In this article, our Tinley Park Medicaid attorneys discuss life estate deeds and irrevocable trusts.  Their use allows yourself to be eligible for Medicaid assistance with long-term care without drawing down your assets.  We also discuss irrevocable trusts and how they are used to prevent Medicaid from seizing assets upon your death if Medicaid pays for your long-term care.  Since Medicaid requires your assets to be spent to be eligible for long term care assistance, this information can be invaluable to protect assets for your loved ones.  The Medicaid 5-Year Look Back Period is explained, which delays eligibility for Medicaid when you transfer certain assets to your family members.  We compare life estate deeds and revocable living trusts as Medicaid planning tools and ensure you know the choices that are right for you and your loved ones.

Read the full article by our Tinley Park Medicaid lawyers, about how to plan for long-term care and Medicaid. 

Our Tinley Park elder law attorneys discuss transfers that don't incur Medicaid penalties.  Transfers for less than market value won't result in a Medicaid penalty if they occur within Medicaid's 5 year look back period.  Transfers include those to a spouse or trust that benefits an individual with a disability.  Different rules are discussed for transferring your residence, including transfers to a child that is under 21 or a "caretaker child."  Knowledge about transfers and rules that govern them helps you maneuver through the regulations of Medicaid when making financial decisions.

Read the full article by our Tinley Park elder law attorneys about allowable transfers within the Medicaid 5 year look back period. 

Our Tinley Park elder law attorneys explain several goals to consider to establish a good estate plan and what it can accomplish for your family.  Tools that we use to accomplish these goals are discussed that apply to nearly everyone.

• ‍Our Tinley Park elder law attorneys explain several goals to consider to establish a good estate plan and what it can accomplish for your family.  Tools that we use to accomplish these goals are discussed that apply to nearly everyone.
• Using revocable living trusts to ensure your estate doesn't require costly probate court.
• Using trusts and wills to appoint executors and trustees to protect, manage and distribute your assets according to your wishes.
• Using healthcare property powers and powers of attorney to ensure guardian proceedings won't be necessary if you become mentally incompetent.
• Using a living will to make end of life decisions.                

Also discuss several more focused goals, such as:

• Avoiding estate taxes
• Planning in the event a loved one with special needs
• Protecting your assets from creditors and planning for long term care.

You can read the full article by our Tinley Park elder law attorneys about what having a great estate plan can accomplish for you and your family.  

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