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.

Technorati Tags: Asset Protection, Asset protection trusts, Attorney in Orland Park, Attorney in South Suburban Chicago, chicago, Chicago Attorney, Chicago Attorneys, Chicago hospice, Chicago Law, Chicago Law Firms, county, do i need a power of attorney, Elder Care, Eligibility for Medicai, Eligibility for Medicaid, Estate Planning, Estate Planning in Chicago, Estate Planning in Coal City, Estate Planning in Cook, Estate Planning in Illinois, Estate Planning in Newark, Estate Planning in Niles, Estate Planning in Orland park, Estate Planning in Richton Park, Estate planning south suburban, Help with hospice care, Hospice care, Hospice care in Chicago, Hospice in Chicago, Hospice in Illinois, IL, IL attorney, Illinois, Illinois estate planning, Illinois Home health care, Illinois living trust, Illinois Medicaid, Illinois will attorney, insurance, Law Help in Chicago, Law in Chicago, Law office in Orland Park, Law office in South Suburban, Law offices in Chicago, Layers in Chicago, Living Trust, Living trust attorney, Living trust Attorneys, Living trust Help, Living trust in Chicago, Living trust in Cook, Living will in Chicago attorney, Living will in Illinois, medicaid, Medicaid application, Medicaid asset protection, Medicaid care in Illinois, Medicaid help in Illinois, Medicaid in Chicago, Medicaid in Illinois, Medicaid laws, Medicaid planning in Illinois, Medical law in Chicago, Medicare and Medicaid, medicare in Illinois, Medicare Medicaid, orland Park, Power of Attorney Chicago, South suburban Chicago, Trust inheritance, What is a living trust?, What is a power, Who needs a living trust?, Wills and Trust

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

Technorati Tags: Chicago Law, Estate Planning, information, lawyers, planning, trademarks, trusts

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

Technorati Tags: Chicago Law, Estate Planning, trusts

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

Technorati Tags: Chicago Law, court, Estate Planning, medicaid, medicaid help, Medicaid Planning, planning, probate

Duration : 0:4:3

[youtube 73kzrygw8Iw]

Technorati Tags: business, Estate Planning, Hart, HMMlegal, Living Trust, Mieras & Morris, probate, Real, Tax, trust, trust law

Duration : 0:2:41

[youtube lcRv5WQ9MOw]

Technorati Tags: & Homestead Declaration, assets, distribution, Durable Power of Attorney, estate plan, Estate Planning, health care proxy, incapacitated, protect, Protection, will

Duration : 0:4:10

[youtube HzUZiw6M0Uw]

Technorati Tags: estate lawyer, estate planner, Estate Planning, lawyer, los angeles estate, Orange County, orange county CA

Duration : 0:6:24

[youtube 1yrF5HjtozY]

Technorati Tags: Asset Protection, Estate Planning, hide assets from medicaid, Medicaid asset protection, Medicaid Planning, Medicaid Planning Strategies, nursing home spend down

Expert: Brad Wiewel
Contact: www.texastrustlaw.com
Bio: Brad Wiewel is board certified in estate planning and probate by the Texas Board of Legal Specialization and has been practicing law since 1978.
Filmmaker: Demand Media

Duration : 0:1:29

[youtube ouGA_WbfDkk]

Technorati Tags: estate law, Estate Planning, law, probate, trust law

Expert: Brad Wiewel
Contact: www.texastrustlaw.com
Bio: Brad Wiewel is board certified in estate planning and probate by the Texas Board of Legal Specialization and has been practicing law since 1978.
Filmmaker: Demand Media

Duration : 0:1:35

[youtube ai-jI4nWw2M]

Technorati Tags: estate law, Estate Planning, law, probate, trust law