We so often hear that hard work is the path to achieving the American dream. But retaining as much of our earnings as possible for our families can be a challenge. An estate planning attorney can work with you to assure that your hard work results in the accumulation of assets that are protected from liabilities. Asset protection planning can help you to ensure that gift and estate tax liabilities are minimized for your family after you have gone.
Cook County Estate Planning Lawyer
Through careful crafting and implementation of documents such as wills, trusts and powers of attorney, the law offices of Sokol & Mazian can help you prepare to pass on assets and instructions to succeeding generations when there is a death in the family or loss of physical or mental capacity.
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The information contained on this page is of a general nature, and is not intended to necessarily address your particular concerns about estate planning in Illinois. Contact the law offices by phone or e-mail to schedule a one-on-one consultation with an estate planning attorney.
A carefully drafted will can clearly express your intentions upon your passing. A trust may allow your family to avoid the probate process in some areas. A will is also necessary to account for any assets that are not included in the trust.
Estate Planning Needs of the Elderly
Elder law deals with the legal, financial and health needs of senior citizens. The country’s average age is advancing all the time, and now even baby-boomers are dealing with health issues and legal concerns they had not anticipated. In addition to estate planning, elder law attorneys also help with preparing for long-term healthcare needs, applying for government programs, addressing financial fraud, combating physical abuse and establishing guardianships and conservatorships. If you have elder law or estate planning-related legal questions, call Sokol & Mazian in Orland Park, Illinois, today to schedule a consultation with an estate planning lawyer.
Health Concerns, Medicare, Medicaid and Nursing Homes
When nursing home care is needed, Medicare is of only marginal assistance. Medicare helps cover inpatient care in hospitals and skilled nursing facilities, but long-term healthcare and extended time in a home is not covered by Medicare. The only government program that will pay for long-term care is Medicaid. Medicaid is designed to help low income people with medical bills. Medicaid will cover long-term care costs and some costs not covered by Medicare.
Unless an individual is impoverished or has adequately planned for his or her future healthcare needs, a nursing home stay or extended medical treatment can cause assets accumulated over a lifetime to be wiped out. To avoid this, an estate plan can redistribute an elderly person’s assets over time to reduce the assets below the amount required to qualify for Medicaid. This strategy allows an elderly person to distribute his or her assets to children or other family members so that they will not be used up to pay for healthcare expenses or nursing home costs.
Medicaid rules prevent a person from receiving benefits by transferring assets immediately before going into a nursing home. An estate planning attorney can work with you to plan ahead for residential care needs while minimizing the financial impact on your estate.
Conservatorships
When a person's health deteriorates to the point that he or she is unable to manage his or her own affairs, state law requires the appointment of a conservator. A conservator is given the authority to make financial decisions under court supervision for a person who lacks the capacity to make those decisions for himself or herself. The costs and expenses of a conservatorship, as well as any attorneys fees, are paid by the incapacitated person’s estate.
When a conservator is appointed by the court, there is no guarantee that the incapacitated person’s goals and desires will be known to the conservator. A good estate plan can usually prevent a court from imposing a conservatorship. A durable power of attorney allows an individual rather than the court to choose a person who he or she trusts to manage his or her financial affairs while he or she is incapacitated. A living will or healthcare directive can direct a healthcare professional whether to use artificial life support, and a durable healthcare power of attorney allows people to name someone who they trust to make healthcare decisions in the event they are unable to make those decisions for themselves.
Conclusion
There are many special concerns that must be addressed when drafting an estate plan. By planning early, you often have greater flexibility to draft a plan that allows you to maintain control of your estate and your destiny when you are older. If you have questions about estate planning or need to have estate planning documents drafted, contact an estate planning attorney at Sokol & Mazian in Orland Park, Illinois, to schedule a consultation.
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