Elder Law Update At Large Edition May 2010

Dear Colleague:

In our recent initial consultations we have been seeing a pattern in our intake process. 

Prior to meeting us, clients often do not understand where long term care planning fits into the estate planning process they have been engaged in during prior years.

To that end, we are enclosing what we refer to in our office as The Gap Illustration Tool.  This tool is designed to point out that there still remains a planning area that is incomplete. That planning area is what we refer to as the GAP in estate planning. The GAP represents the senior years that exist between maturing years and post death years.

Hopefully, The Gap Illustration Tool will allow you to visually communicate to your clients in your consultations with them where their planning remains incomplete.

This is especially true of clients who have done estate planning.  They believe that they have completed the wills, trusts, and powers of attorney and, therefore, have nothing more left to do.  This, as you know, is erroneous.  There is still a substantial amount of planning that must be done after estate planning is done and prior to time of death.  This type of planning is called long term care planning.  As we have discussed in prior memos, its preferable for clients to do long term care planning in the preplanning mode when there is plenty of time to plan.  Long term care planning in the crisis mode is also possible, but results in less options for protection of assets and continuity of care. 

If you have any questions about the usage of this important tool, please let us know.

PS: Please be aware this is also a useful tool that has worked well for us in educating our clients and we hope it will have the same positive impact for you.

 

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.

 

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This communication is advertising material.  This is not intended to be, and cannot be, used as legal advice.