Elder Law Articles, Uncategorized

Elder Law Update – At Large Edition May 2009 Vol I

IMPORTANT UPCOMING WORKSHOP ON ESTATE PLANNING IN THE NEW MILLENNIM FOR BOOMERS AND NEW RETIREES   “How to Leave a Legacy for Your Family and Protect Your Hard Earned Money Legally and Effectively”   Presented by: Anthony B. Ferraro Attorney-CPA A Message from Anthony B. Ferraro…   43% of people over 65 will spend at least 408 days in a nursing home.  Even people with wealth may not have liquidity to pay privately.  Especially during these tough times, your estate plan should protect assets from long term care and nursing home costs.  Most clients that come into our office feel that their estate planning is complete because: 1) they are handling their own affairs today, and 2) they have prepared a will or trust that will enable them to distribute their assets on death.  But what happens in between?  Our clients inform us that the biggest problem is not what happens when they die, but rather what happens if they don’t die and live a long period of time while they are ill This, restated, is the “Gap,” in their planning. The “Gap” represents that phase of our life or those years where no Long Term Care Planning has been done and long term illness sets in. Long Term Care Planning is the process of putting together the correct documentation such as powers of attorney, asset transfers, and asset protection strategies, in order to create continuity in the management of your assets when you are no longer able to care for yourself and may require in-home care, assisted living or long term skilled or nursing home care.  So, don’t leave yourself vulnerable in the “Gap”.  Instead engage in the process of Long Term Care Planning where you bridge the Gap between your healthy years and death.  Don’t make the mistake in assuming that you will be healthy and then someday die, without intervening years of health crisis and long-term care. With our population continuing to age (the fastest growing population in United States is the 85+ age group) there is certainty that many of us will go from healthy years to disabled years in which we are alive but require a lot of long term care.  Provide for those years.  Contact a Long Term Care Planning attorney so you have the correct tools in place to bridge the “Gap.”  All of our clients tell us that the greatest threat to the financial security of middle Americans is the cost of long term convalescent care.  Don’t get slaughtered in the “Gap”.  Do Long Term Care Planning! Please join me as we explore these and other topics of interest: –          The most important legal document you must have and what it contains. –          Why your parents’ estate plan won’t work. –          How “gifting” can mess up your entire estate plan. –          How to protect your assets from long term care including nursing home costs. –          How paying for your grandchild’s preschool can disqualify you for Medicaid. –          The secrets to Veteran’s Benefits. –          Covering all bases: How to plan for your “non-traditional” family –          Planning for that large retirement plan without paying unnecessary income taxes. –          Why the new Medicaid laws require advanced planning. –          How to protect your children from their creditors, ex-spouses and themselves. –          How to protect and provide for an aging parent. Your attendance at this workshop is free but seating is limited.  Reservations are a must. Please call 847-292-1120   –       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) 292-1220 FAX (847) 292-1221 Websiteabferrarolaw.com Emailabferraro@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.