My name is Tom Olofsson. I am a lawyer. I help families plan for the future. Call me at (773) 905-1193  My office is in Chicago’s Beverly area.  I do not expect you to come to me. I am available to meet with you in your home.  I look forward to meeting you and talking with you about your family.

Contact me: e-mail tom@mytrustlawyer.com  Phone (773) 905-1193 My office address is 9924 S. Walden Parkway, Chicago, Illinois 60643

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My name is Tom Olofsson. I am a lawyer. I help families plan for the future.

My office phone is (773) 905-1193

For more info please visit my main site http://www.mytrustlawyer.com/

My hope is that this site will make it easy for you to find out about Estate Planning and to see if you would like me to help you plan for your family’s future.

My goal is to help you decide which estate planning tools are best for you and your family. Before you go on please Bookmark this page so you can come back whenever you want.

The focus is on you.

The planning process begins with you and your wishes for your family. My first concern is you and your family. My job is to help make sure that your plans for your loved ones come true.

My practice is limited to helping individuals and families plan their estates. I do this by meeting with you to discuss your family situation and how best to pass your assets on to your loved ones.

Why I make house-calls.

I came from a large family. I remember how much work it was for my mom to load all of us into the station wagon when it was time to visit the doctor. I always thought it would have made more sense for the doctor to hop in his car and come to our house.

With this in mind, I meet with my clients in their homes.  Many families have told me that my coming to them makes life easier particularly when a member of the family is elderly or has special needs. It is much easier and it makes more sense for me to hop in my car… well you get the idea.

My office is at the Southwest corner of Chicago in the Beverly area.  I do not expect you to come here. I am available to meet with you in your home.  I look forward to meeting you and I will be happy to talk with you about your particular situation.

Contact me.

You can contact me by e-mail at: tom@mytrustlawyer.com

My office phone is (773) 905-1193

My office is located at 9924 S. Walden Parkway, Chicago, Illinois 60643

The following pages will help you decide how to go ahead from here.

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There are 5 documents that every responsible adult needs.  We all know that life happens and unfolds in unpredictable ways and sometimes  events can place us in unfortunate circumstances.
In a nutshell, these documents speak for you when you cant.   These important legal papers let your family and friends know your decisions about critical issues such as: what you want done with your property, how you would like your children to be raised, end of life decisions,  and much more.

Here are the 5 Documents:

• Living Will
• Durable Power of Attorney for Healthcare
  
• Financial Power of Attorney
• Will and/or Trust
• List of Assets

Living Will – A living will is a simple statement of what you would like done during the final days and hours of your life.  If you would like to be allowed to die without heroic medical efforts being made to keep you alive then a living will is an important part of your medical chart.

A living will is limited. It only controls your medical care when you have an incurable illness or injury that will lead to your death over the next few hours or days. If you are seriously injured but are not likely to die from your injuries then your doctor and your family will look to your power of attorney for healthcare for guidance.

Durable Power of Attorney for Healthcare – A healthcare power of attorney is more powerful than a living will. The living will is a piece of paper containing a brief statement of your end-of-life wishes. A Power of Attorney allows you to choose a person who will stand in your place, to talk with your doctors, and decide what care you should receive. The person named to make decisions is called an “agent.” Getting copies of medical records has become particularly difficult in the last few years. The Power of Attorney for Health Care also allows your agent to access your records.

Financial Power of Attorney – This document allows you to appoint someone as your agent.  Your agent can go to the bank for you and can make financial decisions on your behalf. Your agent will also be able to talk with utility companies (phone, light, gas) and conduct other business for you.

List of Assets – To make things easier on your family it is important to have a written record of what assets you have and where they can be found. It does not do any good to have a millions dollars in the bank if your family does not know you have it or which bank it is in.

Will - A will is instructions to the probate court. It tells the judge who should receive your property, who should raise your young children, and who should act as your representative in court. A will must be filed in the court after a person dies. The court would then have control over how assets are handled.

Trust – Your trust controls your property when you are incapacitated and after you are gone.  It can help insure that your children or grandchildren stay in school, help them open a business, and help carry out any other special plans you have. It is designed to do all of this without the need to go to court. This will likely save time and money for you and your loved ones.

Here is how to contact me anytime.

My office phone is (773) 905-1193

My office is located at 9924 S. Walden Parkway, Chicago, Illinois 60643

You can contact me instantly by e-mail at: tom@mytrustlawyer.com

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At its most basic, a trust is a relationship between 3 people. These people are called the Grantor, the Trustee, and the Beneficiary.

• The Grantor sets up the trust and puts property into the trust.
• The Trustee is the manager of the trust.
• The Beneficiary is the person who benefits from the trust.

The relationship between Grantor, Trustee, and Beneficiary is called a trust relationship. The paper documents help to make sure that all of the parties involved know exactly what is expected of them.

Example:  When I gave money to my mother and asked her to buy my father a gift on their last vacation. I was the Grantor because it was my money that went to buy the gift. My mother was the trustee because she decided what to buy and when to buy it. My father was the Beneficiary because he got the gift.

The Grantor and the Trustee can be the same person. In fact the same person can be Grantor, Trustee, and Beneficiary. This is common when a Living Trust is created. The person putting the property into the trust can manage it himself for his own benefit.

Example: If Mr. and Mrs. Smith set up a trust they would put their property into the trust they would be the grantors of the trust. It is very common for people setting up a trust to decide to stay in control of the property they have put into the trust. In order to be in control of the trust assets the Smiths would name themselves as the trustees of the trust.

Since Mr. and Mrs. Smith will use the assets in the trust for their own needs, they are also the beneficiaries of the trust. In this case the Smiths are grantors, trustees, and beneficiaries of their trust.

Mr. and Mrs. Smith can name someone to take over management of the trust incase they become ill or die. This “successor trustee” may be a family member, a trusted friend, or a professional trustee. The successor trustee would have all of the same management powers that the Smiths had. The Smiths would also name future beneficiaries so the trust property will pass to them when both Mr. and Mrs. Smith have died. Since these matters have already been agreed upon, probate proceedings can be avoided.

Contact me.

My office phone is (773) 905-1193

My office is located at 9924 S. Walden Parkway, Chicago, Illinois 60643

You can contact me by e-mail at: tom@mytrustlawyer.com

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How To Choose a Trustee

Many of my clients have asked me, “Who should I name as my Trustee? Should I name a family member, the trust department of a local bank, or an independent trust company?”

A trust is created to last many years for the benefit of people you select.  It is hard to predict how the world will change over the life of the trust.  Laws may be different in a few years and investment strategies come and go.  Because of this, it is to your benefit to select a trustee who will supervise the trust assets in the way you intend.  

In some cases the grantor will serve as the trustee of his or her own trust.  If you have a revocable trust, and serve as the trustee, your service ends when you become incapacitated or when you die.  If you create an irrevocable trust then you must usually name someone else to serve as a trustee.  In most cases, at some point, a person other than yourself will serve as trustee.

A trustee has several responsibilities.  The main responsibility is to interpret and carry out the grantor’s instructions.  Such interpretation should be done impartially and without any conflict of interest.  Some other responsibilities include:

· Meeting the needs of the beneficiaries
· Making sure that the trust assets are secure
· Preparing accountings for the beneficiaries
· Maintaining records
· Filing tax returns

Since it is an important job, you should select a trustee that you believe will take the proper care needed in order for your trust to function properly.  An individual may not have enough time available to properly address all the needs of your beneficiaries.  A local bank may be subject to unfavorable state regulations which do not offer the best environment for investing or reporting the trust assets, or worse still, the local bank may merge with or be purchased by another bank.  A professional trustee in another state may have favorable regulations, but may not understand your wishes due to a lack of local connection.

Individuals, banks, and professional trustees each have positive and negative aspects. Your ultimate trustee determination relies most upon your confidence that the trustee you choose will follow your wishes.

5 Important Benefits of a Will

A will does 5 very important things. 

• Cancels your old will.
• Names a personal representative (executor).
• Waives the bond on the personal representative.
• A will can act as a back-up document to a living trust.
• Names a guardian for minor children and for special needs children.

There are several ways to cancel your old will. You can tear it up. You can burn it. You can write “revoked” across the pages or draw large X’s on each page. The most common way is to write a new will. The first paragraph of your will normally revokes all of your former wills.

When your will goes to probate a person is put in-charge of the paperwork. This person is called a personal representative. They may also be called an executor. Most people have someone in-mind for the job. Your will should name a personal representative and a back-up in case your first choice is not available.

A bond is an insurance policy that guard against mismanagement or dishonesty by your personal representative. It helps make sure that assets that end up going through probate will not be stolen or wasted. Since many people name their spouse or a trusted family friend as their personal representative it seems unecessary to require that person to be bonded.

Every Living Trust should be accompanied by a short will, know as a “pour over will.” This legal document is set up to make sure that assets are put into the trust if the Grantor did not get them into the trust during their lifetime.

The most important job that your will does is to name a guardian for your minor children or for children with special needs.  If you do not name a guardian then the court may need to appoint one. Most people tell me that they want to make these choices rather than leaving them up to the Judge in probate or guardianship court.

Elder Law is a broad category of legal practice. It encompasses many of the issues that are important to Seniors and to their families. It touches upon several areas and combines them into a unified approach to the way a Senior interacts with her family, with her estate, with the government, with medical care providers, and with her community.

The main areas that we explore with our Senior clients include:

• Wills and Trusts
• Guardianship for Disabled Adults
• Nursing Home and Assisted Living Contracts
• Elder Abuse and Neglect
• Medicare and Long-Term Care Insurance
• Planning for Incapacity
• Understanding a Long-Term Care Resident Contract

Contact me.

My office phone is (773) 905-1193

My office is located at 9924 S. Walden Parkway, Chicago, Illinois 60643

You can contact me by e-mail at: tom@mytrustlawyer.com

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Medicaid is a program that provides health insurance coverage to low-income and disabled persons. Medicaid is paid for jointly by the Federal and State governments. It also pays for nursing home care for people who qualify. Medicaid has become the largest payer of the nursing home bills of middle class Americans.

In most states, including Illinois, Medicaid pays very few of the costs of in-home care. New York stands out as an exception. New York pays for home care to all Medicaid recipients. Home care can cost less than care in a nursing home. A few other states (Wisconsin, Oregon, Hawaii, and Massachusetts) are attempting to show that Medicaid can save money and provide good care to patients without requiring them to leave their homes. Some people receiving Medicaid benefits in Florida have sued the state government saying that their rights have been violated. These changes may, some day, have an effect on the Medicaid program in Illinois.

Each state runs the program for its citizens. Because of this, the rules are a little different in every state. The basic system is the same across country. Be sure to consult an elder attorney in your state before applying for benefits.

Asset Limit

In order to be eligible for Medicaid benefits a nursing home resident may have no more than $2,000 in “countable” assets.

When the person in a nursing home has a spouse living at home the spouse is called a “community spouse”.  The community spouse is allowed to keep the couple’s joint assets up to $109,560 in “countable” assets. This amount is adjusted for inflation each year.

There are some “non-countable” assets which do not count against the Medicaid limit:
*Personal items like clothing, certain pieces of jewelry, and furniture
*A motor vehicle, worth up to $4,500 (no limit to the value for a stay at home spouse).
*The applicant’s home (subject to certain limits).
*A prepaid funeral
*A life insurance policy with a face value of $1,500.
*Prepaid funeral plans and a small amount of life insurance

Penalty for Transfers

There is a penalty for transferring assets. Lawmakers want you to pay your nursing home bills and have Medicaid pick up the tab when you have very little left. In years past a person could enter a nursing home on today, give their money away the next day, and apply for Medicaid by the weekend. Congress put a penalty in place so people who transfer assets can not receive benefits for a period of time after the gift. The penalties have been made tougher with the new rules, called the Deficit Reduction Act (DRA).

The penalty period is calculated by dividing the amount given away by the cost of care.

As an example, the cost of care in Illinois is around $6,000 per month. If a transfer of $6,000 was made then the penalty would be 1 month during which Medicaid would not pay any nursing home bills ($6,000 ÷ $6,000 = 1). If $60,000 was transferred then the penalty would be 10 months ($60,000 ÷ $6,000 = 10). If $600,000 were transferred then the penalty period would be 100 months or 8 years and 4 months ($600,000 ÷ $6,000 = 100).

Some Transfers Do Not Earn A Penalty

Transfers to the applicant’s spouse (for the benefit of that spouse).
Transfers can be made to a blind or disabled child
Transfers can be made to a trust for the “sole benefit of” a disabled person under age 65.

There are special rules for the transfer of a home. The Medicaid applicant may transfer his or her home to certain people without a penalty:

*The applicant’s husband or wife
*A minor child of the applicant (under age 21)
*A blind or disabled child or the applicant
*To a trust for the “sole benefit of” a disabled person who is under 65 years old
*To the brother or sister of the applicant who has lived in the home for a year before the applicant went into a nursing home (if they already owned part of the home)
*To a child of the applicant who has lived in the home for two years before the applicant entered a nursing home and who took care of the applicant so that they could stay out of the nursing home longer.

Contact me.

My office phone is (773) 905-1193

My office is located at 9924 S. Walden Parkway, Chicago, Illinois 60643

You can contact me by e-mail at: tom@mytrustlawyer.com

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If you have a child with special needs then you have special issues to consider. When your child reaches the age of 18 she will become elegible for state benefits. If you or other family members give valuable gifts to your child you may endanger their elegibility for those benefits.

It is important that any gifts of cash or property be left to a specially written trust and not directly to your special needs child.

The special needs trust will name a manager who can hold and distribute assets for your child and still allow them to receive government benefits.

This type of trust is called a special needs trust.  They are set up to provide for ”special” needs. Those needs which are over and above the expenses paid for by government programs or by charitable organizations.

The trustee of a special needs trust is given strict instructions on how the trust assets may be used. The trustee may pay only those expenses that will not be paid for by a governmental agency or by a charity.

Trust assets may be used to provide extras that make life more interesting and fun for your child. The trust can pay for the extra things you would privide for your child if you were still here.

Example: If a State agency will pay for medical care then the special needs trust can not pay for doctor visits. If there is no State program or charity that will pay for summer camp for your child then the trust can pay to send your child to camp.

The estate plans of family members should be adjusted.

Your planning should include letting all family members know about the special needs trust. It is very important to make sure that their estate plans do not make gifts directly to the special needs child. It is much better for them to make gifts to the special needs trust.

Contact me.

My office phone is (773) 905-1193

My office is located at 9924 S. Walden Parkway, Chicago, Illinois 60643

You can contact me by e-mail at: tom@mytrustlawyer.com

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Who Needs Asset Protection?

Anyone worried about losing some or all of their assets to lawsuit or to creditors will be interested in how those assets can be protected.

We taylor a plan to the individual client. Which methods we use to help people shield their assets from loss to creditors and predators depend upon the individual facts.

The plan we use for one individual or family may not fit the situation of another family. This type of planning, in particular, requires a detailed analysis of existing arrangements and of individual risks.

Please call for a consultation to determine the suitability of this very important planning.

Contact me.

My office phone is (773) 905-1193

My office is located at 9924 S. Walden Parkway, Chicago, Illinois 60643

You can contact me by e-mail at: tom@mytrustlawyer.com