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 […]
Is Asset Preservation Planning Moral?
Having an asset preservation plan in place can give you the peace of mind that you are protecting your property and life savings from long-term care costs. Last week, we discussed whether or not asset preservation planning was legal and while we came to terms with the legality of asset preservation planning, what about the […]
Is Asset Preservation Planning Legal?
Asset preservation planning is helpful for protecting your property and life savings from the potentially devastating cost of long-term care. With life expectancies increasing, the chance of needing long-term care later in life growing, the cost of long-term care increasing, and establishing eligibility for government assistance being made ever more difficult, now is decidedly the time […]
Does a Living Trust protect my life savings from long-term care costs?
A Living Trust is an important estate planning document that offers many advantages, including keeping your estate out of probate after you die. However, does a Living Trust protect your assets from long-term care costs? This question gets asked quite frequently and the answer is simply, no it does not. In this Elder Law Minute, […]
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