1 Block West of the Chicago Premium Outlet Mall (800) 810-3100

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 state decides that is).
Sounds simple, doesn’t it? The problem is that probate can be a huge weight on your already-grieving family. It can cost many 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 costly. In addition, what passes though probate is made public record… meaning all your laundry is aired, for better or for worse. In my office, I have seen too many people fail to plan properly. Unfortunately, the person who failed to plan has not only passed their estate to their loved ones, but they have also passed a huge burden onto their children and/or spouse. 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. Call my office at (800) 810-3100 to find out what’s right for your situation.

[button link=”https://lawelderlaw.com/contact-us/” size=”large” color=”green”]Call us today: 1-800-810-3100[/button]

 
0

By Rick Law of Law Elder Law.  LEL is Aurora, Illinois’ Estate, Asset, and Retirement Tax law firm.  The multi-generational law firm at Law Elder Law serves seniors and their families in Chicagoland and the suburbs in Illinois. The nonprofit Honor Flight Network, has the privilege of giving our veterans a special tribute for their service to our country. Honor Flight transports veterans, especially senior veterans or those with failing health, to Washington, D.C. to visit their memorials. The inaugural Honor Flight Tour took place in May of 2005. Six small planes flew out of Springfield, Ohio taking twelve World War II veterans on a visit to the memorial in Washington, DC. In August of 2005, an ever-expanding waiting list of veterans led to a transition to commercial airline carriers with the goal of accommodating as many veterans as possible. The Honor Flight Network program was conceived by Earl Morse, a physician assistant and Retired Air Force Captain. Earl wanted to honor the veterans he had taken care of for the past 27 years. After retiring from the Air Force in 1998, Earl was hired by the Department of Veterans Affairs to work in a small clinic in Springfield, Ohio. In May of 2004, the World War II Memorial was finally completed and dedicated in Washington, D.C. and quickly became the topic of discussion among his World War II veteran patients. Earl repeatedly asked these veterans if they would ever travel out to visit THEIR memorial. Most felt that eventually, somehow, they would make it to D.C., perhaps with a family member or friend. As summer turned to fall and then winter, these same veterans returned to the clinic for their follow-up visits. Earl asked if they accomplished their dream of visiting the World War II Memorial. By now, for most of the veterans he asked, reality had settled in; it was clear to most that it simply wasn’t financially or physically possible for them to make the journey. Most of these senior heroes were in their 80’s and lacked the physical and mental wherewithal to complete a trip on their own. Families and friends also lacked the resources and time to complete the three- to four-day trip to the nation’s capital. According to the Department of Veterans Affairs, an estimated 640 WWII veterans die each day. Honor Flight Network will continue do whatever it takes to fulfill the dreams of our veterans and help our heroes travel absolutely free. Honor flights for Illinois veterans are flown multiple times a year.  There is an application process for both the veteran and the guardian.  You can contact them at through their website at www.honorflight.org or call 937-521-2400 to make arrangements for this very special event. If the aging veteran you love could use some extra money to help pay for the cost of in-home, nursing home, or assisted living 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. Sincerely, Rick L. Law, Attorney, Estate, Asset, and Retirement Taxes 8 times named #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine, 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, Estate, Asset, and Retirement Tax Attorneys, a multi-generation law firm. 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 800-310-3100 for your free consultation now!  
0

By Rick Law,  Estate, Asset & Retirement Tax Attorney at Law Elder Law in Western Chicagoland. It’s a statement I used to hear all too regularly at the height of the recession.  Clients coming into my office would lament,  “We have lost so much in our mutual funds that I should just sell EVERYTHING and start over.”  I would ask, “How do you know that you have a taxable loss?”  Typically, the answer was something along the lines of, “Everybody knows that the whole market is down by at least 40%! That’s how I know.” The markets are arguably in a better place than even a couple years ago, but still, many people are panicking and making the same big mistakes in dealing with investment losses.  The two main errors made are:
  • Thinking that perceived investment losses are the same as tax losses; and
  • Failing to understand that any withdrawal from an IRA, 401(k), or 403(b) will always be treated as ordinary income.
The loss our client feels is what I call the “the quarterly statement loss,” but it is not usually the same as a taxable loss. If you ignore Mr. Taxman’s rules, you could wind up compounding your losses.  The way to compute a taxable loss is to look up what you originally paid for an asset and compare that purchase price to the current sale price.  Let’s say that your rental property would sell today for $200,000, but in 2015, it would have sold for $300,000. What kind of a loss have you suffered?  Does the tax-man think that you have a loss?  The answer is, no! If you bought your investment real estate at $300,000 in 2014, and in 2016 you sell at $200,000, then Mr. Taxman will agree that you have a long-term capital loss of $100,000 (please assume that we are ignoring depreciation and other adjustments). But, if you are like most of my clients, you may have purchased the asset a long time ago at a price that is lower than today’s sale price.  If you sell today, you may have a significant tax bill, even though you feel like you have ‘suffered’ a loss of value. For example, if you bought the rental property in 1975 for $50,000, the actual gain or loss will be computed from the original sales price (less any depreciation that you took as a deduction on an annual basis) compared to the current sales price.  So, if you sell that property now, you will be looking at a significant taxable gain. It’s critical that you remember that money in your IRA represents deferred wages.  No matter when or how the money comes out of your IRA, it will be treated as if you are now receiving those wages.  You pay the income tax rate to the federal and state government.  The government never allows you to treat IRA withdrawals as a tax loss. 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.  Call 800-310-3100 for your free consultation now!  
0

 By  Attorney Rick Law of the Estate, Asset and Retirement Tax law firm of Law Elder Law, home of the Estate Planning Center at Law Elder Law in Aurora, IL. As a prospective client, it’s completely reasonable for you ask your attorney about their own succession plans. I was born in 1950 and my life expectancy is about 14 more years.  When I was on vacation a few years back, one of my attorney acquaintances died suddenly of a heart attack. He was 61 and a sole practitioner… kind of leaves you to wonder;  was he ready for the unexpected? What’s happening with his client’s files?  Thankfully, Law Elder Law is a multigeneration firm filled with talented and personable lawyers, not the least of which is my Daughter, Diana. Whatever attorney you choose, they should take no offense if you ask, “How old are you?”; “How will you keep track of my secure files in the future?”; and “What is your succession plan if something happens to you?”  Every client deserves to know the answers to those questions. Here at Law Elder Law one of our goals is to run our law practice with modern, business-style systems designed to care for our clients every step of the way.  Our systems begin with sending our message to prospective clients and ends with our final information and electronic file storage.  But most importantly, at Law Elder Law we provide services to our clients as a team.  Running a law practice today requires management of much more than just the legal work, and we take that seriously—for ourselves and for our clients. Let me leave you with a story; Lola finished signing her estate plan documents and looked up at me and sighed, “That is such a relief!  Every time we drive in bad weather, I worry about dying before we have provided for our granddaughters.” She has a lovely Spanish accent, so those words were definitely music to this attorney’s ears. But then with a note of concern, she looked directly at my face and asked, “How old are you?”  Her worry had just changed from completing her estate plan to worrying about whether or not I would outlive her. She wanted to feel confident that I would be around to help provide guidance for her granddaughter’s trust. And rightfully so! “ I am 65,” I responded, “and the good news is that Law Elder Law has a second generation built-in. I am the oldest at our firm, but we have many young, capable people here to hold your hand if something happens to me.” 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.  Call 800-310-3100 for your free consultation now!
0

By Elder Care Attorney Rick Law.  Founding Partner at the Estate, Asset and Retirement Tax Lawyers at Law Elder Law in Aurora, IL.  Just off of the I-88 tollway. So, what is considered “Fair Market Value” in regards to a personal care agreement? The first thing a hearing officer or judge usually checks when evaluating a personal-care agreement is whether caregivers are being paid fair market value for their services. This is especially the case when the services are being performed by a family member. While services performed by relatives are often presumed to be gratuitous, the State Medicaid Manual states that “relatives and family members legitimately can be paid for care they provide. The State Medicaid Manual further explains that the Medicaid applicant is required to show that the funds transferred to the related caregiver and the services received were exchanged for fair market value. “Fair market value” is defined by the State Medicaid Manual as “an estimate of the value of an asset, if sold at the prevailing price at the time it was actually transferred.” While that may sound simple enough, determining the prevailing price of eldercare services is not as easy as it sounds. Just about everyone in the legal field, including hearing officers and judges, will have a different opinion as to how to determine the prevailing price for caregivers.  There is no legal formula as to how to determine a fair market hourly wage, or even who should make that determination.  AARP provides an estimate of how much home-health aides are paid in each state. In some states, this estimate might be sufficient to show that the transfers in question were made for fair market value. However, some state Medicaid agencies pay their personal-care attendants a much lower hourly wage than private caregivers, and that may skew fair market value. Lawyers should create an evidentiary record as to how they determined a fair rate to be incorporated into the contract. After establishing the fair market rate, your lawyer still may face questions about what services are included and, in the case of Alzheimer’s disease, how wages would change with intensified care responsibilities as the disease progresses. Another issue to consider when calculating the fair market rate is any formal training that the caregiver may have. For example, a child who is acting as her mother’s caregiver and who just happens to be a nurse may have a higher fair market rate than her sister, who is a lawyer. Unfortunately, there is a great deal of uncertainty when it comes to determining fair market value. 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.  Call 800-310-3100 for your free consultation now!  
0

By estate planning attorney Rick Law.  Rick is founder of the Estate Planning Center at Law Elder Law in West Suburban Aurora, IL.  LEL is a multi-generation law firm. 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.  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. In the next installment of my blog, you’ll learn about some of the powerful tools we use to protect Illinois families. 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.  Call 800-310-3100 for your free consultation now!
0

by Estate Planning and Elder Law Attorney Rick Law, senior advocate and elder care attorney at the multi-generational law firm of Law Elder Law in Aurora, IL. The Internal Revenue Service has special rules that apply specifically to workers (caregivers) who perform in-home services for elderly or disabled individuals. Because caregivers generally work in the homes of the elderly or disabled individuals and these individuals have the right to tell the caregivers what needs to be done, caregivers are usually treated as employees of the individual for whom they provide services. If the caregiver employee is a family member, the employer may not be responsible for employment taxes. (Warning: Reread the first sentence of this paragraph! It does not say that employee is exempt from paying income taxes. Rather, it states in a much more limited way that the affected loved one is not responsible for their portion of employment taxes.) However, the employer still needs to report the caregiver’s compensation on a W-2. If it is determined that caregivers are not employees, the caregiver is still required to report compensation as income on Form 1040. Depending on the facts and circumstances, the non-employee caregiver may have to pay self-employment tax. Under a personal-care agreement, family caregivers do not owe self-employment tax on the payment for a family member unless they are in the business of providing care to others. The determination of whether a family member caregiver is an employee is a fact-specific and complicated manner. If drafting a personal-care agreement in which the caregiver and the person receiving the care are related, Consult your trusted Estate Planning attorney who is familiar with the state’s laws on employment. 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 has been named the #1 Illinois elder law estate planning attorney for the past 8 years in a row 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 800-310-3100 for your free consultation now!
0

 by Rick Law, Law Elder Law founder and managing partner.  Law Elder Law provides wills and trusts, probate, guardianship, senior estate planning and much more for seniors and their families in DuPage, Kane, Kendall, Will and other counties in Illinois. One example of financial exploitation and emotional abuse that stands out is when adult children who have drug or alcohol problems move into their parent’s home. The children often end up living off of the parent and then they become verbally abusive to obtain money for the purchase of drugs or alcohol. In some cases, they will get their parent to sign documents giving them power of attorney, thus providing easy access to money for drugs and alcohol. Charles Golbert, deputy public Guardian and supervisor of the Adult Guardian Subdivision with the Cook County (Illinois) Public Guardian’s Office, agrees that powers of attorney documents can be problematic. “They’re just too easy to fill in and forge or have somebody who doesn’t have capacity to sign,” he says. “People are entitled to rely on the documents as long as there is nothing facially problematic about them. They’re very dangerous for that reason as well. In fact, I tell people powers of attorney are kind of the scariest documents that I know. I’d say they’re the single most abused document we see in our financial exploitation practice.” It is very important to have a doctor examine a dementia patient if there might be any issue with capacity.  One of the challenges with some forms of dementia is that it is very hard for a layperson to determine capacity, and even giving a Mini Mental Status Exam (MMSE) can still lead to a false conclusion that people have capacity but, in reality, don’t understand the consequences of their acts. I’ve seen it many times before… the lawyer is asked, “Why did you go ahead with this power of attorney paperwork when we have documentation that shows that the individual had dementia?” The lawyer will always respond, “Well, they appeared to be absolutely fine when I sat down and met with them.” 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.  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 800-310-3100 for your free consultation now!
0

Company, Uncategorized

Massive Dynamic has over 10 years of experience in Design, Technology and Marketing. We take pride in delivering Intelligent Designs and Engaging Experiences for clients all over the World. Massive Dynamic has over 10 years of experience in Design, Technology and Marketing. Massive Dynamic has over 10 years of experience in Design, Technology and Marketing. We take pride in delivering Intelligent Designs and Engaging Experiences for clients all over the World. Massive Dynamic has over 10 years of experience in Design, Technology and Marketing.

0

Company, Uncategorized

Massive Dynamic has over 10 years of experience in Design, Technology and Marketing. We take pride in delivering Intelligent Designs and Engaging Experiences for clients all over the World. Massive Dynamic has over 10 years of experience in Design, Technology and Marketing. Massive Dynamic has over 10 years of experience in Design, Technology and Marketing. We take pride in delivering Intelligent Designs and Engaging Experiences for clients all over the World. Massive Dynamic has over 10 years of experience in Design, Technology and Marketing.

0

PREVIOUS POSTSPage 1 of 3NO NEW POSTS