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You May Need More Than Just Traditional Estate Planning! | Chicagoland Estate, Trust & Probate Attorney & Elderlaw Attorney-CPA, Anthony B. Ferraro

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January 23, 2014

- Chicagoland Elder Law, Estate Planning, Estate Planning Attorney

Why is it  important to stray from traditional estate planning? Because many professionals have been trained to prepare estate plans by using the “death plan” mentality. Also, since the world today is rapidly changing, doesn’t that mean our estate plans should too? Most people today tend to create “Sweetheart” wills at the suggestion their advisors. In this case, the attorney will ask you a couple of questions like: your name, your loved one’s name, and who you want to leave things too when you die. Today this is overly simplistic. What is most important is that people create wills that follow the “death” rules of estate planning, BUT also will address what will happen if you have a long-term illness before your death. Long term care requirements dramatically change both your wills, trusts and powers of attorney and your course of action. Therefore, you must address long term care issues. -Anthony B. Ferraro
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Who is a Qualified Elder Law Attorney? | Chicagoland Estate Planning & Eldercare Attorney-CPA Anthony B. Ferraro

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January 22, 2014

- Chicagoland Elder Law, Eldercare Attorney

Today I want to give you a brief lesson on what you need to know when selecting an elder law attorney.  Remember that an elder law attorney’s practice focuses on the areas of estate and longevity planning, Medicaid, special needs trusts, and VA benefits for those over the age of 65. Unfortunately, you will see general practitioners who also identify themselves as elder law attorneys.  The fact of the matter is, drafting simple wills and trusts DOES NOT make an attorney an elder law attorney.  Sure, wills and trusts are certainly part of the elder law process at times, but elder law consists of so much more than that. What is not often communicated to the public is that wills really only control what happens after you die.  Therefore, today’s seniors really need both an estate and longevity plan.  A longevity plan will allow for seniors’ families to know what their wishes are in the event that they become incapacitated before they die. A traditional estate plan (a.k.a. death plan) is designed to do three things:
  1. Minimize estate taxes
  2. Avoid probate court
  3. Distribute assets from the deceased person to his or her heirs
Elder law, on the other hand, is death planning plus long-term disability and care planning. I call all of this together “longevity planning.” In order to help yourself identify an  elder law attorney, ask the following questions:
  1. How many Medicaid applications does the firm do in a year?
  2. How many veterans does the firm assist with VA aid and attendance benefits per year?
  3. How many Elder Law oriented estate plans has the firm done this year?
  4. Are your powers of attorney documents tailored to senior issues?
The bottom line is, because the issues are so complex, you deserve to work with somebody who is experienced in elder law, not just estate planning. -Anthony B. Ferraro
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What If My Loved One Is a Flight Risk or Wanders Away? | Chicago Estate & Elder Law Attorney-CPA, Anthony B. Ferraro

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January 21, 2014

- Alzheimer's Care, Chicago Elder Law

Wandering is one of the most dangerous and feared side effects of Alzheimer’s and dementia’s.  Usually, the main reason for someone wandering is they are trying to find some place that is familiar to them.  A problem with wandering is someone with Alzheimer’s or dementia may not realize they are doing dangerous acts, such as walking into traffic. The good news is that wandering can be prevented.  The website below includes some resources you may find helpful for protecting your loved one from the dangers of wandering. http://www.alzheimershope.com/symptoms_strategies/wandering.php Even though it is completely understandable to be scared and agitated when a loved one wanders away, it is very important to refrain from confronting them and badgering them. When a loved one wanders away a frantic confrontation will only make things worse. While it is certainly easy to say that one should not show fear or anger when a loved one wanders, putting that into practice is another matter. One of the most important things to keep in mind is not to lecture your loved one about wandering, in order to prevent an outburst. Alzheimer’s not only affects the memory, but may control that part of the brain which controls our behavior. Don’t  increase the fright of your loved one, or the chance of an outburst, by lecturing them. When it comes to wandering, simply remember to try to remain calm. -Anthony B. Ferraro
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A Warning on VA Benefits | Chicagoland Estate Planning & Eldercare Attorney-CPA Anthony B. Ferraro

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January 17, 2014

- Chicagoland Elder Law, Estate Planning

Because it is illegal to charge veterans any fees for filing VA Benefit claims, there are few attorneys out there who know anything about these kinds of benefits.  Veterans Service Organizations (VSOs) are very knowledgeable on this subject and are eager to help, but they are all too often hard-pressed to have the resources to handle so many veterans.  Therefore, it can unfortunately be difficult for a veteran and/or his or her surviving spouse to get the sufficient help that they need to file a claim. The only other common source for information regarding VA Benefits are annuity salespeople, who sometimes offer to consult with veterans and/or their families regarding VA Benefits for free.  This offer usually consists of a consultation for the veteran to meet the asset and income limitations of the VA Benefit by buying an annuity from that salesperson, and the veteran giving away his or her assets to his or her children. In reality though, annuity salespeople are often being paid by an annuity company to sell a financial product to the veteran.  Sometimes an annuity can turn out to be a great thing for a veteran and his or her family, but other times an annuity can end up being a very poor financial decision.  In order to avoid making a poor financial decision, your first step in the VA Benefit process should be to get advice from a VA accredited attorney BEFORE transferring any assets and/or purchasing an annuity. Remember, the VA Benefit process does not have to be stressful if you follow the correct steps. -Anthony B. Ferraro
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Medicare v. Medicaid | Chicagoland Estate Planning & Eldercare Attorney-CPA Anthony B. Ferraro

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January 16, 2014

- Chicagoland Elder Law

A brief reminder on the basic logistics of Medicare and Medicaid, and the differences between them: Medicare and Medicaid sound similar, but are very different programs.  Often times, people tend to confuse one with the other.  Medicare provides healthcare benefits for people who are older than 65 years old, blind, or disabled; Medicaid provides medical benefits for the impoverished. Here’s a quick rundown on the differences between Medicare and Medicaid: Medicare:
    • Health insurance for seniors 65 and older
    • Federally controlled, nationwide uniform application
    • Covers no more than 100 days of nursing home care
    • Covers primary hospital care and related medical services
Medicaid:
    • Needs-based health care program
    • Differs state by state with different regulations in each part of the application process
    • Covers long-term care costs
    • Covers medication costs
    • Must meet income and asset limits, be 65 or older, disabled, or blind in order to be considered eligible
Don’t be caught off guard by the differences in these two programs. -Anthony B. Ferraro
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Why Estate Planning is Not a Do-It Yourself Project! | Chicago Estate Planning & Elderlaw Attorney-CPA, Anthony B. Ferraro

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January 15, 2014

- Chicago Elder Law, Estate Planning, Estate Planning Attorney

DO NOT CREATE YOUR OWN ESTATE PLAN. With today’s technology, there are many programs that allow us to create quick and cheap estate plans. Considering how busy the majority of us currently are, that sounds like a dream come true.  WRONG. The truth is, if you do not communicate with an Elder Law & Estate Planning attorney when creating your estate plan, you are only doing yourself a disservice.  In fact, you are potentially risking losing everything. The world of Elder Law is very complicated.  There is a lot of lingo and terminology that takes years of practice to fully understand.  The word income, for example, has a completely different meaning when it comes to different areas of the law.  So, if you do not understand Elder Law, how would you even begin to approach assessing your income when it comes to your estate plan?  If you attempt to create your own estate plan, the simplest misunderstanding or forgotten detail can cost you thousands of dollars, if not more.  The bottom line is, the only way to ensure your safety is to create an estate plan with an Elder Law & Estate Planning  attorney. You wouldn’t trust somebody without a medical degree to operate on you.  Why would you trust anybody but an Elder Law &  Estate Planning attorney to handle your estate plan? -Anthony B. Ferraro
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Should Your Loved One with Alzheimer’s Still be Driving? | Illinois Estate Planning & Eldercare Attorney-CPA Anthony B. Ferraro

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January 14, 2014

- Alzheimer's Care, Estate Planning

One of the dilemmas a caregiver for someone with Alzheimer’s faces is whether or not they should continue to let their loved one drive.  No longer allowing your loved one to drive can lead your loved one to a feeling of defeat and taking away their keys can mean the loss of your loved one’s independence; however,  you must balance that loss with the safety of others on the road. An issue that many caregivers face surrounding the driving issue is their loved one’s insistence that there is no reason why they can no longer operate a vehicle.  Even if you get the doctor to insist to the patient that they should no longer drive, due to the memory loss, the patient may completely forget what the doctor told them.  So, you will find yourself in a seemingly never ending cycle of your loved one insisting on driving and you telling them no. In this case, the best thing to do is change the topic of conversation when the driving topic is brought up.  Diverting to a lighter topic of conversation by saying something like, “What do you want for dinner tonight?” may feel odd at first, like you’re ignoring your loved one, but the truth is, switching to a lighter topic of conversation can be a great stress reliever for both you and your loved one, even if it is only for a brief moment. Changing to a lighter topic should not take away from the overall seriousness of the driving issue, but for the time being, it provides some relief and you both can move forward. It is important to realize that driving is one of the most challenging issues surrounding Alzheimer’s today.  Helpful answers to this issue can come from the Alzheimer’s resource center at abferrarolaw.com/senior-resource-kits/alzheimers-resource-kit/. -Anthony B. Ferraro
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How to Get Help with VA Benefits | Chicago Estate Planning & Eldercare Attorney-CPA Anthony B. Ferraro

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January 13, 2014

- Chicago Elder Law

The truth is, very little of the general public knows about VA benefits because Congress keeps them, for the most part, under wraps.  There are a select few who are legally authorized to provide information to veterans about benefits, and they are: 1)      Federal Veterans Administration employees; 2)      Employees of state Departments of Veteran’s Affairs; 3)      Authorized representatives of Veterans Service Organizations (like the VFW and American Legion, among others); and 4)      Attorneys licensed to practice law in the veteran’s state and accredited by the VA. Lawyers, such as myself, are authorized to provide information on VA benefits.  However, federal law prohibits a lawyer from charging a veteran to assist in helping them prepare the VA claim form for benefits; we are supposed to work for free. Congress does not always allow lawyers to charge a veteran in order to help with a VA benefit claim form because Congress has the idea that: 1)      There are plenty of capable and trained VA employees available to help veterans fill out VA claim forms for free; 2)      There are plenty of capable and trained volunteers available at the various Veteran’s Service Organizations to help fill out VA claim forms; and 3)      Veterans should be protected from attorneys who would overcharge them by doing something that is supposedly as simple as completing and submitting a VA claim form. So, I truly do recommend that if you have not already tried to get help from the Veterans Administration or a Veteran’s Service Organization, you do so immediately. Like myself, they’re there to help. -Anthony B. Ferraro
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It’s Time to Update Your Estate Plan | Chicagoland Estate Planning & Elder Law Attorney-CPA Anthony B. Ferraro

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January 9, 2014

- Chicagoland Elder Law, Estate Planning, Estate Planning Attorney

Today, the world is quickly changing; medical care can be both impersonal and expensive.  But one area that has not changed with the times is traditional estate planning.  Traditional estate plans are designed to focus on just a couple of things and when creating them, most people tend to take the easy route.  Often times, people are in good health and think, “There’s nothing wrong with us now; we want our estate plan to be very simple.”  In those cases, their estate plans only really focus on who will get what when they die. The truth is, most of us are not going to die while we’re in good health.  As we venture into old age, many of us will, unfortunately, develop long-term illnesses and need specific care.  According to AARP, 70% of individuals aged 65 and older will spend part of their life living in a long term care facility.  The cost of long term care and Medicaid planning are probably not things that are included in the will or living trust you already have.  So shouldn’t we consider this when updating our estate plans? While the traditional estate plan details concerning who gets what when you die are important, it is equally, if not more important, to consider what could happen to you before you die.. -Anthony B. Ferraro
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A Quick Lesson in Estate Planning | Chicago Estate Planning & Eldercare Attorney-CPA Anthony B. Ferraro

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January 3, 2014

- Chicago Elder law attorney, Estate Planning Attorney

It’s time to face the facts.  Most people wait until it’s too late to implement a great estate plan. According to PBS.com, the typical American over the age of 65 has a 75% chance of needing extra assistance with daily activities.  If your loved ones can’t be there to help you in this situation, you will, unfortunately, have to spend your savings in order to get the in-home care that you need For those who end up in nursing home care, they will have to pay as much as $7,000 to $8,000 a month!  That works out to about $100,000 per year!  With cutbacks in funding for government-run programs, you can’t afford to rely on anybody but yourself in these particular situations.  So, it is imperative that you have the proper estate planning. How do you know if you are getting the proper estate planning? For starters, everyone should have a living will and powers of attorney for health care and property – these documents state one’s wishes on what they feel would be appropriate to do in the event that they have an incapacitating terminal illness that would require life-prolonging treatment. In order to have a proper estate plan, you will need the help of a qualified Estate Planning/ Elder Law attorney.  You will be assisted in order to explain to the attorney how you would like to be protected in the event that you become incapacitated or pass away. The number one thing to remember in estate planning is that it is absolutely imperative that you consider the “what-ifs.”  This way, you and an attorney can work towards a solution that will be the most beneficial to you and your loved ones. -Anthony B. Ferraro Attorney-CPA
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