20 Years of Experience Helping People Plan for the FuturePaul A. Smolinski, Ltd. - Serving Palos Heights, Illinois and Chicago's Southwest SuburbsIt Pays to Plan Your EstateWe understand that the future might seem a long way off, but planning today can help protect your assets and loved ones later. There are many different ways to go about planning your estate, and we know that it can be confusing. Here are answers to common questions regarding estate planning. For guidance on your particular situation, contact our office today. Generally
Do I need a will?If you have minor children, a will is the only way to name the people who you want to care for your children after you and your spouse are gone. A will sets forth your directives about how you want to have your property distributed, but it does not avoid probate. A last will and testament should only be one component of your estate plan. For the greatest protection of your assets and wishes regarding medical and financial decision-making power, you should also establish powers of attorney. back to top What is a living trust?Living trusts, or revocable trusts, can be an effective method of avoiding probate and estate taxes. You can establish a trust that outlines the rules for management of your assets while you are alive, and it provides direction for how those assets should be distributed after you are gone. If done correctly, a trust will allow your appointed loved one to manage your estate without going to probate court. back to top
What is a power of attorney?There are two different kinds of powers of attorney and most people probably need both. - Property Powers of Attorney (Durable Powers of Attorney) allow you to name the person who you want to have authority over your estate if you become physically or mentally unable to make these decisions. It can also be used to authorize gifting of assets for Medicaid planning purposes.
- Health Care Powers of Attorney (HCPA) allow you to decide who will make important medical decisions for you if you cannot communicate them. This document is different and more expansive than a living will, which only allows your doctor to decide whether or not to maintain your life-sustaining treatment. A health care power of attorney will help keep you and your family out of probate court.
back to top Why do I need a power of attorney?A power of attorney ensures that your wishes are carried out. If you do not designate who will have authority to make medical decisions and control your estate when you are mentally or physically unable to do so, probate courts will appoint a guardian, and it may not always be the person you would have picked. Without a power of attorney from you, there is no way to keep your family out of probate court. The guardianship process can be lengthy and can lead to high court costs and attorneys fees. Health care powers of attorney also give broader authority than court-appointed guardianships. back to top Why shouldn't I just buy a form?We have experience. Forms from the internet, hospitals, social service agencies and office supply stores do not provide you the guidance you need to protect your assets and loved ones. You may not be able to foresee problems down the road, but we can help you plan for every scenario. Protecting your loved ones from probate court and estate taxes is worth the cost associated with hiring an experienced lawyer. back to top Why shouldn't I just have a living will?An Illinois heath care power of attorney allows you to give much more direction regarding decisions that will be made in the future. A living will only allows your doctor to make the decision whether or not to maintain life-sustaining treatment, but it does not give your loved ones the ability to direct any other medical decisions on your behalf. back to top How do I protect my assets and qualify for Medicaid at the same time?We know that nursing homes and assisted living facilities can be expensive, and Medicaid may be a good option for covering some of those costs. Medicaid is a federally sponsored "needs based" program, so some people think that they need to "spend down" all of their savings in order to qualify. Wecan help you gift your assets and plan your estate correctly so that you can still apply for Medicaid and receive benefits. Generally, gifts must be made 60 months before applying for benefits. Moreover, this area of law is complex and constantly-changing, so you should contact us as soon as possible to start this process. back to top What can I keep if I want to get Medicaid benefits?Medicaid eligibility and benefits rules are different in every state. Illinois currently allows the applicant to keep the following: - Prepaid burial plan up to $5,219 per person
- Burial spaces not to exceed $1,500
- Motor vehicle not to exceed $4,500 in value
- Personal property not to exceed $2,000 in value
- $2,000 in cash or equivalent
back to top How much does estate planning cost?The truth is, not planning for the future will cost much more than taking action now. Preparing the correct documentation will keep you and your family out of probate court. Probate court often involves multiple hearings, and court costs and attorney fees can quickly add up. The cost for preparing different documents can vary, and your personal situation will determine how many documents are needed to plan your estate. It is important to meet with us for an initial consultation so that you can learn which documents you need. We want you to make an informed decision about the future. We have a $100 consultation fee. If the preparation of your documents will cost more than $400, we will credit you the $100 consultation fee against that amount. Before we prepare your documents, we ask you to sign an authorization telling us which documents to prepare, and provide 50% of the total costs for those documents. The balance will be due when you review and sign the documents. back to top Call us at 708-377-3860, toll-free at 866-207-4904 or e-mail us to schedule an initial consultation to discuss your estate planning needs with an experienced attorney. Paul A. Smolinski, Ltd.
6446 West 127th Street
Suite 201
Palos Heights, IL 60463
Telephone: 708-377-3860
Toll-free: 866-207-4904
Fax: 708-371-9502
Site Disclaimer Paul A. Smolinski, Ltd. represents clients in Elder Law and Estate Planning in the southwest suburbs of Chicago, including Palos Heights, Oak Lawn, Orland Park, Homer Glen, Crestwood and Tinley Park, Illinois, and in Cook County and Will County. Printer Friendly View
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
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by Paul A. Smolinski, Ltd. Estate Planning and Elder Law. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement.
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