Nearly 1 in 2 Seniors Will Become Incapacitated Before They Die… Are You Willing to Gamble Your Life Savings on a 50/50 Shot in the Dark? Fortunately, there are legal, ethical ways to plan for retirement, protect your family, and gain peace of mind. Do you have a fear of outliving your life savings? It’s one of the reasons that you have saved your pennies along the way, instead of simply trusting that someone else will take care of you in your golden years. Now, it would be nice to think that benefits like social security and Medicaid will continue to exist to help seniors. But the rules and regulations around them are constantly under attack… and even if they do continue, most of us want to have a more comfortable retirement than what those limited benefits can provide. If you knew you had a 50/50 chance of losing everything you’ve worked hard for over the years, would you sit quietly and stomach it? What if there was a way you could bar the door against the high cost of greedy creditors, costly divorces (yours or a loved one’s), and never-ending long-term care costs? Even protect your family from being forced to spend thousands of dollars and countless hours in the courtroom? Most people don’t realize that a will works just like a path… only this path merely directs your family to the local county courthouse. While you’re alive, your will is just sitting there, waiting for you to die so it can start working. But before it can do that, it must be “proven” in court. What does that mean for your family? It means they’ve got to hire a lawyer, pay court expenses, reveal private information to the public, and then drag through a waiting period – all due to the legal process known as probate. Translation? As some wag once said, probate, “Attorneys are the unwritten beneficiaries of every will.” And that situation is just what happens when everything goes “well”. You die quickly – heart attack, hit by a bus. But these days, there is more to be worried about… What if you don’t die? What if you’re just happily walking through life and, one day, you have an accident, a stroke, or some other disabling injury or disease that leaves you alive but mentally incapacitated? You’re stuck in limbo, and so is your will! It can do nothing to help you deal with the possibility of being alive but unable to make decisions for yourself, your estate, even your health care. On the other hand, maybe you’ll never face a catastrophic event that changes your life in an instant like a stroke can. But what if Alzheimer’s, or Parkinson’s, or dementia, or some other disabling disease robs you or your spouse of the ability to make decisions? If this happens, you and your family will then face the very real possibility of hiring an attorney and going to court to establish a guardianship or conservatorship. In this legal proceeding, someone is appointed the decisionmaker over your life, your health, and your wealth. Hopefully, the court will choose the right person for you. You could live the rest of your life under what I refer to as “living probate.” You’ll be a ward of the court if you haven’t taken the proper legal precautions. All of your financial decision-making and health care will be subject to the review and control of a judge. Your family (and the attorney) will need to return to court from time to time to provide a financial accounting of every check that is written from that point forward. For this reason, I often sarcastically say that a traditional estate plan could make you wish you were dead. In just a couple generations, there have been enormous changes in life expectancy, and there is a high probability that you or someone in your family will face long-term care or nursing home expenses. For this reason, I believe you can never really be sure if you’re safe unless you have an iron-clad estate and longevity plan. Estate planning today must be more than just “death planning.” Your goal is to never be out of money and never out of quality health care options before you’re out of life. You may also want to leave as much of your life’s savings as possible to your loved ones, with the least amount of taxation, delay, and excess cost. When you call my office or sign up for my FREE E-course: Build Yourself a Fortress, here’s just a little of what you’ll learn: o A Living Trust or a Dead Will – How to avoid probate (with specific advice on how to best avoid probate) o How to choose the right attorney – and why the wrong one could leave you in serious trouble o Don’t Lose Your Wallet: All About Asset-Protection Trusts o Family Dysfunction & Divorce: Protecting the Blood-line Trust so that your kids – and their kids (and nobody else!) get what you worked a lifetime for o When you have a child with a destructive lifestyle (e.g. drug, alcohol, or gambling addiction): How to use a Love and Protection Trust to protect your child from him or herself o Tax-proofing your estate o How to stay at home and independent for as long as possible. Learn how you can sleep better at night by knowing that your family and your finances are secure. If you’re like many of my clients and just want answers NOW, simply call my office at 800-810-3100 or 630-585-5200. You’ll speak with a skilled Estate Planning Specialist, who will tell you what steps you may be able to take, right now, to protect yourself. Or, if there are no steps for you to take, we’ll tell you that, too. Or, if you still want more information, you can sign up for my FREE Report to take the first step toward protecting yourself and gaining peace of mind. 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. Located just off I-88 across from the Aurora Premium Outlet Mall. Call 800-310-3100 for your free consultation now!

How a Little Mistake Could Cost You $7,000 a Month

By Rick Law on

August 27, 2013

- Alzheimer's and Dementia, Caregivers, Long Term Care

By Chicagoland Senior Advocate Rick Law of Law Elderlaw in Aurora, IL Do you have the information you need to keep your family safe? Caring for a beloved family member with Alzheimer’s isn’t easy; it’s one of the toughest tasks anyone can undertake. As an elder law attorney, I witness the burden families bear taking care of their loved ones with Alzheimer’s. What’s more, I see too many families who haven’t taken the right steps to protect themselves… and it’s sometimes too late to help them. They’ve unknowingly made little mistakes that render their loved one with Alzheimer’s ineligible for important benefits—costing them $5,000, $7,000, even up to $9,000 a month in nursing care fees. The cost can be crippling to many families – folks who worked hard to save a little, only to see it drained in a matter of months after the Alzheimer’s bills start to pile up. That’s why I’m making an incredible resource available to everyone in the Alzheimer’s community—and it’s completely free. The Indispensable Alzheimer’s Resource Kit has an immense amount of information that’s vital to caregivers. It’s a $197 value—but I feel so strongly that caregivers should understand the complex path of the Alzheimer’s journey that I’m giving it away to anyone who wants it—and it won’t cost you a penny. Inside, you’ll find: • How you may be able to get help paying for nursing home, assisted living, or in-home care for your loved one with Alzheimer’s • How to avoid caregiver burnout, which can result in serious health problems for the caregiver • Three one-hour MP3s which discuss Alzheimer’s caregiving tips and techniques, featuring caregiving expert Jo Huey • Answers to 92 most frequently asked questions about Alzheimer’s • How to deal with guilt and the sense of loss you feel as the disease progresses • Our Alzheimer’s Caregiving Tip of the Day emails to make your life better today, and provide you with ongoing support Too many families find out too late that there are simple steps that could have protected them from being out of money and out of options. Don’t let that happen to you. To find out what you need to know to protect your family’s health and happiness, simply click the link to view and download your very own Alzheimer’s Resource Kit: www.alzheimersresourcekit.com/law. Find the answers you need to avoid dangerous caregiver burnout and savor financial peace of mind. If your loved one has memory problems and you’re afraid of the consequences that may bring, give our office a call today at 800-310-3100 or 630-585-5200. 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. Located just off I-88, across from the Aurora Premium Outlet Mall. Call 800-310-3100 for your free consultation now!

Alzheimer’s Disease Changed My Life

By Rick Law on

August 8, 2013

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

In the year 2000, I (Rick Law) was primarily focused on legal matters in the areas of taxation, real estate, and investments. I was totally prepared for legal questions within my professional comfort zone. Alzheimer’s Disease was not on my career radar screen. A call from a close friend came in to my office. With panic in her voice, she said, “Bob [my husband] was just diagnosed with Alzheimer’s Disease. What are we going to do? Am I going to lose my home? Are we going to lose everything?” I was stunned to hear that my retired friend Bob had Alzheimer’s. After all, he was the man who taught my sons to play chess. He had a Master’s Degree in Criminal Justice. Intellectual and philosophical, it was impossible to believe that he, of all people, was going to lose everything that he valued during the course of a progressive, degenerative, and fatal illness. Louise, Bob’s wife, was suddenly shackled to Alzheimer’s Disease, which would rob her of her relationship with her beloved husband and destroy their modest lifestyle. Like 99.9% of all attorneys, I was totally unprepared to answer her questions or suggest solutions. But I promised her that I would help them. The search for answers changed my life. With the help of others, Bob and Louise were provided with a trustworthy legal guide during their Alzheimer’s care journey. Law Elder Law LLP was born through my local and national search for answers for people like Bob and Louise. Today our law firm concentrates its practice in estate planning, nursing home solutions, guardianship, and asset protection. If you or someone you love has received a diagnosis of Alzheimer’s Disease, Parkinson’s, or other life-threatening, long term illnesses, please call us at 630-585-5200. Providing solutions is complex work. We strive to be compassionate, considerate, and caring. Rick L. Law

Seniors In Love: Second (Or Even Third) Marriages….Betty The Bimbo & Biff The Pool Boy

By Rick Law on

August 5, 2013

- Elder Law, estate planning

By Rick Law, Senior Estate Planner and Elder Law Attorney In Aurora, IL Adults of all ages can become “twitterpated.” In other words, sometimes adults who have been widowed simply become lonely, which can result in poor choices for the sake of companionship. Don’t get me wrong; not all second marriages are mistakes or have disastrous outcomes. However, you do have to consider the legal potholes of the second marriage and the blended family. Marriage is “for better or for worse, in sickness or in health,” and this can create problems. It may be one thing for your dad to tap into the savings to care for your mom, but what about seeing it all spent on your stepmother (wicked or otherwise)? I have seen the lonely widower befriended by the bubbly but broke single gal who sees that her lifestyle could be greatly improved by marrying said lonely widower. I have seen the widow swept off her feet by the dashing but debt-laden Don Juan. The stories are too numerous to tell, but I often end up working with the children who are watching their parent’s life savings being dissipated (the result of being twitterpated) by the second wife or husband and his or her deadbeat children. They are fighting for control over the healthcare issues of their biological parent and fighting to take control of the money before it is snatched up by the stepparent and his or her family. When everyone is healthy, they often believe all their assets are separate and love will conquer all. But when one of the spouses becomes incapacitated or dies, I can only say that it can get very ugly, very fast. As I write this, I am involved in a probate case where the surviving third wife and the child of the deceased second wife (stepchild to dad) are trying to raid dad’s estate, which happens to be the family farm. Dad clearly intended to pass the family farm to his children with wife number one (who passed away many years ago), but wife #3 and stepchild from wife #2 are fighting for “their share”. The moral of the story is: Twitterpated may equal dissipated. This is just food for thought for the love-starved widow or widower -you may be biting off more than you can chew, and more than you family will be able to stomach in the long-run. 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 or 630-585-5200. 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. Our office is conveniently located off I-88 near the Aurora Premium Outlet Mall. Call 800-310-3100 for your free consultation now!

Do You Fear Powerless Powers Of Attorney?

By Rick Law on

August 2, 2013

- estate planning

By Rick Law, Senior Estate Planner and Elder Care Lawyer in Chicagoland. Almost every month I am invited to teach other lawyers at a continuing legal education forum. The typical invitation comes from either a county bar association or a national legal organization. My most requested class is entitled “Elder Law for Every Lawyer.” In that class, I share this concept about powerful powers of attorney for property between a husband and a wife, as most of the people who come to my office are couples who have had long marriages and usually are parents. Most powers of attorney created by lawyers in our area use the Illinois statutory power of attorney for property as the foundational document. You can find this document by typing these words into your internet search engine: “Illinois statutory power of attorney property.” The latest version became effective on July 1, 2011. It has been my experience that most attorneys are familiar with the power of attorney for property form, but they are not familiar with the very special and important issues that confront a couple when one of the two of them receives a diagnosis of dementia, Alzheimer’s disease, Parkinson’s, ALS, MS, etc. I was trained as a tax attorney. My job until the year 2000 had been focused on helping successful people arrange their personal and business matters to be tax-efficient. In the year 2000, I received a call from a family friend, Luise, that would change my professional life. She was panicked when she said, “Rick, Bob has been diagnosed with Alzheimer’s. What are we going to do? Am I going to lose my home? Are we going to lose everything?” I had never been asked these questions before, and my tax law training in high net worth estate planning was irrelevant. Luise needed solutions that would:

Provide Alzheimer’s care for her husband Bob
Protect the marital home for her, the healthy spouse
Preserve sufficient resources to protect her lifestyle

Unfortunately, Luise could not look to Medicare to help pay for Bob’s care because Medicare provides only acute care reimbursement for citizens over 65, blind or disabled. Long-term care at home or in a facility is not covered by Medicare because Medicare provides care only when you can get better. If your diagnosis requires long-term care, then Medicare does not care! For Illinois families, nursing home costs are usually paid for either from one’s own savings or by the federal-state hybrid called Medicaid. Sadly, Medicaid benefits are based on a poverty concept and there are very strict limits regarding maximum dollar value of assets and monthly income. Thanks to Luise and her husband Bob, I now concentrate my law practice on aging issues and I understand the important issues that arise with a diagnosis that may lead to long-term care. Here is what you need to know about powers of attorney for a 60-year-old or older adult. An attorney who focuses his/her practice in elder law and estate planning knows how to add nursing home Medicaid-specific powers to empower your trusted spouse/agent to be able to do the following things, under the guidance of your legal counsel:

Use gifting powers, consistent with your estate plan, to effectuate appropriate asset protection
Take all reasonable and prudent actions allowable under Medicaid law to qualify the ill person for care, but also avoid doing anything that would make the ill person ineligible for benefits
If appropriate, encourage an adult child to move into the home as a caretaker
Allow a caretaker child to be paid a market rate for care
Create and fund a special needs trust to provide you with dignity and supplemental monies, even though you may be receiving nursing home Medicaid
And much more, subject to each client’s circumstances and the law

If your power of attorney for property lacks these powers – and 99.99 percent of the time a person’s power of attorney does lack these powers – then you need to get a more powerful power of attorney! Too many Chicago-land 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 or 630-585-5200. 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. Our office is conveniently located near the Aurora Premium Outlet Mall. Call 800-310-3100 for your free consultation now!

What if You Don’t Die? By Elder Law Attorney Rick Law in West Suburban Chicagoland

How a Little Mistake Could Cost You $7,000 a Month

Alzheimer’s Disease Changed My Life

Seniors In Love: Second (Or Even Third) Marriages….Betty The Bimbo & Biff The Pool Boy

Do You Fear Powerless Powers Of Attorney?

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