Elder Law Update At Large Edition Feb 2010

 

As a courtesy to our readership we are posting some sample frequently asked questions that comprise part of our “Consumer’s Guide to Planning for Long Term Care.”  We think these questions are relevant for you to examine when considering long term care and all that is related to it.  We hope this cuts away a lot of the rhetoric.  We’re also including a courtesy copy of one of our firm’s illustrative planning tools that helps us clarify the need for Long Term Care Planning for our clients. 

1. What are the greatest threats to most people’s money and home today?

A: Taxes, Inflation, and Costs of Long Term Care

2. What is long term care?

A: Long term care is the assistance you may need to go about everyday activities.  It is not acute medical care.  Most long term care services do not require doctors or nurses, although they often are provided by skilled and trained caregivers.  It is the care you may need as a result of an accident, chronic illness, disability or advancing age. 

3. What is Elder Law?

A: The area of legal practices that deals with the issues of aging.

4. What is the “Gap” in most people’s planning?

A: Failure to plan for long term care.  See The Gap Illustration Tool attached to this update.

5. What is Long Term Care Planning?

A: Planning for the efficient use of long term care insurance (if available), your own assets and public benefits to obtain seamless delivery of care as you age.  We help your loved ones get the nursing home care they deserve while legally and ethically protecting your family’s assets

6. What is the difference between Estate Planning v. Long Term Care Planning?

A: Estate Planning is the process of enabling your estate (the things you own) to transfer to the next generation.  Long Term Care Planning is the process of making sure you use your assets and public benefits efficiently so that (a) you have continuity in your care that you might need due to chronic illness, disability or advancing age, so that you, your spouse, and your loved ones are cared for and (b) as a byproduct, there remains a legacy consisting of assets that you own that can be passed on to the next generation.

P.S.  –  Mr. Ferraro will be holding two FREE workshops called “Don’t Go Broke In A Nursing Home” on TUESDAY, FEBRUARY 23 at 11am and 6pm.  Call us at 847-292-1220 or email us at Jennifer@abferrarolaw.com to make your reservations!  Bring a friend, advisor or client!

 

 

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”

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

Websiteabferrarolaw.com

Emailabferraro@abferrarolaw.com

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