Our Peoria elder law attorneys are dedicated to taking the time to understand your senior planning goals and educate you on the best estate planning techniques to ensure that you and your loved ones are provided for in the long-term. We pride ourselves on our affordable rates and amazing client service.
Please contact our friendly
Peoria County Elder Law Attorneys
at our nearest location to schedule a free consultation:
See below for our other locations. If our office locations are not convenient for you, we are happy to speak with you by phone.
Kevin O'Flaherty oversees all legal matters and is actively involved in making sure every client's case, big or small, is handled with excellence and attention to detail. He is available to contact through phone and email and his rates are available upon request.
Our Peoria elder law attorneys will assist you and your loved ones in taking advantage of Medicaid benefits in order to pay for long-term care. The cost of long-term care can be incredibly expensive. If you are facing the prospect of long-term care, Medicaid benefits may be an option to cover these costs.
However, in order to be eligible for Medicaid benefits, you must be able to show that you have "spent down" all of your non-exempt assets. Medicaid allows you to keep a certain small amount of value in certain types of assets without interfering with eligibility. These are called exemptions. You must spend all of your assets over and above exemption amounts before becoming eligible for Medicaid assistance.
The good news is that, with proper Medicaid planning, you may be able to transfer a significant amount of your assets to your family rather than spending these assets on long-term care. It is important to begin the planning process with our Peoria elder law attorneys as early as possible because Medicaid has a "5-year look back period" which complicates matters. Any transfers made to family members within 5 years of applying for Medicaid may result in a penalty period during with your eligibility for Medicaid will be delayed.
When you pass away, the state is obliged to seek repayment from your estate for Medicaid benefits paid on your behalf for long-term care. If you transfer assets like your family home to your loved ones within 5 years prior to your passing, these transfers can be undone and your family members may be liable for repayment of the proceeds.
Using estate planning tools like irrevocable trusts and life estate deeds, Our Peoria elder law attorneys can help you become eligible for Medicaid while retaining the use of your assets during your lifetime and allowing them to pass to your loved ones at your death without being consumed by long-term care or Medicaid repayment.
Our friendly Peoria elder law attorneys will work with you and your family to develop a comprehensive plan for your golden years.
We can work with you to ensure that you qualify for Medicaid to assist you with long-term care while still retaining as many of your assets as possible for you and your family.
We will also help you prepare a comprehensive estate plan to ensure that when you pass your assets will not be consumed with taxes and probate and that a guardianship proceeding will not be necessary if you are unable to handle your own affairs. Read about Estate Planning.
Kevin O'Flaherty is a founder of Main Street Senior Resources, a group of professionals who work together to provide comprehensive resources for senior planning. We can use our wide network to get you and your family the help you need.