1 mile west of the Chicago Premium Outlet Mall (800) 810 3100
By Rick Law, Elder Law Attorney and founding partner of Law Elder Law in Aurora, Illinois. Our good friend Matt Zagula, a nationally known author and respected financial advisor, asks this starter question: “What is your money for?” In other words, what basic goals do you have for your savings and the assets you have accumulated? We meet with clients and they often provide a financial summary or statements showing their assets. These folks have raised their children, put them through school, paid for a home, completed a career, and now they sit before us with a stack of papers that reveal to us what they have. But, as Matt points out, the important question is, “What’s the money for?” Some people have never really thought about it, perhaps because they were busy earning it, trying to invest it wisely, and in this economy trying not to lose it… spending some, saving some, worrying over it some. And now here they are with their net worth on paper. When asked, “What’s the money for?” we sometimes get a blank stare, a confused look, or at least a long pause. It may be that they haven’t considered exactly what they have accumulated it for; or it may be that they have never tried to articulate it. Often, no one has ever asked them to verbalize their hopes and dreams for the ride that’s ahead of them. Men usually talk about being able to live comfortably during retirement, about not becoming a burden to the family, and about making sure that his wife has enough when he is gone. We discuss their income – what it is now and what it will be when only one of them remains? What income will be lost at the death of the husband? What income will be lost if the wife dies first? This can sometimes be a very eye-opening conversation. Many couples don’t understand that they will lose one Social Security check and possibly half (or even all) of the deceased spouse’s pension income.  Many people don’t even know if their pension goes on to the surviving spouse, or if suffers a reduction, or stops completely. Sometimes income for the surviving spouse drops by as much as two-thirds, while expenses barely diminish at all. Taxes are the same, utilities are the same, gas for the car is the same, and insurance on the house and car are the same. The only expense that may go down is the grocery bill. The cost of the supplemental healthcare insurance may be reduced; however, if the insurance was through the husband’s pension and that is lost, now the wife must pay for a policy to supplement her Medicare. Too often, the couple will assume that if their home is paid for and they have some money put away in savings and investments, they will be OK. But women outlive men of the same age by an average of seven years, and if the husband has an illness before he dies, it’s likely they will have to dip into the funds they have set aside to pay care. That leaves the surviving widow with less income and fewer assets, but nearly the same expenses. Right after the stock market had a major drop in 2008, one client said, “My 401(k) is now my 201(k).” Financial experts counseled you to just leave your investments alone and they would eventually come back – that is, if you’re young enough to wait that long.  We were meeting with individuals and couples who didn’t have that kind of time. Their income sources included Social Security, maybe a pension, and interest and dividends that had all but dried up. The assets they had been counting on to take them through retirement were now drastically reduced. And now, Social Security, Medicare and other programs baby boomers have been paying into for years now face cuts or even elimination. More people are withdrawing from the government programs than paying in. Fortunately for many of these folks, we have answers – and solutions. 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 630-585-5200 or 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.Call 630-585-5200 or 800-310-3100 for your free consultation now!  
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By Rick Law, Estate Planning Attorney and Senior Advocate in the Western suburbs of Chicago During any calendar year, I and my team at Law Elder Law in Aurora, IL work with at least 500 singles and couples, ranging from healthy, vigorous, Vietnam-War-era baby boomers and younger, to the fragile remaining elders of the Depression era and World War II generation. We’ve discovered that most people are looking for four things for their retirement years:
  • Safety, because it’s too hard (if not impossible) to get back what you lost.
  • A reasonable rate of return on your money. Most people do not expect to be stock market wizards. They want a safe and consistent way to be able to support their lifestyle.
  • Simplicity, because nobody wants to be a fool. People want to make legal and financial decisions they can understand.
  • Income for life. Nobody wants to run out of money before they die. If you are out of money, then you are out of options.
In advocating for our clients, our goal is to help you find the best place to stand in today’s economic earthquake. My staff at Law Elder Law is comprised of talented and passionate people who work together to provide boomer retirees, maturing seniors and frail elders with legal and financial solutions. I consider myself am a “learn-a-holic” and somewhat cynical realist. Over the years, I have read and collected 114 books (at last count) on investing, taken numerous courses and worked with more than 2,000 clients and their financial advisors. My most highly recommended books on investing are listed in the Appendix section of my book “Cruising Through Retirement”. I have a well-earned reputation for insights into the future and wisdom based on my broad business, investment and legal experience. With the help of Law Elder Law, your retirement is sure to be a much smoother ride! 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. Conveniently located off I-88 across from the Aurora Premium Outlet Mall. 
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Rick L. Law, J.D., is the founder and managing partner of Law Elder Law, LLP, a firm dedicated to being advocates for the frail and elderly. The company has become the number one law firm in the state of Illinois in serving seniors and those who love them. Baby boomers, retirees, mature seniors and frail elders all find valuable legal solutions designed to provide financial safety, simplicity and success. Rick’s journey into elder law began in 2000, when he received a call from a friend of the family whose husband had just been diagnosed with Alzheimer’s disease. There was panic in her voice because she feared she would lose everything, including her home.  At that time, Rick vowed to find the answers for this caller, and in doing so, he founded a law firm that provides comfort, reassurance and companionship for clients who are in frightening life circumstances. Many of Rick’s clients seek Law Elder Law’s advice when they face pain, a frightening diagnosis, the enormity of end-of-life decision-making, or when carrying the crushing burden of a loved one with a long-term disability or the frailties of aging. Rick received his Juris Doctor of Laws from Northern Illinois University College of Law. He focuses his practice on elder law, which includes taxation, estate protection, disability, Medicaid, Veterans Administration benefits and guardianships. He is a Veterans Administration Accredited Attorney, a member of the National Academy of Elder Law Attorneys, the Elder Abuse Sub-committee of the 16th Judicial Circuit Court, the Leading Lawyer Network, Elder Counsel, Special Needs Alliance, Academy of Special Needs, and the National Organization of Veterans Advocates. He is also an author and frequent speaker at numerous professional and public seminars nationwide. In 2012 and 2013, Rick was voted the Number One Elder Law Attorney in the State of Illinois by Leading Lawyer Magazine. When he is not writing, teaching, or lawyering, Rick loves all things “cowboy,” including riding a good horse. Born in 1950, he grew up with cinema and TV cowboys as his heroes. Hopalong Cassidy, Roy Rogers and Zorro inspired his love of horses and the Old West. He lives in Oswego, Illinois with his wife Rosemary. They have four children (Adam, Diana, Catherine, and Ethan) and four grandchildren (Lucy, Daphne, Evan, and Phoebe). 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!
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We elder law estate planners often hear people talk about someone that they believe is receiving nursing home assistance from Medicare. In reality, it is Medicaid.  It is very important for seniors and their advisors to understand the difference between these programs. Created in 1965, the Medicare program was designed to “keep seniors from being financially devastated by the cost of healthcare.”  The two primary killers of seniors at that point in time were heart attacks and cancer.  Medicare has been very successful, which has resulted in millions of Americans living into their 80s and beyond. The new problem is long-term health care expenses. Medicare was not designed to provide in-home care, assisted living care, nor nursing home care. These expenses are the biggest threat to the lifestyle of the healthier spouse and to a family legacy. Medicare is the federal health insurance program for almost everyone 65 or older, regardless of income (or for those under 65 who have been receiving SSDI for at least two years due to a disability).  It is our experience that most seniors do not know what is included within their Medicare benefits. • Medicare Part A – hospital insurance – inpatient care in hospitals, skilled nursing care for acute care health concerns, hospice care, and home health care. • Medicare Part B – medical insurance – services from doctors and other healthcare providers, outpatient care, home health care, durable medical equipment and some preventive services. • Medicare Part C – Medicare Advantage – run by Medicare-approved private insurance companies.  Includes all benefits and services covered under Part A and Part B, and usually includes Medicare prescription drug coverage. • Medicare Part D – prescription drug coverage – run by Medicare-approved private insurance companies to help cover the cost of prescription drugs, may help lower prescription drug costs and protects against higher drug costs in the future. • Medigap, or supplemental insurance –insurance provided by private insurance companies which can help pay some of the health care costs that original Medicare does not cover.  These costs include co-payments, coinsurance, and deductibles. • Post-acute care rehab – Medicare covers up to 20 days in a skilled nursing facility after a qualified hospital stay of three or more midnights.  Medicare can cover an additional 80 days with a coinsurance payment of $140 a day, which may be covered by supplemental insurance.  Most seniors are unaware of the amount of coverage that Medicare will cover in skilled nursing facility rehab.  It is important for them to understand the difference between post-rehab rehabilitation care under Medicare Advantage versus post-hospital stay rehabilitation under original Medicare. Medicaid, on the other hand, is a medical assistance program that helps many people who cannot afford medical care.  Medicaid cares about your medical expenses only if you are poor.  Medicaid is a needs-based program.  Medicaid is administered by each state in conjunction with the federal government.  It is a combination of both state and federal tax money. Most states have long-term care Medicaid programs that include both community care programs and nursing home Medicaid (long-term Medicaid).  Illinois is unusual in that care in assisted living facilities (those legally termed Supportive Living Facilities, or SLF) may be covered by Medicaid. The community care services program is a Medicaid waiver program that provides community-based social, health, and supportive services as an alternative to institutional placement in a nursing facility.  In our experience in Illinois, we can often get an individual care for up to 80 hours per month.  (The maximum number of hours available is 115 hours, but that usually includes coverage of an elder day program.) Every senior should have a working understanding of the differences between Medicare and Medicaid.  Unfortunately, many seniors believe the myth that Medicare will cover their long-term care costs. Another myth that causes problems for seniors is believing that they can qualify for nursing home Medicaid because they have followed the IRS rules that allow them to give away up to $14,000 per year.  Medicaid rules are not the same as the Internal Revenue Services rules!  Unfortunately, nursing home Medicaid does not usually allow for gifting of any kind. Medicaid has a lookback period of five years.  That means that when an individual applies for Medicaid assistance for long-term care, there is a review of financial records for the five year period prior to the Medicaid application. If there has been gifting during that period of time, individuals can be penalized for the non-payment of nursing home services. The state wields a big club in this area! Elder law estate planning attorneys can assist their clients in working through the ins and outs of both Medicare and Medicaid.  When a senior needs nursing home services, it is wise to review the situation with an elder care attorney.

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 630-585-5200 or 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.  

 
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Our pledge is simple:  We will do everything possible to give our clients peace of mind!  We deeply appreciate testimonials from our clients, and want to share a recent letter with you: My sister-in-law and I first contacted Law Elder Law when we realized my mother would need permanent nursing home care for her rapidly declining dementia.  We had previously contacted a local attorney who claimed to specialize in elder law.  We weren’t comfortable with some of his proposals, however, and felt uneasy about retaining his services.  I had heard a radio commercial about Law Elder Law and decided we would at least like to hear what they had to say.  Our very first impression was amazing.  We felt that all our concerns were listened to and understood.  There was a team that immediately began helping us.  Someone was assigned to help us find the kind of nursing home we wanted.  We were given a detailed packet on what we would need to eventually obtain Medicaid for her and assured that someone would help us every step of the way.  My sister-in-law and I felt very confident about retaining the services of Law Elder Law that day. Naturally we were a little concerned that once our retainer check was received, we might not see the same level of attention.  After almost a year of working with Law Elder Law, I can assure anyone that the care you’re shown on the first day is what you’ll receive the entire time you work with this firm. I also discovered that the Medicaid process is an absolute nightmare.  I can’t even imagine trying to do it on my own.  I worked with Stephanie for several months on this process and I can never thank her enough for her tireless effort in organizing all that was needed. I would highly recommend Law Elder Law to anyone. They are highly professional, compassionate and attentive.  They have a thorough knowledge of all the existing and upcoming laws concerning the elderly.  They are prompt in answering all calls and emails.  They are all wonderful but I have to give special thanks to Stephanie and Gina! Sincerely, Pat O. At Law Elder Law, we are committed to using our experience and expertise to lighten these burdens for our clients. We offer a helping hand and a sympathetic and understanding ear.  If you need help with the overwhelming burden of long term care, call us 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.
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