Elder Law Lawyer Serving Yorkville, IL
When considering end of life legal matters, many people think first of the ones they will leave behind. Protecting your dependents and beneficiaries with a comprehensive estate plan is essential, but they are not the only ones that need to be protected. A comprehensive estate plan should also include protections for yourself should you become disabled or incapacitated. At Robertson Legal Group, LLC, we are skilled and experienced in all areas of estate planning and elder law. We will help you make the necessary arrangements for whatever may be in your future.
Planning for Life Transitions in Yorkville and Kendall County
No one likes to think of a time when they will be unable to make decisions for themselves. Unfortunately, that is the reality for many people. Planning ahead of time for who you would like to make decisions for you and clearly expressing your wishes for your health care and finances will provide peace of mind for you and your loved ones. There are several legal documents that are essential for incapacity planning including:
- Powers of Attorney – Powers of attorney designate a trusted agent to assume decision-making authority for you if you are physically or mentally unable to make decisions for yourself. There are two kinds of powers of attorney – powers of attorney for health care and powers of attorney for finances (property).
- Living Wills – While a power of attorney for health care will designate who you want to make your health related decisions, a living will outlines your wishes for what type of care you want and do not want, particularly when your condition is terminal.
Establishing a revocable living trust is another strategy to help your loved ones control your estate should you become incapacitated. Trusts have provisions that allow beneficiaries to assume the role of trustee if you are unable to maintain that role. When utilizing this strategy, it is also important to have a pour over will. Pour over wills transfer any of your assets that are left out of the trust (by accident or design) into the trust upon your death.
Disabled Guardianship for Seniors in Kendall County
If someone becomes physically or mentally incapacitated or disabled and does not have enforceable powers of attorney in place, the court must appoint a guardian to make financial and health-related decisions for them. Guardians are responsible for paying bills, managing investments, ensuring day-to-day care is available, providing for the safety of the ward, and making health care decisions. The court usually defaults to close family members when appointing a guardian and will consider the wishes of the ward wherever possible. Loved ones can petition the court for guardianship when they feel like family members cannot care for themselves.
Medicaid Planning and Asset Protection in Yorkville and Kendall County
With individuals living longer than ever before, many people now require nursing home care and other long-term care. Costs for such care can easily bankrupt even a significant estate. Government benefits are available through Medicaid, but in order to qualify for those benefits the recipient’s estate must not exceed a certain threshold value. There are estate planning strategies that can allow you or a loved one to qualify for Medicaid assistance for costly nursing home care while also preserving your assets for future generations.
To learn more about how we can assist you with your elder law and estate planning matters, contact us at 630-882-9117 to schedule a consultation. We work with clients throughout Kendall County and the surrounding Yorkville areas.