Medicaid planning involves strategic legal and financial techniques designed to help individuals qualify for Medicaid benefits while preserving assets for their family’s future security. Without effective planning, the steep expenses of long-term care can rapidly drain a lifetime of savings, leaving spouses and families in financial distress while potentially disqualifying individuals from receiving necessary care.
LaGrange: 1023 W 55th St #200, LaGrange, IL 60525 | Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
LaGrange: 1023 W 55th St #200, LaGrange, IL 60525
Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
LaGrange: 1023 W 55th St #200, LaGrange, IL 60525
Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
Medicaid Planning & Elder Law
Illinois Medicaid Planning & Elder Law Attorneys
At Wilson & Wilson Estate Planning & Elder Law, we understand the unique challenges facing seniors and the disabled. Our experienced attorneys specialize in helping our clients protect their hard-earned assets, plan for their future care, and navigate the complex legal system.
We offer a wide range of Medicaid and elder law services for Illinois residents, including:
- Asset protection planning. Protect your assets from nursing home bills, Medicaid spend-down, and other financial risks.
- Disability planning. Plan for your disabled child’s future with special needs trusts and guardianship arrangements.
- Healthcare planning. Create a living will, health care proxy, or other advance directive to ensure your wishes are respected if you become incapacitated.
- Long-term care planning. Prepare for your long-term care needs, including assisted living, nursing home care, and in-home care.
- Housing options. Explore the different housing options available to seniors and the disabled, such as assisted living facilities, residential care homes, and independent living communities, to determine which is right for you and your family.
As Deerfield and LaGrange Medicaid, elder law, and disabled law attorneys, we’re committed to providing our clients with compassionate and personalized service. We’ll work with you to understand your unique needs and develop the right plan for your future. Call Wilson & Wilson Estate Planning & Elder Law LLC today to schedule a consultation and learn more about how we can help you protect your assets and preserve your well-being. Contact us online or call our LaGrange office at (708) 482-7090 or our Deerfield office at (847) 656-8958.
Medicaid Planning
The average cost of basic nursing home care in the Chicagoland area is now $10,000 per month, and that figure doesn’t include any additional services that may be necessary. This kind of expenditure can quickly deplete even a healthy amount of lifetime savings.
Medicaid’s Long-Term Care program is a lifeline for many families who can’t afford the high cost of nursing home care, but they do have to meet eligibility requirements for both income and assets. Medicaid asset protection planning is a legal process that can help individuals preserve their wealth while still maintaining their Medicaid eligibility.
How does Medicaid asset protection planning in Illinois work?
Asset protection planning involves reallocating assets that would otherwise be spent on nursing home care to exempt assets, such as a family home, pre-paid funeral arrangements, burial plots, or an irrevocable trust. There are a variety of legal strategies for these reallocations, such as gifting, trusts, and annuities.
What are the benefits of Medicaid asset protection planning?
- Maintain their dignity. Asset protection planning can help individuals maintain their dignity by ensuring they have enough money to pay for necessities that aren’t covered by Medicaid, such as glasses, dentures, hearing aids, and clothing.
- Protect their family home. Asset protection planning may be able to preserve the family home for a spouse, disabled child, siblings who share ownership in the home, or a child who provides in-home care to their parents.
- Provide for their children’s financial security. In the case of a disabled child, the individual may also be able to provide for the child’s financial security by protecting assets over and above the home.
If you’re concerned about the cost of nursing home care in Illinois, Medicaid asset protection planning is worth looking into. This legal process can help you preserve your wealth while still maintaining your Medicaid eligibility.
Contact our experienced Medicaid asset protection attorneys in Deerfield and LaGrange to learn more about protecting your assets and ensuring you have the care you need in your later years. To learn more, contact us online or call our LaGrange office at (708) 482-7090 or our Deerfield office at (847) 656-8958.
Elder Law
We understand that choosing a long-term care facility is a major decision, and we’re here to help you every step of the way. We’ll review the contract of any facility you’re considering to ensure that you understand your rights and responsibilities. We’ll also help you assess the pros and cons of using caregiver agencies versus contracting with caregivers directly.
If you’re able to stay at home, our LaGrange and Deerfield elder care lawyers can help you develop strategies to age in place. This may include real estate tax exemptions and deferrals, as well as the use of special rules regarding family members who provide care. No matter what your situation is, we’re here to help you make the best decisions for your future. Contact us today for a consultation.
FAQs About Medicaid Planning & Elder Law in Illinois
Can I protect my home when planning for long-term care?
Yes, with proper elder law planning, there are strategies to protect your home, including placing it in certain types of trusts or utilizing Illinois homestead exemptions. Consulting with an elder law attorney can help evaluate the best course of action for your situation.
When should I begin Medicaid planning for myself or a loved one?
Medicaid planning should ideally begin well before long-term care becomes necessary, as the five-year look-back period and penalty provisions significantly limit planning options once care needs are imminent. Early planning allows for the most effective strategies and provides time for look-back periods to expire. In contrast, crisis planning after care needs arise requires more limited but still valuable techniques to protect remaining assets.
How does home ownership affect Medicaid eligibility?
The primary residence is typically exempt from Medicaid eligibility calculations as long as the applicant or their spouse lives there, or if the applicant expresses intent to return home, regardless of the home’s value up to the federal equity limit. However, upon the Medicaid recipient’s death, the state may seek recovery from the estate for benefits paid, potentially requiring the sale of the home unless specific exceptions apply or proper planning strategies were implemented.
What do I need to consider when creating a long-term healthcare plan?
Creating a long-term healthcare plan requires careful assessment of both current needs and potential future requirements. Key considerations include evaluating financial resources and options such as long-term care insurance, understanding Medicaid eligibility rules and planning for potential out-of-pocket expenses. It’s also essential to consider the preferences and needs of the individual, such as in-home care versus facility-based care, as well as legal steps like establishing powers of attorney, advance directives and a will. Proactive estate planning can help protect assets and ensure that care decisions align with personal values and family goals.
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