Chicago Estate Planning Lawyers Who Understand Family
We are Chicago estate planning lawyers with extensive experience navigating the twists and turns of the elder law process. Let our elder law attorneys help your family with:
- Estate Law and Planning
- Medicaid Planning
- Wills and Trusts Administration
- Special Needs Trusts and Disability
- Baby Boomer Law
Promoting dignity as we protect your family’s financial well-being
Families across Chicago, and all over Illinois, are struggling to protect assets and care for aging parents & loved ones. The complexities of current Estate laws do not make it easy for individuals and their families to cover all the bases without assistance.
Assisting disabled spouses, aging parents and grandparents sometimes makes it difficult to find time to address our own situation – even as issues surrounding estate law, elder care, trusts and Medicaid force themselves into our daily conversation.
Whether you want to preserve the dignity of an aging parent or spouse by making plans to insure they don’t outlive their assets, or take care of an existing estate to avoid future unseen liabilities – we can help. Our attorneys concentrate in elder care law, and estate planning. We can also work with you to address the special needs of disabled family members or even manage the affairs of those who failed to make proper arrangements.
At Generation Law we are not only attorneys, we’re also people with families. So we understand the stress, hardship and conflicting emotions that come with estate planning and elder law. So, don’t wait until an issue becomes a crisis. Contact us today and let us help you protect your family’s assets and future while preserving the dignity of everyone involved.
- Medicaid planning options: Gift and Annuity
There are two possible methods in Illinois for a person with substantial assets to reduce their resources down to the $2,000 threshold for Medicaid eligibility. One is a ‘gift and annuity’ plan, the second, a large block gift completed more than five years before one needs the Medicaid benefits.
- Calculating the Medicaid Penalty Period
In my previous blog post I discussed the issue of how transfers of funds or property in the five year period to receiving Medicaid benefits create a ‘penalty’ period, during which benefits are not paid for care.
Determining the length of the Medicaid penalty period is fairly simple.
For example, consider
- Medicaid and the Five Year Period Prior: Transactions
In addition to determining whether a person has less than $2,000 in resources when applying for Medicaid, there is also an examination of any financial or property transfers made by an applicant in the five year period up to that date, specifically any done for less than fair market