Nov 26, 2014
By Rick L. Law of the Estate Planning Center at Law Elder Law in suburban Aurora, IL
Over the years, I have learned to distinguish between traditional estate planning (a Death Plan) versus longevity planning (a Life Plan).
The traditional estate plan is triggered into action by someone’s death. An eldercare estate plan, while being fashioned in accordance with traditional estate plan concepts, is initially triggered into implementation by a long-term illness diagnosis.
Obviously, anyone can die a sudden death anywhere along life’s trajectory, but if the person remains alive and well during the healthy vigorous senior stage, they may eventually become a declining senior with memory or mobility issues, which means they will have different health-care needs. They now have a long-term health-care condition, which causes them to start paying out-of-pocket for numerous health-care expenses.
Almost all health-care insurance policies and Medicare are designed to pay for acute-care illness and injury (which means that you will get better and return home). These health-care policies and Medicare do not pay for long-term care expenses.
In addition to longevity estate planning, Law Elderlaw serves people who need crisis planning, such as those who:
Too many families needlessly lose everything they have. Don’t let that be you. If you need help paying the overwhelming cost of long term care, give our office a call at 800-310-3100 or 630-585-5200. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now, because when you’re out of money, you’re out of options!
Rick L. Law, Attorney, Estate Planner for Retirees.
Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care.
“We would be lost without Law Elder Law! We walked in their doors over a year ago feeling lost and confused. With a father/father-in-law suffering from Alzheimer’s, we were overwhelmed by the Medicaid process, selling his home, protecting the assets he worked for his entire life, and finding him a memory-care facility that we could trust as his new home.
Law Elder Law helped with all of it! From the minute we walked out of our first meeting, we knew we (and he) were in good hands. We could not have possibly navigated all that had to be done without their expertise.”
A.M., Client of Law Hesselbaum and Law Elder Law