Elder Law Articles, Uncategorized
Elder Law Update At Large Edition July 2010
New Rules Are Coming to Illinois A Widow or Widower’s Worst Case Scenario The state of Illinois is about to propose certain rules that will penalize and place at risk our senior citizens who need or who have spouses who require nursing home stays. Quite often, one spouse promises the other that “under no circumstances will you ever go into a nursing home”. The unfortunate reality is that many people will not only spend tremendous amounts of money and other assets in providing for the long-term care of their spouse, but will later go on to face their own challenges in the aging process. I am talking about clients that come into our office that have been frugal their entire lives, paid their bills, paid off their home, put the kids through college and now depend on their Social Security checks and modest pension to get through life. The surviving spouse often travels on the elder care journey alone, depleted of energy, and often depleted of financial resources. This very same surviving spouse who cared for their ill spouse during their years of long-term care, must now become impoverished to the point of a mere $2000 or less in total assets and the misery of a $30 a month personal needs allowance before the State of Illinois or federal government provides any assistance for their long-term care. This is becoming a modern day living nightmare for many of our clients. We can assist you in avoiding this nightmare. Worst Case Scenario The new rules that may be considered by the state of Illinois will create new ineligibility periods. The penalty periods could last for more than 5 years after the date of gift! 5 years is a long time in the life of one of our senior citizens. This would apply to any senior who has generously gifted their money to loved ones who need care or help in these difficult times. To avoid falling into the potential ineligibility trap, it is our strong recommendation that you schedule an appointment for consultation about long-term care proactive planning or long-term care crisis planning. Nursing care costs are currently ranging anywhere from $6,000-$8,000 per month in our region. We will show you how our clients are currently adopting sound legal strategies such as “5 Year Advance Planning” to achieve peace of mind and asset preservation from the persistent threat of nursing care costs. VA benefits for our veteran clients and their surviving spouses are also a resource to help defray costs. Please call Lori or Jennifer in our office at 847-292-1220 to set up a time for a consultation. This is about fighting for you to obtain fairness that will enable you to preserve your dignity and savings during a time of frailty and need. You need to join the fight and let us help you. I am serving as a chairman on a subcommittee for a task force dubbed “The Task Force for Senior Fairness” that is comprised of a group of highly respected elder law attorneys throughout the state. We along with others in the long term care community are advocating for fairness to seniors in the application of these new rules. Change is coming, that is certain. We can however together reduce the unintended consequences and undue harshness of the rules that are being proposed. I will be discussing these new rules and additional elder law topics that are critical to seniors, their loved ones, caregivers, and advisors at my upcoming workshops that are resuming next month. The workshops are called our Elder Law Basics Workshops. There are still a few spots available, call Jennifer or Lori at (847)292-1220 to register. Elder Law Basics Workshops Tue 8/3/10, 6:00-7:00pm 10 Things Seniors Must Know In Planning For Their Care and Death! Thu 8/4/10, 4:00-5:00pm Get The Real Scoop On Medicaid Eligibility For Nursing Home Care and VA Benefits Upcoming Workshop: “A Trust Is NOT A Trust, By Any Other Name…” or “What is a Trust, Anyway?” 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: firstname.lastname@example.org.