Elder Law
Are you concerned about the impact that the cost of long-term care will have on you and your family? Medicaid planning can help protect against a devastating financial situation by preserving assets. We can help you with Medicaid eligibility, applications, and appeals. Ask us to review nursing home contracts or discuss guardianship and caretaking needs after incapacitation due to Alzheimer’s or Parkinson’s Disease.
Medicaid Planning
Medicaid planning helps you deal with the costs of long-term care using certain legal strategies available under federal and Illinois law. If done correctly, Medicaid planning can help you to protect yourself, your spouse, and your family without risking assets or sacrificing your preferred level of care. You can protect:
- Your life savings
- A spouse from being impoverished
- The future of your disabled or special needs child
- Your caretaker child
- Precious family assets, such as the family cabin
Changes to state and federal laws and rules for applying and qualifying for Illinois Medicaid create obstacles to achieving long-term care goals. We have over 30 years of experience preparing and implementing Medicaid and other asset protection plans at Elder Law & Estate Planning Attorneys of Illinois, LLC.
Considerations When Protecting Your Assets
- Time Is the Enemy. The sooner you develop and implement a plan, the more options you have to succeed. Medicaid planning strategies allow you to preserve assets for your family, retain numerous tax advantages, and continue to enjoy the benefits of the assets. However, this strategy must begin five years before the need for long-term care unless you have sufficient assets or long-term care insurance that will allow you to meet your strategy more quickly.
- You Need Legal Authority to Act. If you think you might do Medicaid planning at a later date or want to preserve options to change your mind, then it is essential to have durable powers of attorney and other estate planning documents revised or updated routinely. Ensure someone you trust has the legal authority to act on your behalf. If you wait too long, cognitive decline can prevent you from preparing or updating these documents.
- Long-Term Care Insurance Does Not Replace a Plan. Long-term care insurance does not replace Medicaid planning. If you have long-term care insurance, you should still develop and implement a Medicaid or asset protection plan. You’ll be able to protect a much greater percentage of your assets for your spouse or family.
- It is Never Too Late to Take Action. You can still benefit from Medicaid planning even if you are already in a nursing home. You or your loved one may still retain cognitive capacity or have executed durable powers of attorney and trusts that let others act on your behalf. Depending on how much remains in assets, certain strategies can preserve up to 50% of the remaining assets while qualifying for Medicaid.
Elder Law & Estate Planning Attorneys of Illinois, LLC assist you with long-term care planning and represent you in the complex Medicaid application process. If you know that you or your loved one will run out of money soon, we can help you complete the application process. Our attorneys save you time and money by completing the application process correctly the first time.
Schedule a consultation with one of our experienced attorneys to protect what matters for your family.
CONTACT US or call (847)253-7500 to schedule an appointment.
Client Testimonials
A few years ago I found the correct legal representation, in you Mr. Siebert. You were very honest, fair, understanding and respectable. You are an exceptionally reliable and efficient lawyer. I would never hesitate recommending you Mr. Siebert to my friend and family members
Geri M.
I was excited to have such an honest and well versed attorney with your inter personal skills and expertise. I needed an elder law attorney who was proficient, honest and who could work with the bureaucrats involved with the Medicaid process. I can honestly say that I was so glad I met with and hired you
Sandra D
Without question I fully endorse your excellent practice of law. I shall be forever mindful of your very special knowledgeable help at a time in my life when I was drowning in a sea of insurmountable complications. You are to be highly commended for your honest, integrity, understanding, and your compassion.
Patricia M.
I would highly recommend attorney, Mr. James Siebert. I used Mr. Siebert for his expertise on Elder care law...This was very stressful yet he managed to make this as painless as possible. I felt very comfortable and confident in his services and he definitely is an expert in his field. I would with confidence highly recommend him.
Madelin P.
