New Partner Announcement!

June 2, 2014

By Rick Law of the Estate Planning Center at Law Elder Law. Conveniently located Just west of the Chicago Premium Outlet Mall. Law Elder Law is pleased to announce our new partner, Zach Hesselbaum, J.D., LL.M. Taxation. Zach’s favorite things, mentioned here according to their priority, include spending time with his wife, Kelly, who works as a school social worker in Bloomingdale, Illinois. Together, Kelly and Zach have an adorable toddler named Rockne. Zach is also a sports enthusiast, and specifically a fan of the Chicago White Sox and Dallas Cowboys. In addition, he loves getting to know people and conversing with them. He says, “I love talking to people and getting to know them! I like to be a ‘connector’ — I search out ways to help people through connecting them to others I have met.” The only thing that really bugs Zach is losing, because he is a naturally competitive person. Zach’s other pastimes include attending sports events of any kind, collecting sports memorabilia, and spending time with friends. Zach and Kelly recently moved to Wheaton, Illinois from Chicago. While they often still go “downtown,” Zach and Kelly are getting to know the rest of the Chicago Metro area as well. Zach is a person of integrity, perseverance, and goodwill. He has been nurtured by three very important people: his mother Judi, his stepfather Phil, and his grandfather Jim. He says, “My mother, Judi, my life professor, has instilled in me an incredible work ethic with a drive towards helping people. Since a young age I can remember being taught that hard work will pay off if you are dedicated. Yet this was always conditioned by the warning that you cannot be selfish — you must consider others as you try to reach your goals. She taught this not only through practicing what she preached while working countless hours at Copley Hospital in Aurora, aiding her patients, but additionally, through creating an environment for me that would create success without having things handed to me. It amazes me to talk with my mom now and have her point out little things she did to shape me when I was younger that have become habit today. This is particularly true when we discuss my life goals and the drive I have to be successful in helping others. The best part about all of this is she continually expressed her love and desire for me to succeed while teaching me the correct way to do things. A lesson I have learned from my stepfather, Phil, that has paid off greatly for me, is that you can be a tremendous leader without losing your gentle nature. Through watching the way he deals with people, I have gained a great deal of “social intelligence.” I enjoy being in situations where I am the leader, because I like to rationally sort out situations and reach the desired goal without disregarding others’ feelings along the way. I believe this talent has been honed by watching my stepfather deal with tense situations in his profession as an oncologist — with a kind, gentle, yet decisive hand that he uses to create success in situations that look extremely bleak. My grandfather, James, has done a great deal to shape who I am. Since a young age my grandfather wanted me to be his protégé. I recall his teaching me the lessons he learned as a World War II pilot, and how he worked through his education on the G.I. Bill, and how he climbed the corporate ladder at Caterpillar to be a highly successful vice president. Even though he has now been diagnosed with Alzheimer’s Disease, to this day I can hear his life lessons in my mind. When I find myself in a tough situation, I remember his words of wisdom, and they always head me in the right direction. Lastly, I have a great group of friends. I am constantly amazed by how loyal we have been to each other, staying in contact since we were so young. We are extremely dedicated to one another, and this is something I am constantly learning from as well.” Zach is a highly respected member of the Estate Planning Center at Law Elder Law and especially appreciated by all for his servant’s heart. He always seems to be looking for ways to help those around him. Education:

DePaul University College of Law: Masters of Law in Taxation candidate 2011
Valparaiso University School of Law: Juris Doctor
Valparaiso University: Bachelor of Arts, cum laude — double majoring in Political Science and Philosophy

Bar Admissions

Admitted to practice in the State of Illinois
Professional Affiliations
Kane County Bar Association
DuPage County Bar Association
Chicago Bar Association
Past presenter to the National Academy of Elder Law Attorneys (NAELA) on veterans benefits

Sincerely, Rick L. Law, Attorney, Estate Planner for Retirees. Rick was named the #1 Illinois elder law estate planning attorney for the past 3 years in a row by Leading Lawyer Magazine. He is co-author of “Alzheimers and the Law”, published by the American Bar Association. Rick 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.

Protecting Your Loved Ones From Unnecessarily High Funeral Expenses

By Rick Law on

June 2, 2014

- Elder Law, estate planning

By Rick Law, Senior Advocate and Estate Planning Attorney of Law Elder Law in Aurora, IL. A family friend once told me about the trouble he was having with his mother-in-law’s funeral and subsequent burial expenses. Though the couple had long ago purchased a burial plot, and the husband had been laid to rest there years earlier, the mother-in-law had been personally and financially drained by the whole process. When a family experiences the loss of a loved one, the worst thing that can happen is to be burdened by unforeseen costs and red tape that went unprepared for. I know that most of my clients want their family to have the easiest transition possible when they pass away, and remove any additional burdens that they possibly can from their surviving spouse and/or children. The couple I mentioned above had been a typical, frugal couple, and had planned accordingly. Very often, people have traditional life insurance policies that they are planning to use to provide funds for their funeral. Some clients will even tell us that they have a small savings account that they have set aside for funeral expenses. So what happens if an unforeseen illness causes almost all of your savings to be spent on your care? At least 75% of seniors living today will spend at least some time in a nursing home. At $5,000-$9,000 per month, how long would your savings last? Unfortunately, Medicaid does not allow for either a savings or traditional life insurance policies, unless they’re valued at no more than $1,500. The problem with the traditional life insurance is that it has “cash value” and therefore, Medicaid would require that it be cashed in and spent on care. You can, however, have a prepaid funeral plan at a local funeral home or a prepaid burial trust that funded by a life insurance policy. The prepaid funeral policy goes to the funeral home at the time of the person’s death and is used to cover all final expenses. If a client has a life insurance policy with a large cash value, this can be converted to a burial trust – and the money is now protected for final expenses. 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

What Happens When Mom and Dad Deed their Home To Adult Children?

By Rick Law on

June 2, 2014

- estate planning, Financial Planning

By Rick Law, Estate Planning Attorney for Seniors and Boomers in Chicagoland. One common mistake we see is when the home of the senior is transferred to an adult child or children. This occurs sometimes when the parent suddenly becomes ill and the children panic. They transfer the home in an attempt to protect the home from the high cost of healthcare. We hear statements like, “Dad didn’t want the nursing home to take the house.” This results in several problems. First, the senior parent is no longer the homeowner, and therefore this may affect the real estate taxes. The senior can lose their senior exemption, homestead exemption, and even a senior freeze if they have one. And, the transfer of the home is a huge problem if the family needs to file for Medicaid assistance for Mom or Dad’s long-term care. If the home is worth $150,000, the senior can be ineligible for Medicaid assistance for nearly 3 years. Finally, if the home is sold, the adult child could be facing capital gains tax. Even though he/she received the home as a “gift,” taxes will have to be paid on any amount over the price that the senior originally paid for the home. In many cases, we are looking at homes that the parent has owned for 50 years and paid about $15,000 for – and now it is worth 10 times that. The children would pay federal and state capital gains taxes on $135,000 in this scenario. We generally have to “undo” what has been done in haste and without much forethought and little or no knowledge of Medicaid. 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 for the past 3 years 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.

New Partner Announcement!

Protecting Your Loved Ones From Unnecessarily High Funeral Expenses

What Happens When Mom and Dad Deed their Home To Adult Children?

Estate, Asset & Retirement Tax Attorneys

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