Elder Law Articles, Uncategorized

Elder Law Update At Large Edition Aug 2010 Vol I

A New Illinois Bill To Protect Seniors From Financial Elder Abuse Please note that Governor Quinn signed a bill that was designed to protect seniors from financial elder abuse.  The bill will be handled with the involvement of the Illinois Department of Aging and Illinois Department of Financial Professional Regulation which will establish standards and trainings for employees at financial institutions to keep on the lookout for financial exploitation of the elderly.  The new law is requiring financial institutions across the state to become more vigilant and on the lookout for matters pertaining to financial elder abuse of our senior citizens.  The bill requires reporting when abuse is suspected.  This is a step in the right direction.  Let’s hope that the implementation will allow this to be a useful tool in protecting the elderly.  Continuing Care Retirement Communities (CCRC) The Senate recently held hearings on matters pertaining to Continuing Care Retirement Communities (CCRCs).  The investigation dealt with matters pertaining to the current market conditions and some of the financial risk associated with residents in CCRCs.  Recently there have been some failures in CCRCs.  This places the financial investment and also the continuity of care for the resident seniors at risk.  The CCRCs are a good concept, but be sure you review the contract for your care thoroughly and do your due diligence early on. NEW FREE E-COURSES We invite you to sign up for one of our three FREE e-courses: Estate Plan Essentials Guide, Veteran’s Benefit Report, and Medicaid Nursing Home Guide.  After signing up for an e-course, a series of letters will be emailed to you which discuss our areas of practices and services we provide clients.  http://www.estateplanessentialsguide.com/ http://www.veteransbenefitreport.com/ http://www.medicaidnursinghomeguide.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: Pre-Planning and Crisis Planning –           Post Death Years – Estate, Probate, and Trust Administration Educate to Motivate This communication is advertising material.  This is not intended to be, and cannot be, used as legal advice. 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) 292-1220 FAX (847) 292-1221 Website:  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.