Sep 19, 2016
By estate planning attorney Rick Law. Rick is founder of the Estate Planning Center at Law Elder Law in West Suburban Aurora, IL. LEL is a multi-generation law firm.
In the last few blog posts, you’ve learned about some options for your child with a disability.
But what if your child or grandchild doesn’t have a clearly defined disability, but a pattern of poor choices or simply a vulnerability to predators?
A number of times I have had clients tell me that they love their vulnerable adult children, but they have a child who has chosen a destructive lifestyle. Sometimes it’s a mental health issue, a drug problem, a controlling partner, or simply a matter of making very bad choices.
These parents do not want to abandon any of their children — but they also don’t want the money they provide to fuel the fire that is consuming their child. They come to me and ask me what to do.
Since this child is not someone with a legally defined disability — but the parents know the child will squander all of their inheritance… unless they find a way to provide “lifetime love and protection” using their estate’s assets. The answer is what I call the Lifetime Love and Protection Trust (LPT).
Follow along in our next installment to discover more about the love and protection trust. An LPT can be used to help safely provide for:
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. 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 for the past 8 years in a row. 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. Call 800-310-3100 for your free consultation now!
“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