March 19, 2015

Proposed Changes to the VA Pension Eligibility Rules

Wartime Veterans over the age of 65 and surviving spouses of wartime Veterans, please read the following article posted by the Elder Counsel. Strohschein Law Group is an active member of this organization and found this information to be valuable to the community. The proposed regulations are open to public comment through March 24, 2015. We hope this article is helpful, and if you have any questions at all please contact our VA accredited attorney, Linda Strohschein at 630-377-3241.

Estate Planning

March 16, 2015

White House Proposes New Rules to Protect Investors Saving for Retirement

Americans may lose as much as $17 billion every year because of bad financial advice from advisors with conflicts of interest, according to a report by the President’s Council of Economic Advisors. President Obama has proposed new rules to change this and require financial advisors to act in the best interests of their clients. The move is designed to increase the amount investors receive in retirement.

Care Coordination

March 9, 2015

The 6 Biggest Estate Planning Mistakes

If you’re like most people, you have the best of intentions with regard to how you want your estate distributed when you die or your affairs handled should you become incapacitated. Unfortunately, without proper planning, your best intentions may not be enough. Here are six of the most common estate planning mistakes people make.

Care Coordination

March 5, 2015

Mom Needs to Move Closer? Time to Protect Her Assets

The cost of long term care is more than just financial. Our aging loved ones face the challenge of change and the caregivers add more to their plate of responsibility. To lessen financial and emotional stress, Strohschein Law Group can help you maximize private assets, increase access to public benefits, and ultimately enhance quality of life for everyone involved. We can help, we do this everyday for our clients.

Care Coordination

February 17, 2015

Case Illustrates Need for a Formal Contract When Paying Relatives for Care

If you intend to repay family members or friends for their caregiving work, you need to draw up a formal agreement, especially if you think you will ever apply for Medicaid long-term care benefits. It is important to get help from Linda Strohschein, and her team at Strohschein Law Group, in drafting this type of contract.

Care Coordination

February 9, 2015

5 Estate Planning Tips for the Non-Traditional Family (Which Probably Means Yours)

Is your family of the “Leave It to Beaver” variety — opposite-gender parents, the first marriage for each, one or more kids, all healthy and thriving? If so, your estate plan will probably be pretty straight forward. But if not, it’s not as simple and you have a lot of company. Strohschein Law Group is aware of family dynamics and variety. We work with sensitive family situations every day. We stay focused on our core values of being approachable, client focused, collaborative, compassionate, and experienced. Your important issues will be heard and we will protect what matters most.

Care Coordination

January 29, 2015

Tougher Reverse Mortgage Rules to Take Effect

A reverse mortgage allows a homeowner who is at least 62 years old to use the equity in his or her home to obtain a loan that does not have to be repaid until the homeowner moves, sells, or dies. But the homeowner is required to pay property taxes and homeowners insurance premiums on the property. Your assets can be protected to afford options like reverse mortgage when a proper estate plan is created to manage and allow smooth transition into long term care scenarios. Strohschein Law Group is here to help you protect what matters.

Care Coordination

January 28, 2015

Can I Give My Kids $14,000 a Year?

If you have it to give, you certainly can, but there may be consequences should you apply for Medicaid long-term care coverage within five years after each gift. If you think there is a chance you will need Medicaid coverage of long-term care in the foreseeable future, call Strohschein Law Group before starting a gifting plan.

Care Coordination

January 13, 2015

Medicaid and Trusts 101

With careful Medicaid planning, you may be able to preserve some of your estate for your children or other heirs while meeting the Medicaid asset limit. In Illinois, a nursing home resident covered by Medicaid may have no more than $2,000 in “countable” assets.

Estate Planning

January 5, 2015

Level of Assets That Spouses of Medicaid Recipients May Keep Rises for 2015

The spouse of a nursing home resident–called the “community spouse” — is limited to one half of the couple’s joint assets up to $119,220 in “countable” assets. This figure changes each year to reflect inflation. Called the “community spouse resource allowance,” this is the most that a state may allow a community spouse to retain without a hearing or a court order. The least that a state may allow a community spouse to retain is $23,844 and the maximum for Illinois is $109,560. If you should need assistance with protecting your assets from the cost of long term care, Strohschein Law Group helps families everyday to maximize the options for quality care and making sure the community spouse is provided for.