If you are setting up an Asset Preservation Trust to protect your life savings from long-term care costs, you will need to have a trustee. Now, the word “trustee” may conjure up a negative image of a sinister character in some people’s minds, however, that just isn’t the case. Snidely Whiplash is not your modern […]
Should You Put All of Your Life Savings Into an Asset Preservation Trust?
Protecting your home, investments and other assets by using an Asset Preservation Trust can give you peace of mind that your life savings won’t be lost to the potentially devastating cost of long-term care. With life expectancies increasing, the chances of needing long-term care later in life growing, the cost of long-term care increasing dramatically, […]
Retirement Income vs. Long-Term Care Costs: A History Lesson
“Okay, here’s my retirement income and here’s how much it would cost to go into a nursing home.” It is easy to underestimate the need to plan when you are younger for long-term care costs when you are older. Many people look at their retirement income in relation to long-term care costs when they retire […]
What is a Look-Back Rule?
If you’ve begun an inquiry about establishing eligibility for Medicaid long-term care benefits, you have most likely run across the term “look-back rule.” This term seems to go hand-in-hand with Medicaid eligibility. But, the question may still remain: What is a look-back rule? In this Elder Law Minute, Wes Coulson, Illinois Elder Law attorney, explains the look-back […]
Why do I need an Asset Preservation Plan?
“I’ve made it clear to my family to never put me in a nursing home. So, why do I need an Asset Preservation Plan?” While no one wants to or plans to go into a nursing home, the hard fact is that some of us will have to go into a nursing home in our […]
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