Exploring Elder Law in Chicago and Surrounding Areas
Thousands of Americans reach retirement age every single day. You or someone you love may have already retired, or maybe it’s on the horizon. Whatever the case, special considerations must be made for this time of your life. Our Naperville estate planning law firm offers elder law attorneys to help you prepare for life’s challenges.
Elder law focuses on legal issues experienced in the later years of your life. For example, setting up an advance health care directive allows you to specify the type of treatment and care you receive if you become incapacitated and are at the end of your life. Legal strategies, such as trusts, may be created to transfer assets to qualify for long-term care services. Without protecting your assets, your home and savings will be used to pay for care, leaving little to support a spouse or children.
Preparing the road ahead for yourself, an aging spouse, parent, or loved one can be emotional. As experienced Burr Ridge estate planning lawyers, Kevin P. Camden and his team have unique insights to develop the best ways to protect your future and your loved ones’ futures in Downers Grove, Naperville, Hinsdale, Oak Brook, Burr Ridge, Willowbrook, Westmont, and surrounding Illinois areas.
Creating Legal Documents to Protect Seniors
The elderly population is growing. Boomers are retiring, and people are living longer lives. It’s important to think about specific legal needs in later years. This includes estate planning documents, including:
- Wills and trusts to instruct family members and protect assets
- Setting up powers of attorney to let trusted family members make medical and financial decisions for you if you can’t make them
- Establishing legal guardianships
Having detailed instructions in the event of physical or mental incapacitation saves family members from making difficult decisions on your behalf. The Camden Law Office, LLC can represent clients in all stages of planning for elder care. We evaluate all available assets and develop a strategic plan to be carried out under a variety of circumstances.
At Camden Law Office, LLC, you’ll have an estate planning law firm that guides and supports seniors and their families through difficult conversations to understand how to best protect you. We’ll tailor a plan that offers peace of mind for everyone.
Understanding Illinois Medicaid Options
Medicaid is a federal and state program that helps people pay for the high costs of long-term care. Depending on the level of care you need, expenses can exceed $8,000 per month. Medical costs can exhaust all of your savings in a very short time. The average need for long-term care services is three years.
In order to be eligible for Medicaid in Illinois, many people believe they must spend down assets until there is very little left. Fortunately, property can be protected in a trust to reduce countable assets before applying for Medicaid. However, there are specific rules to follow to reduce the risk of receiving a penalty that increases the time it takes to receive benefits. Navigating the complicated rules and gathering the necessary documentation to apply for Medicaid can be overwhelming, and mistakes are costly.
Each state has its own rules and eligibility requirements. Our Naperville estate planning lawyers are familiar with Illinois laws and help you determine the best way to qualify for benefits that offset the high cost of long-term care and preserve all you’ve worked to achieve.
If you or a loved one are concerned about protecting your assets from the potential need for long-term care in a facility or are moving into a nursing home shortly, we can help.
Call us today and find out how you can prepare for your future or navigate an immediate need for care in Downers Grove, Naperville, Hinsdale, Oak Brook, Burr Ridge, Willowbrook, Westmont, and surrounding Chicago, Illinois, areas. Learn more about our elder law attorneys and Burr Ridge estate planning lawyers.