The Illinois Medical Assistance Program (“Medicaid”) is the health care program for individuals who do not have another form of insurance or whose insurance does not cover what they need. Medicaid covers medical costs that include doctor visits, prescriptions, and medical equipment. Medicaid also covers the costs of long-term care for many Illinois residents, including, …
With the 2023 increase of the amount that the Internal Revenue Service (IRS) will allow a person to gift free from gift tax reporting, from $16,000 per person to $17,000 per person, per tax year, there is greater opportunity for tax- free gifting. As a result, any person who gives away $17,000 or less annually …
Even Gifts Allowed By The IRS Are Subject To A Penalty For Medicaid Read More »
A Guide To Special Needs Trusts Why Create a Special Needs Trust? A Special Needs Trust can be an important tool for a disabled individual who is, or may become eligible, for Supplemental Security Income or Medicaid but has excess assets preventing eligibility. Supplemental Security Income (SSI) is the Social Security program that grants income …
My Loved One Has Passed…Now What? Your loved one just died – now what? Unfortunately, many people will have to ask themselves this question at least once in their lives. After you have time to grieve the loss, you will need to take several practical steps to administer your loved one’s estate. Your first step …
Why Not Use A Power Of Attorney From The Internet? A durable power of attorney is one of the most important estate planning documents you can have. It allows you to appoint someone to act for you (your “agent” or “attorney-in-fact”) if you become incapacitated. Without a power of attorney, your loved ones would not …
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Why Choose An Elder Law Attorney For Estate Planning? You have decided to take the advice of your friends, family and financial planner and have your estate planning documents prepared. Who should you hire — a traditional estate planner, or, an elder law attorney? While most elder law attorneys are estate planners, most estate planners …
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Role of Being The Agent Of A Loved One’s Power Of Attorney For Property Your mother (or another loved one) just gave you her Power of Attorney for Property document, and it names you as her agent. What responsibilities do you have? Well, to begin with, you don’t necessarily have to accept the job as …
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Palliative Care And Supportive Care…Improving Quality Of Life Living with a serious illness can create physical challenges like pain, symptoms or side effects from medication… and even emotional concerns like anxiety or depression…that can affect your quality of life. Palliative care is specialized medical care for people with serious illnesses, offering expert pain and symptom …
Do I Really Need A Living Trust? A geriatric social worker recently shared with us a conversation he had with an older woman who attends the senior program the social worker manages. The older woman, who I will refer to as Mrs. G, told the social worker that she attended a free seminar on living …
Digital Assets Can Raise Estate Planning Issues More and more, we are conducting our business on the Internet, whether that’s online banking, shopping, uploading documents and files to the “cloud,” posting videos, or communicating with ‘long lost’ friends. So, what happens to all of our accounts and files when we become incapacitated or pass away? …
