It is an unending goal of most people to minimize taxes as much as they possibly can, and to preserve wealth for themselves and their loved ones. Certainly, that goal becomes clearer when it comes to estate planning. There are some good reasons for this. Federal estate taxes can be much higher than personal income taxes, with rates as high as 35 percent. When you combine that with the inheritance taxes levied by many states, estate tax rates can reach 46 percent or more. Uncle Sam created uniform tax rates for both gift and estate transfers of assets. But, since the year 2002, Congress has set different tax credits for gifts and estate taxes. For example, the estate tax credit allows every American to pass a specific amount of assets tax-free to their heirs. And, unlike the $1 million gift tax credit that must be used during an individual’s lifetime, the estate tax credit is allowed to be used after death when distributing the assets in their estate. Ever since 1997, with the passage of the Taxpayer Relief Act, the estate tax credit gradually increased over the next several years. However, for the year 2010, there was a full repeal of the estate and gift tax. And no one knew what would happen after that. But, with the signing of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 by President Obama, federal estate taxes were restored – but not to their original 2002 levels. Instead, for the tax years of 2011 and 2012, there is a special $5 million estate tax exemption. Estate taxes are due to the IRS within nine months from the decedent’s date of death. Because of this, surviving loved ones are often forced to sell assets and other belongings in order to pay this tax bill. Unfortunately, in many cases the assets that are sold are let go for far below market value in order to pay the bill within that nine month time-frame. There are planning strategies that will not only save and protect assets, but can also allow much more control over where those assets go and how they are utilized. While estate taxes can never completely be eliminated, they can effectively be reduced with the use of different types of trusts. If you’re ready to start getting your estate in order and secure your assets for the “worst-case” scenario, please give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now. Sincerely, Rick L. Law, Attorney, Estate Planner for Retirees. Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Appointments available in Chicago, Aurora, Oak Brook, Schaumburg, and Joliet. Call 800-310-3100 for your free consultation now!

Estate Planning & Your Will: The Basics. By Rick Law, Elder Law Attorney & Senior Estate Planner in West Suburban Aurora, IL

By Rick Law on

April 27, 2013

- Elder Law, estate planning

What happens to an estate upon death – and what can essentially determine the safety of one’s assets will depend in large part on what kind of plan the decedent had in place at the time of their passing. If someone dies without having a will, then they die “intestate.” But here’s a little know fact: whether you have a will or not, your estate will likely go through the probate process if you have no other estate planning documents in place. During probate several things happen, including:

A petition is filed
The death notice is published
A hearing is held to validate the will
Assets are frozen for inventory
The executor pays debts, taxes or fees
The executor files the tax returns
Assets are distributed
The estate is closed

The probate process can essentially take anywhere from nine months to two years to complete. In addition, probate fees are set by state statute and can consume up to 6 percent of the individual’s entire estate. And, if your estate goes through probate, the entire proceeding becomes public knowledge. Having a will is certainly a good start in helping to keep assets safe. However, there are both pros and cons – especially if a will is the only type of planning done by the decedent. With a will, retitling of assets won’t be necessary, and the decedent’s creditors will only have a limited amount of time to make any claims against the estate. In addition, if there are any minor or special needs children involved, a will can provide for the appointment of a guardian. But using a will as your only estate planning tool has some definite disadvantages, such as the fact that since wills are only effective at the time of death, they offer no opportunity to plan for incapacity. In addition, a will can quickly become outdated, so unless you regularly update your will, there could be some real issues upon death. Also, having just a will in place without any other planning documents will still require the estate to go through the probate process. If you’re ready to start getting your estate in order and secure your assets for the “worst-case” scenario, please give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now. Sincerely, Rick L. Law, Attorney, Estate Planner for Retirees Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Appointments available in Chicago, Aurora, Oak Brook, Schaumburg, and Joliet. Call 800-310-3100 for your free consultation now!

Probate Is Pricey – But Can You Avoid It Altogether? By Rick Law, Attorney in Western Chicagoland.

By Rick Law on

April 25, 2013

- Elder Law, estate planning

Talking about what happens after you pass away isn’t an easy thing to do. Most people avoid it like the plague… and that’s normal! That being said, we have to remember that after we breathe our last breath, something does happen to our estate… whether we planned for it or not. Most people think that a will is all you need as you plan for your eventual death. But these days, things have changed. You may want to make the process of managing your estate as easy as possible for those you love. If you only have a will, your estate will pass into a court proceeding called probate when you die. This will help determine exactly who gets what parts of your estate according to your will. If you don’t have a will, your estate will still go through probate and will pass to your rightful heirs (depending on who the government decides that is). Sounds simple, doesn’t it? The problem is that probate can be a huge weight on your already-grieving family. Moreover, it can cost your family thousands of dollars, and drag on for months… or even years after your death. As you might imagine, if your family is forced to deal with probate for months or years, it can become extremely time-consuming and costly. In addition, what passes though probate is public record… meaning all your laundry is aired, for better or for worse. In my office, I have seen far too many people fail to properly plan. And the person who fails to plan may pass a huge burden onto their spouse or children! The good news is, with proper documents in place, you can avoid putting that load on the ones you love after you pass. With planning that is right for your unique situation, you can put your mind at ease that your family will have the best possible outcome when you die. Always be sure you talk to a qualified Elder Law attorney before you take any steps. While probate can be expensive and inconvenient, for some, it is the best option. Every person’s circumstances are different… make sure you’re making the right choice for your family before you put anything in place. If you’re ready to start getting your estate in order and secure your assets for the “worst-case” scenario, please give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now. Sincerely, Rick L. Law, Attorney, Estate Planner for Retirees. Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Appointments available in Chicago, Aurora, Oak Brook, Schaumburg, and Joliet. Call 800-310-3100 for your free consultation now!

Could Medicaid Help Pay for Your In-Home Care? By Rick Law, Chicagoland Elder Care Attorney & Senior Estate Planner in Aurora, IL

By Rick Law on

April 23, 2013

- Adult Illness, Alzheimer's and Dementia, Elder Law, estate planning

Most people want to remain at home for as long as possible as they age. Some seniors living at home need help with activities of daily living. The problem is, the cost of hiring in-home help can add up quickly and a nursing home or assisted living facility becomes the only option. Few people know about a special benefit within Medicaid law that allows some seniors to stay at home longer, qualify for assistance with Adult Day care, and even keep more money – all while still qualifying for benefits to pay for care! This benefit is called the Medicaid Community Care Program. Most people think that Medicaid will only pay if the senior is in a nursing home and is already impoverished. By and large, that is true. But at Law Elder Law, we strive to give our clients the best possible outcome – and that includes helping them qualify for special programs like this. We work to ensure our clients are not left exceedingly impoverished and receive the best care for their specific situation. The Illinois Department on Aging’s Community Care Program helps seniors who might otherwise need nursing home care to remain at home by providing help that the senior may need. This includes help within the home, as well as in the community. This program allows qualifying seniors to keep their independence, while providing cost=effective alternatives to a nursing home. Some of the benefits of the Community Care Program include: ● In-Home Help to provide assistance with household tasks and personal care for older adults who are moderately impaired. It could be something as simple as uncapping medications and providing water, or even assisting with personal care, cleaning, doing laundry, preparing meals. Help with more complex tasks is also included, such as meal planning, shopping and arranging transportation. ● Emergency Home Response Service provides the senior with a signaling device for 24-hour emergency coverage. If help is needed (such as a fall or a fire), the senior can easily alert the authorities and get fast help. ● Adult Day Services offer older adults the opportunity to interact with other people in a safe, supervised setting outside the home. Snacks and a noon meal are provided, and participants may enjoy everything from arts and crafts to card games. Counseling and physical therapy with trained professionals are also available in some centers. Adult day service centers can greatly help caregiving family members who may need a few hours to themselves, or who work outside the home during the day. In many adult day service centers funded by the Illinois Department on Aging, specialized programs are available for seniors with memory problems such as Alzheimer’s or dementia. Too many families needlessly lose everything they have. Don’t let that be you. If you need help paying the overwhelming cost of long term care, give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now, because when you’re out of money, you’re out of options! Sincerely, Rick L. Law, Attorney, Estate Planner for Retirees. Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Appointments available in Chicago, Aurora, Oak Brook, Schaumburg, and Joliet. Call 800-310-3100 for your free consultation now!

Elder Law & the Long Term Care Crisis | by Rick Law, Senior Estate Planner in Chicagoland

By Rick Law on

April 20, 2013

- Elder Law, estate planning

Dementia and chronic illness can be one of the most devastating experiences a family can face. Rick Law has experienced that devastation and responded to it by founding Law Elder Law, a firm dedicated to helping victims’ families cope with their grief and confusion, and discover how they can save the assets their loved one has worked a lifetime to achieve. Rick has seen the incredible burden that is borne by the families of his clients and by his own family. He has watched as loved ones have exhausted their own health and emotional resources by being sacrificial caregivers. Those sacrifices were a major motivator behind the development of the services and systems of Law Elder Law. We are dedicated to protecting and providing services for the elderly and those who love them. Rick began his work in the area of Elder Law in 2000, when he received a frantic call from a friend that began with a panic-driven question, “Rick, my husband has been diagnosed with Alzheimer’s disease. Am I going to lose my house? Everything we’ve worked for? What can I do?” At the time, he simply responded with, “I don’t know”, but he didn’t let that stop him. He embarked on a mission to find answers for his friends and others in distress, answers that families in crisis desperately need. There are countless lawyers who can help you draw up a will and other papers to tell the courts what to do with your assets when you die. Just about anyone who has passed the bar exam can write you up a “Death Plan.” But there are very few who focus on how to give you or your loved one a “Life Plan.” Law Elder Law does not focus only on how to divvy out your assets when you’re gone, but on how to make sure those assets remain intact while you are alive so you have a legacy to leave to your loved ones. With the cost of nursing home care in Illinois averaging $6,000 per month, a lifetime of savings can be wiped out in a matter of months. Law Elder Law works to protect your assets, legally, and assure you that you will not be left out of money, out of options, and robbed of your dignity. You don’t have to outlive your money or your assets. Rick Law has organized Law Elder Law to provide the answers that throw a lifeline to individuals in danger of sinking under the weight of a long-term nursing care burden, and to those who want to make sure they are never faced with that crisis situation. Too many families needlessly lose everything they have. Don’t let that be you. If you need help building a fortress around your estate to protect it from creditors, predators, and the cost of chronic disease, give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now, because when you’re out of money, you’re out of options! Sincerely, Rick L. Law, Attorney, Estate Planner for Retirees. Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Appointments available in Chicago, Aurora, Oak Brook, Schaumburg, and Joliet. Call 800-310-3100 for your free consultation now!

A Medicaid Trap! Important Information for Seniors & Veterans by Rick Law, Senior Estate Planner & Elder Care Attorney in Aurora, IL

By Rick Law on

April 18, 2013

- Elder Law, estate planning

One important factor to consider in the VA asset limitation test is that giving away cash or other things of value can create terrible problems later for senior citizens if they need to apply for Medicaid to assist them with skilled nursing home care. Giving away assets can create a long penalty period of ineligibility for Medicaid benefits. Any senior facing long-term care needs to seek capable legal advice from an attorney who is skilled in the areas of estate planning, financial planning options, Medicaid, Medicare, income tax, and gift tax, as well as having experience regarding VA rules. The big question for many families will be, “What will it cost me to seek advice in this area?” Although an attorney who chooses to assist a veteran in filing for benefits must do that portion of his or her work for free, the attorney may charge their usual fees related to any estate planning, financial planning options, Medicaid, Medicare, income tax, or gift tax work, as well as the determination of the financial suitability of filing for a veterans benefit claim. The VA General Counsel’s advice regarding legal fees and VA claims: “To the extent that after consultation the veteran expressed to the attorney an intention to file a specific claim for VA benefits, if the attorney charged the veteran for preparing the claim, the attorney did so in violation of Section 5904…The better practice would have been to charge the veteran for the pre-filing consultation and simply prepare the claim on a pro bono basis.” (The above is a quote from a letter written by Tim S. McClain, General Counsel of the Dept. of Veterans Affairs, to The Honorable Lane Evans of the U.S. House of Representatives Committee on Veterans Affairs, dated May 24, 2004.) We strongly recommend that you contact an elder law attorney such as those at Law Elder Law to determine if you qualify. An elder law attorney can assist you and your family by explaining many difficult-to-understand things about long term care. Qualification for a VA benefit is only one of several concerns that must be considered. As you struggle to provide dignified long term care for a wartime veteran and/or surviving spouse, we can help you understand the options. We are your advocates, and we want to help you stretch your hard-earned dollard. VA benefits are only one part of the puzzle. We will hold your hand and guide you every step of the way as we consider all of your family’s resources and needs. Sincerely, Rick L. Law, Attorney and Estate Planner for Retirees. Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Appointments available in Chicago, Aurora, Oak Brook, Schaumburg, and Joliet. Call 800-310-3100 for your free consultation now!

The Nuts And Bolts Guide To Veterans Benefits| by Rick Law, Elder Law Attorney, Western Suburbs of Chicago, IL

By Rick Law on

April 15, 2013

- Elder Law, estate planning, VA Benefits, Veterans Benefits

An Introductory Tour of the Special Monthly Pension available for Wartime Veterans And/Or Survivor Spouses who are Age 65 Or Older OR Permanently and Totally Disabled. Most people think of veterans’ benefits as being only for servicemen and women who were wounded or disabled while serving in the armed forces. By and large, that is true. But we have learned about substantial benefits that may be available to wartime veterans who are now senior citizens and facing the burden of long term care due to a host of diseases such as Alzheimer’s, Parkinson’s, MS, Lou Gehrig’s Disease, and many others. In fact, the Veterans Administration estimates that millions of wartime veterans and their spouses may be eligible for Special Monthly Pension benefits and are not even aware of it! Wartime veterans or their surviving spouses become eligible for the Special Monthly Pension benefit when they are over 65 years old, are permanently disabled and unable to work, are homebound, or need the regular aid and attendance of another—whether at home, in assisted/ supportive living, or in a nursing home. The program is based on actual financial need for assistance, so there are income and asset limitations. Unfortunately, there is widespread misunderstanding regarding how to determine qualification for this important benefit. It is the goal of this Nuts and Bolts Guide to give you a start in understanding the ins, outs, ups and downs of the VA benefit maze commonly referred to as “Aid and Attendance.” Even though finding your way through the maze can be extremely difficult, it is worth the effort to assist wartime veterans and their surviving spouses during times of great need. The maximum benefit available can provide significant help in paying for long term care costs, either for the homebound and/or nursing home veteran/surviving spouse. There are only three types of people who are authorized to provide a veteran with assistance filing a claim for veterans’ benefits: 1. An attorney licensed to practice law in your state 2. A veterans service organization such as VFW, American Legion, Amvets, etc. 3. A state or county official of the Dept. of Veterans Affairs in your state Unfortunately, there are very few attorneys who have knowledge in this particular area because it is illegal to charge a veteran a legal fee for providing assistance in filing a claim for benefits. Veterans Service Organizations (VSOs) are often hard-pressed to have sufficient resources to assist multiple generations of veterans, so it is sometimes difficult for a veteran or his/her surviving spouse to get help in filing a claim. We strongly recommend that you contact an elder law attorney such as those at Law Elder Law to determine if you qualify. An elder law attorney can assist you and your family by explaining many difficult-to-understand things about long term care. Qualification for a VA benefit is only one of several concerns that must be considered. As you struggle to provide dignified long term care for a wartime veteran and/or surviving spouse, we can help you understand the options. We are your advocates and we want to help you stretch your hard-earned dollars. VA benefits are only one part of the puzzle. We will hold your hand and guide you every step of the way as we consider all of your family’s resources and needs. Sincerely, Rick L. Law, Attorney and Estate Planner for Retirees. Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Appointments available in Chicago, Aurora, Oak Brook, Schaumburg, and Joliet. Call 800-310-3100 for your free consultation now!

What Is Law ElderLaw All About? Attorney Spotlight by Rick Law, Illinois Guardianship & Elder Law Attorney

By Rick Law on

April 12, 2013

- Elder Law, estate planning

In a nutshell, Law Elder Law is dedicated to serving seniors and those who love them in the Chicagoland area. We deal daily with the complicated maze of Medicaid, estate planning, taxation, long-term care planning, special needs trusts and veteran’s benefits for our clients. Diana Law is one of our lead attorneys and plays an integral role within the firm. Her focus includes litigation due to financial abuse of a senior or disabled person, as well as guardianships and estate administration. Diana is actively involved in the community and has won a number of awards, including the Kane County Bar Association’s Outstanding New Lawyer award in 2007. She has served as President of the Kane County Bar Association, second Vice President of the KCBA’s Executive Board of Managers, and is involved in several bar committees. Diana currently is the Kane County Public Guardian and Administrator, serving as the guardian of last resort for those who have nowhere else to turn. As a member of the National Academy of Elder Law Attorneys, Diana and the rest of the Law Elder Law team make it their goal to meet not only the legal needs of clients, but to address their pain, confusion, and sense of loss caused by the burden of long-term care needs. Law Elder Law helps clients when they are hurting and provides wise and experienced counsel through difficult family situations and the maze of public benefits. We communicate with our clients in a hands-on and understandable way. We provide clarity and direction within a complicated and often uncooperative Medicaid, VA benefits, and long-term health care system. In addition, we strive to ensure our clients are aware of the many community resources that are available. At Law Elder Law, we want to help our clients age-in-place with dignity, safety, and peace of mind. Our client’s goal is to never be out of money or quality healthcare options, and Law Elder Law works to help them achieve their goal. There are many wrong turns that can be taken along the eldercare journey. Law Elder Law strives to be a trustworthy guide to better outcomes through experience coupled with compassion. Too many families needlessly lose everything they have. Don’t let that be you. If you need help building a fortress around your estate to protect it from creditors, predators, and the cost of chronic disease, give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now, because when you’re out of money, you’re out of options! Sincerely, Rick L. Law, Attorney and Estate Planner for Retirees Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Appointments available in Chicago, Aurora, Oak Brook, Schaumburg, and Joliet. Call 800-310-3100 for your free consultation now!

Getting Started with your Ethical Will | by Rick Law, Estate Planning Attorney for Retirees in Suburban Chicagoland

By Rick Law on

April 9, 2013

- Elder Law, estate planning, General Interest

Here are some questions to help you to start thinking about what you would like to put into your Ethical Will. Read through them and jot down some ideas… and think of new topics you would like to delve into in your letter. After you make your preliminary notes, take a day or two to let them “marinate” because you may find your memories become richer as you continue to think. Then you can use your important life lessons and wishes to create a priceless heirloom for your loved ones. 1. What is your earliest memory? 2. What is your happiest childhood memory? 3. What were you like as a child? 4. What were your parents like? Did you have any siblings? 5. What funny stories do you remember about your family? 6. What were you like as a teenager? Did you ever do something mischievous or outrageous? 7. What was a dream or goal you had as a young person? Did you achieve it? 8. What did you do for a living once you were out of school? 9. What would you consider to be your life’s work? 10. What is your greatest passion? 11. If you are married, how did you meet your spouse? 12. Are you a person of faith? How has this directed the course of your life? 13. What was the best advice your parents or someone else close to you ever gave you? 14. What values did you try to pass on to your children? 15. What did your children teach you? 16. What qualities do you admire most in your children and grandchildren? 17. What has been one of the happiest days of your life? 18. What was the most difficult thing you had to face in your lifetime? 19. What single event taught you a great life lesson? 20. What is your greatest accomplishment? 21. What decade of life have you most enjoyed so far? Why? 22. If you had your life to live over, is there any one thing you would change? 23. What do you fear most? 24. What is your recipe for a happy, successful life? 25. How do you want to be remembered? 26. What would you still like to accomplish? If you’re ready to start gathering your thoughts and getting your estate in order so you can leave something behind, please give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to get started on the elder journey responsibly. Call now. Sincerely, Rick L. Law, Attorney and Estate Planner for Retirees. Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Appointments available in Chicago, Aurora, Oak Brook, Schaumburg, and Joliet. Call 800-310-3100 for your free consultation now!

What Is an Ethical Will and Why Do I Need One? | by Rick Law, Elder Law Attorney & Senior Estate Planner in Aurora, IL

By Rick Law on

April 7, 2013

- Elder Law, estate planning, General Interest

An Ethical Will is a letter to your family, loved ones, and descendants about your life. It is more than just facts. It’s about the things that truly matter to you – your values, beliefs, life stories, and events that have influenced your life or affected you during your lifetime. Answers to questions like “Where have you been? What are you passionate about? What knowledge would you like to impart on your children and future generations?” are details that are easy to lose about a person who’s passed. As difficult as it is to face our own mortality, we all have hopes and dreams for our friends and loved ones for after we die. It is exceedingly rare that we are able to aptly communicate those wishes during our lifetime. So why should I create an Ethical Will? An Ethical Will should be a part of everyone’s journey. It is both a keepsake and guide that will be invaluable to your loved ones. Not only will it illustrate the often-unsaid ideas that you feel, know, and use as a guide for your life; it will act as a roadmap for them to interpret your legal documents. If they know what your life goals and values are, they can keep them in mind as they carry out your legal wishes. Why would someone want to know your story? Think about your ancestors… What would you give to hear what your great-great-grandparents wanted for your life? What did they experience or learn during their lifetimes that could benefit you? Or maybe there are some things you’ve always wanted to tell your kids but you never felt it was the “right moment”. This is your opportunity to impart your love and wisdom to them. In creating your Ethical Will, you will be giving your children, your grandchildren, and others insight into the wealth of wisdom that you’ve spent a lifetime gaining. If you’re ready to start gathering your thoughts and getting your estate in order so you can leave something priceless behind, please give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to safely get started on the elder care journey. Call now. Sincerely, Rick L. Law, Attorney and Estate Planner for Retirees. Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Appointments available in Chicago, Aurora, Oak Brook, Schaumburg, and Joliet. Call 800-310-3100 for your free consultation now!

Estate Planning and Your Will: By The Numbers | by Rick Law, Elder Law Attorney in Aurora, Illinois

Estate Planning & Your Will: The Basics. By Rick Law, Elder Law Attorney & Senior Estate Planner in West Suburban Aurora, IL

Probate Is Pricey – But Can You Avoid It Altogether? By Rick Law, Attorney in Western Chicagoland.

Could Medicaid Help Pay for Your In-Home Care? By Rick Law, Chicagoland Elder Care Attorney & Senior Estate Planner in Aurora, IL

Elder Law & the Long Term Care Crisis | by Rick Law, Senior Estate Planner in Chicagoland

A Medicaid Trap! Important Information for Seniors & Veterans by Rick Law, Senior Estate Planner & Elder Care Attorney in Aurora, IL

The Nuts And Bolts Guide To Veterans Benefits| by Rick Law, Elder Law Attorney, Western Suburbs of Chicago, IL

What Is Law ElderLaw All About? Attorney Spotlight by Rick Law, Illinois Guardianship & Elder Law Attorney

Getting Started with your Ethical Will | by Rick Law, Estate Planning Attorney for Retirees in Suburban Chicagoland

What Is an Ethical Will and Why Do I Need One? | by Rick Law, Elder Law Attorney & Senior Estate Planner in Aurora, IL

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