferrarolaw.com/ Email: abferraro@abferrarolaw.com   Pursuant to federal regulations imposed on practitioners who render tax advice (“Circular 230”), we are required to advise you that any tax advice contained herein is not intended or written to be used for the purpose of avoiding tax penalties that may be imposed by the Internal Revenue Service. The Illinois rules of Professional Conduct require attorneys to identify unsolicited communications to prospective clients as Advertising Material. If the context requires, please consider this letter and the enclosed literature to be Advertising Materials. This document is for discussion purposes only and is not intended to be, nor should it be, considered as legal advice. You should never attempt Medicaid planning, Estate Planning, Probate, or Estate and Trust Administration without the advice of competent legal counsel.

  Introduction: We hope that our readership has had a pleasant, healthy and productive summer. The firm endeavors to continue our educational outreach with our Elder Law Update series. We hope that you will enjoy this update as it focuses on issues that are relevant in the ongoing health care debate. Living Wills vs. Powers of Attorney for Health Care Over the last several years, it has been difficult to avoid hearing about the Terri Schiavo case. Though many of us would prefer to avoid it, a recent article in the newspaper said that the Schiavo case has increased awareness regarding the importance of living wills. It has, no doubt, increased awareness — but will it really motivate people to actually sign living wills? Are you going to sign a living will now? A living will is an expression of your wishes regarding end-of-life decisions. If you don’t want to be kept alive artificially, should you ever become terminally ill and unconscious with no chance of recovery (as decided by two doctors), you can sign a living will making your wishes clear. For a doctor to withhold or withdraw artificial life sustaining treatment, the law says there has to be clear and convincing evidence that those are the patient’s wishes. The best way to accomplish this, of course, is to put your wishes in writing by signing a living will. As we know, Terri Schiavo didn’t do this. Her husband says that, before Terri became ill, they had discussed these issues and Terri had made it clear she wouldn’t have wanted to be kept alive in her condition. Her parents disagreed. Terri was kept alive for 15 years. While a living will is clear and convincing evidence of a person’s wishes, it is possible that, from a practical standpoint in a true end-of-life situation, the document’s strength might be diminished if parents, children, or spouses claim the living will does not reflect their loved one’s wishes. This could also happen if close family members simply don’t agree with each other as to whether or not the living will reflects their loved one’s wishes. You can imagine the concerns a doctor is going to have when a patient’s living will says she doesn’t want to be kept alive artificially, but the patient’s daughter is there pleading with the doctor to keep her mother alive—saying that she knows her mother would have wanted to live. You must discuss your wishes with your loved ones. While an Illinois living will leaves instructions regarding the withdrawal of death-delaying procedures, it does not extend to the withdrawal or withholding of food and water if that deprivation, rather than an existing terminal condition, would be the cause of death. Further, it does not address any other health care matters that may arise during your life. Thus, a living will serves a very limited purpose. There is an alternative. In Illinois, you can sign an Illinois Statutory Short Form Power of Attorney for Health Care (“HCPOA”), in which you (the “principal”) appoint an “agent” (and one or more successor agents) to make crucial health care decisions in the event that you are unable to do for yourself. You are given three options dealing with the issue of life-sustaining treatment. You can choose one of these options or you can insert a direction of your own choosing. For example, you can authorize your agent to withdraw food and water, even if that deprivation would be the cause of death, if this is your wish. In this respect, your HCPOA will serve as your living will. In your HCPOA, you can also indicate your wishes with respect to anatomical gifts (i.e., organ donations), as well as autopsies and the disposition of remains. Your agent is also authorized to make any other health care decisions on your behalf, not just with respect to life-sustaining treatment. You can also direct that your agent be treated as you would be with respect to disclosure of your medical records. For these reasons, a HCPOA will serve you in a much broader sense than would a living will. The Illinois Power of Attorney Act states that, as long as the agent named in the HCPOA is available, the HCPOA renders any living will executed by the principal inoperative. This does not mean that it is inappropriate to execute both a health care power of attorney and a living will. If the agent under the health care power fails or refuses to act, the existence of a living will may ensure that the individual’s wishes still will be honored. Where an individual also would want artificial nutrition and hydration withdrawn in appropriate circumstances, some commentators suggest that the living will could be modified to reflect this wish. Even if not effective under the Living Will Act, the provision will provide written evidence of the individual’s intent. For all of the reasons set forth above, we recommend that our client’s rely on the health care power of attorney in most situations. Some of you reading this are elder care advocates. You work with the elderly and their families every day. Because these end of life issues are on so many peoples’ minds, we all have the opportunity to educate the individuals we serve on these issues and empower them with the knowledge they need to make informed decisions. It is important for everyone to realize that advance directives, such as a health care power of attorney and living will (to some extent) can be tailored to suit their wishes. For example, some may not want their lives prolonged in any way should they be terminally ill and unconscious, while others may want all means possible used to keep them alive. Still others may wish to decline all life prolonging treatment with the exception of food and water. Regardless of your decision, it is critical that you discuss your wishes with your family members and loved ones. The key is to act now. You may want to begin by contacting an elder law attorney to discuss questions you have about living wills and health care powers of attorney. Once you’ve been educated about your options, you can make the decision that’s right for you. And once your decision is made and you have acted on it, you can take the next step of discussing your wishes with your family. Good elder law attorneys, who take a holistic approach to serving their clients, can help you with this part of the process as well. P.S. Also, don’t miss our new workshop: “Don’t Go Broke in a Nursing Home“, beginning this fall.

Long Term Care Planning Attorneys

The “3 Phase” Lawyers

Legal Counsel Assisting You in the 3 Phases of Your Life:

– Maturing Years – Will, Trust, Taxes, and Asset Protection

– Senior Years – Long Term Care and Nursing Home Protection

– Post Death Years – Estate, Probate, and Trust Administration

“Educate to Motivate”

Anthony B. Ferraro Attorney-CPA The Law Offices of Anthony B. Ferraro, LLC The Estate & Trust, Elder and Asset Protection Law Firm Columbia Centre I 5600 N. River Road, Suite 764 Rosemont, IL 60018 PH (847) 563-4887 FAX (847) 292-1221 Website: https://abferrarolaw.com/ Email: abferraro@abferrarolaw.com   Pursuant to federal regulations imposed on practitioners who render tax advice (“Circular 230”), we are required to advise you that any tax advice contained herein is not intended or written to be used for the purpose of avoiding tax penalties that may be imposed by the Internal Revenue Service. The Illinois rules of Professional Conduct require attorneys to identify unsolicited communications to prospective clients as Advertising Material. If the context requires, please consider this letter and the enclosed literature to be Advertising Materials. This document is for discussion purposes only and is not intended to be, nor should it be, considered as legal advice. You should never attempt Medicaid planning, Estate Planning, Probate, or Estate and Trust Administration without the advice of competent legal counsel.

 

ATTENTION VETERANS: Qualifying Veterans May Receive Up to $23,396 per year. These dollar amounts reflect 2009 maximum Veterans Administration Pension rates for qualifying claimant with a spouse. The actual amount awarded may vary according to the claimant’s circumstances. Widowed Spouses may receive up to $12,681 per year. Veterans married to Veterans may receive up to $30,408 per year. There may be additional benefits for dependent or disabled children. “Secret Dollars”: VA Benefits for Long-Term Care Revealed One of the Veteran Administration’s best-kept secrets, which is an excellent potential source of funds for long-term care (either at home or in an assisted living facility) are veteran’s benefits for a non-service connected disability. Most VA benefits and pensions are based on a disability which was incurred during a veteran’s wartime service. There is another benefit, however – a pension program – available for individuals who are disabled due to the issues of old age, such as Alzheimer’s, Parkinson’s, multiple sclerosis, and other physical disabilities. For those veterans and widows(ers) who are eligible, these benefits can be a blessing for the disabled individual who is not yet ready for a nursing home. There is a specific portion of the pension program which is of particular importance. This program is “Aid and Attendance” (A and A) and is available to a veteran who is not only disabled, but had the additional requirement of needing the aid and attendance of another person in order to avoid the hazards of his or her daily environment (in other words, someone needs to help you to prepare meals, to bathe, to dress and otherwise take care of yourself). Under this program, a veteran can receive a maximum of $1,949.00 per month in benefits and a widow or widower can receive up to $1,056.00 as a maximum benefit for A and A for the year 2009. The applicant must be determined to be “permanently and totally disabled”. The applicant does not need to be helpless – he/she need only show that he/she is in need of aid and attendance on a regular basis. Someone who is housebound or is in an assisted living facility and over the age of 65 is presumed by the Veterans Administration to be in need of aid and attendance. This particular program has limitations related to the income and assets that are held by the applicant. However, in computing the income of the applicant, certain items can be deducted. Specifically, unreimbursed medical expenses (UMEs) paid by an individual may be used to reduce the applicant’s income. Home attendants or aides are an allowable medical expense deduction, as long as that attendant is providing some medical or nursing services for the disabled person. The cost of an assisted living facility, and even part or all of the cost of an independent living facility, can also be an allowable medical deduction to reduce your gross income to a much lower net countable income that may qualify you for veteran’s benefits. Simplified Example: Bill Robert is a 66 year old veteran and, due to his health needs, has caregivers coming to his home for several hours each day. His income is $1800/month and he is paying caregivers $3300/month. Rather than deplete his saving of $45,000, he applies for a service pension through the VA. The VA considers the $3500/month he is paying to his caregivers unreimbursed medical expenses and “subtracts” the amount from his income. In other words, when calculating his pension, the VA considers income to be negative $1500. He applies for benefits and is eligible for $1500/month to help him with his bills! To file a claim for this benefit, it is wise to seek the involvement of a trained veteran’s service officer. A Veteran’s Service Officer is critical to the filing of an application with the local VA regional office. It is also important to seek the guidance of an experienced elder law attorney who is familiar with estate planning, disability, Medicaid and veterans’ benefits. An attorney skilled in elder law can provide a veteran and the veteran’s family with appropriate pre-filing consultations to determine the appropriate steps that must be taken to be able to determine if it would be right to apply for this VA benefit. Next Step: In our office what happens is the spouse or family of the Veteran requests information on the Aid and Attendance Pension benefit. My paralegal, using a structured intake questionnaire, screens the prospect to determine if they are likely to be eligible for benefits without any legal planning. If the family does not qualify for benefits due to having too many assets, we counsel our clients on options and strategies to qualify for the benefit. P.S. Also, don’t miss our new workshop: “Don’t Go Broke in a Nursing Home“, beginning this fall.

Long Term Care Planning Attorneys

The “3 Phase” Lawyers

Legal Counsel Assisting You in the 3 Phases of Your Life:

– Maturing Years – Will, Trust, Taxes, and Asset Protection

– Senior Years – Long Term Care and Nursing Home Protection

– Post Death Years – Estate, Probate, and Trust Administration

“Educate to Motivate”

Anthony B. Ferraro Attorney-CPA The Law Offices of Anthony B. Ferraro, LLC The Estate & Trust, Elder and Asset Protection Law Firm Columbia Centre I 5600 N. River Road, Suite 764 Rosemont, IL 60018 PH (847) 563-4887 FAX (847) 292-1221 Website: https://abferrarolaw.com/ Email: abferraro@abferrarolaw.com  Pursuant to federal regulations imposed on practitioners who render tax advice (“Circular 230”), we are required to advise you that any tax advice contained herein is not intended or written to be used for the purpose of avoiding tax penalties that may be imposed by the Internal Revenue Service. The Illinois rules of Professional Conduct require attorneys to identify unsolicited communications to prospective clients as Advertising Material. If the context requires, please consider this letter and the enclosed literature to be Advertising Materials. This document is for discussion purposes only and is not intended to be, nor should it be, considered as legal advice. You should never attempt Medicaid planning, Estate Planning, Probate, or Estate and Trust Administration without the advice of competent legal counsel.

 

IT’S ABOUT PROTECTING WHAT YOU HAVE-

NOT THE ECONOMY OR HEALTH CARE

I am hoping to get your attention by paraphrasing a well-worn phrase-“It’s the economy, stupid”-often heard during the 1992 presidential election and since then. What I have taken from the ongoing debate about the economy and health care that is going on nationally is not what kind of insurance coverage Congress is going to make available to every American or what type of cost reductions in care costs can be obtained, but rather, that it’s all about what kind of protection can be afforded to you and me. Yes, it’s all about protection. The good news is – at least they are talking about the economy and health care protection. The bad news is — there is nothing you or I can control about what Congress will do about the economy and health care protection. There is more good news, however, and that is that we can create our own type of protection. The Threats The three biggest threats to most Americans are the effects of:

1. Taxes;
2. Inflation; and
3. Long-Term Care.

The Solutions Taxes are going to continue to go up and, therefore, careful tax planning in both the estate and income tax areas will be essential. Inflation is relatively tame right now, with the exception of two major areas: health care costs, as I mentioned above, and the escalating costs of college. Hopefully, whatever Congress does will help us contain the costs of health care. With respect to college costs, taking advantage of tax incentives such as 529 plans can help reduce the effect of such costs somewhat. With regard to Long-Term Care, the most important thing that we can do to rein in the costs of Long-Term Care is to engage in preplanning. Preplanning will deal with: 1) repositioning your estate plan and assets, and 2) looking to place the right kind of insurance or financial product with your family in order to plan for Long-Term Care when there is still enough time to plan. However, there are crisis situations where Long-Term Care Insurance or other insurance is not going to be available and, therefore, crisis planning is necessary, which requires more aggressive and creative solutions. Please remember that, with regard to long-term care planning, the question is not what happens when you die, but rather the question is what happens if you don’t die and suffer a long period of disability. There is Hope With all of the fallout in the stock market and real estate markets, there is still an oasis of safety and protection that can be obtained by taking control of your long-term care matters. Don’t let the assets that took you a lifetime to accumulate be lost in a moment due to a health emergency. Remember, Medicare will cover acute care matters such as surgeries and hospitalizations, but Medicare will not cover long-term care for the effects of Dementia, Alzheimer’s, Parkinson’s and long-term debilitating diseases. To Do Contact us to set an appointment about what protective measures we can create for you in order to provide your family not only with as much financial security as possible, but also with the gift of peace of mind. We invite you to bring your Financial Advisor and CPA with you. To all that come in for an appointment, we will give a free copy of our new CD “Consumer’s Guide to the Basics of Long-Term Care Planning” and also our new booklet “Consumer’s Guide to Planning for Long-Term Care”. P.S. Also, don’t miss our free new workshops: 1) “Don’t Go Broke in a Nursing Home“, beginning this fall, and 2) “The Top 9 Stumbling Blocks for Financial Advisors, CPA’s and Lawyers to Know about Elder Law”. Anthony B. Ferraro Attorney-CPA The Law Offices of Anthony B. Ferraro, LLC The Estate & Trust, Elder and Asset Protection Law Firm Columbia Centre I 5600 N. River Road, Suite 764 Rosemont, IL 60018 PH (847) 563-4887 FAX (847) 292-1221 Website: https://abferrarolaw.com/ Email: abferraro@abferrarolaw.com

Long-Term Care Planning Attorneys

The “3 Phase” Lawyers

Legal Counsel Assisting You in the 3 Phases of Your Life:

– Maturing Years – Will, Trust, Taxes, and Asset Protection

– Senior Years – Long-Term Care and Nursing Home Protection

– Post Death Years – Estate, Probate, and Trust Administration

“Educate to Motivate”

  Pursuant to federal regulations imposed on practitioners who render tax advice (“Circular 230”), we are required to advise you that any tax advice contained herein is not intended or written to be used for the purpose of avoiding tax penalties that may be imposed by the Internal Revenue Service. The Illinois rules of Professional Conduct require attorneys to identify unsolicited communications to prospective clients as Advertising Material. If the context requires, please consider this letter and the enclosed literature to be Advertising Materials. This document is for discussion purposes only and is not intended to be, nor should it be, considered as legal advice. You should never attempt Medicaid planning, Estate Planning, Probate, or Estate and Trust Administration without the advice of competent legal counsel.