Planning for the future care of an aging loved one can feel overwhelming. A Peck Ritchey, LLC elder care planning attorney can help Chicago families develop a plan that addresses legal documents, long-term care options, and asset-preservation considerations. Whether you are preparing for retirement or responding to a sudden health concern, planning may help you consider available options and priorities. Kerry R. Peck, managing partner, chairs the Illinois Supreme Court Commission on Elder Law.
Why Choose Peck Ritchey, LLC for Elder Care Planning
Peck Ritchey, LLC assists Chicago-area families with elder law, estate planning, and long-term care planning matters. The firm’s website identifies Kerry R. Peck as Chair of the Supreme Court Commission on Elder Law and notes attorney recognition by several legal publications, including his Super Lawyers profile and Martindale-Hubbell AV Preeminent rating. The firm has offices in Chicago, Northbrook, Oak Brook, and Lake Forest. The firm’s case results demonstrate the scope of matters handled. Timothy J. Ritchey is also available to assist with elder law and estate planning matters.
What Is Elder Care Planning?
Elder care planning addresses legal, financial, and medical considerations that may arise with aging. It can involve more than preparing a will. An elder care plan may address health care decisions, long-term care options, Medicaid eligibility, and asset-preservation planning. The firm’s elder law blog provides additional resources on these topics.
Elder care planning may address questions such as:
Who will make medical decisions if you cannot?
How will you pay for long-term care if you need it?
What may happen to your home and savings if you enter a nursing home?
How can you plan to leave assets to loved ones while accounting for potential care costs?
An elder care planning attorney can discuss these questions and help develop a plan based on your goals and circumstances.
Key Components of an Elder Care Plan
An elder care plan may include several parts. Each component can address a different legal, financial, or health care consideration.
Estate Planning Documents
A will directs the distribution of assets after death. Trusts may help manage assets during your lifetime and may, in some circumstances, help avoid probate litigation. Powers of attorney allow you to appoint someone to make financial or health care decisions if you cannot. The Illinois Power of Attorney Act sets the legal framework for these documents.
Health Care Directives
A living will states your wishes for end-of-life medical treatment. A health care power of attorney appoints someone to make medical decisions on your behalf. These documents can communicate your health care preferences if you cannot speak for yourself. The end-of-life planning process can help families prepare for these situations. The ABA Commission on Law and Aging provides resources on health care advance directives.
Medicaid and Long-Term Care Planning
Medicaid may help pay for long-term care for eligible Illinois residents. Qualifying for benefits involves financial and medical eligibility requirements. According to the firm’s long-term care planning page, long-term care in Illinois costs just over $80,000 per year on average. Without planning, these costs may reduce retirement savings and other personal assets. See the firm’s blog post on Medicaid planning strategies in Illinois for more information.
An elder care planning attorney can help you:
Review options for structuring assets in light of Medicaid eligibility requirements
Understand potential protections or exemptions that may apply to a home
Assist with the Medicaid application process
Understand the five-year look-back period for certain asset transfers under applicable Medicaid rules
Asset Protection Strategies
Addressing the potential cost of long-term care can be part of elder care planning. Several legal tools may be available to help individuals consider how to preserve assets while planning for future care needs.
Irrevocable Trusts
An irrevocable trust transfers ownership of certain assets to the trust. Transfers to an irrevocable trust may be subject to Medicaid’s five-year look-back period, and the treatment of trust assets depends on the trust terms and the individual’s circumstances. An attorney can explain whether this type of special needs planning may be appropriate for your situation. The firm’s newsletter archives contain additional information about trust planning.
Spousal Protections
Illinois law may allow the spouse of a nursing home resident to retain certain income and assets, subject to applicable rules and limits. Planning can help families understand the options available to the spouse remaining in the community while the other spouse receives needed care. The Centers for Medicare & Medicaid Services (CMS) provides federal guidance on spousal impoverishment protections.
When to Start Planning for Elder Care
It may be helpful to begin elder care planning before an immediate need arises. Some families wait until a health concern requires them to act. At that point, available planning options may be more limited.
Consider meeting with an elder care planning attorney if:
You or a loved one is approaching retirement age
A family member has been diagnosed with Alzheimer’s disease or dementia
You are considering purchasing long-term care insurance
You want to consider preserving assets for future generations
A parent or spouse is entering a nursing home
Starting early may provide additional time to review options and make informed decisions about your future. The Alzheimer’s disease planning page on the firm’s website provides specific guidance for families facing dementia-related challenges. Resources from the National Academy of Elder Law Attorneys (NAELA) and the Illinois Department on Aging can provide additional information about elder care planning. The National Council on Aging (NCOA) offers benefits checkup tools for older adults.
Frequently Asked Questions About Elder Care Planning
What does an elder care planning attorney do?
An elder care planning attorney helps families consider legal and financial planning for aging. This may include preparing wills and trusts, reviewing Medicaid eligibility considerations, discussing asset-preservation options, and preparing health care directives. The firm’s attorneys page lists the legal team available to assist with these matters.
How much does elder care planning cost in Illinois?
The cost varies based on your circumstances and the services needed. The firm offers a free confidential consultation to discuss your needs and provide pricing information.
Can I qualify for Medicaid and still keep my home?
In some cases, a home may be exempt from Medicaid asset limits. The rules depend on factors such as the home’s value, occupancy, and the applicant’s family circumstances. An elder care planning attorney can help you understand how these rules may apply to your home and Medicaid eligibility. The Illinois Medicaid application guidance provides general information about Medicaid requirements.
What is the difference between Medicare and Medicaid for long-term care?
Medicare generally does not cover ongoing custodial care in a nursing home, although it may cover limited skilled nursing facility care in certain circumstances. Medicaid may cover long-term care for eligible individuals who meet the applicable income, asset, and care-level requirements. Planning ahead may help you understand the options that may be available.
Get Started with Your Elder Care Plan Today
Planning for the future can begin at any time. Peck Ritchey, LLC can discuss an elder care plan that addresses your family’s legal, financial, and long-term care considerations. Call (312) 201-0900 or contact the firm online to schedule a free consultation at an office in Chicago, Northbrook, Oak Brook, or Lake Forest.
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