The Law Office of William C. Wombacher
309-674-8125 888-541-2088

Peoria Estate Planning. Probate And Elder Law Blog

When you need to update your will

You finally did it after years of procrastinating and months of nagging from your spouse. You’ve created a will and now your estate plan is good to go … or so you think. Creating a will is a great start to your estate planning. Even people in their 20s should consider getting one.

But you’re not finished. Why? Because life happens. And when things change, your will should change, too. A will is a legal document that provides details and directives as to how you want your assets and property divided among your heirs after you have died.

Nursing home pointers: What to look for in finding the right one

Many adult children and their parents avoid discussing when it may be time for the parents to move to a nursing home. Their house had been home for decades, and it may be hard to let go of the memories inside. But things have changed. Your parents are older and not as mobile.

You fear that they may lose their balance and fall down the stairs inside the family home, which is too big for them now. On top of that, their health may have deteriorated, and your parents may need someone to check on them now and again.

Making sense of the possible Medicaid work requirement

Medicaid has different rules from state to state. The eligibility requirements for Illinois residents may be different from those in New York or California. Each state can adopt laws to customize the Medicaid program to suit the needs of their people.

President Trump's administration recently granted states a controversial new opportunity to change their Medicaid programs: a work requirement. This permits states to deny enrollment to "able-bodied" adults without a job (or equivalent). Officials contend that although this program originally protected disabled and elderly citizens, other adults increasingly rely on Medicaid. This is a major adjustment to the program's foundation and some older adults may worry about how this will change their situation.

Don't delay filing for Social Security Disability benefits

Sometimes people are just too ill - physically or mentally - to work.

Serious ailments and unexpected medical hardships that may make it impossible for you to work may include multiple sclerosis, chronic asthma, arthritis, back pain, heart failure, chronic immune diseases, and mental health illnesses.

Why should I start estate planning in my 40s?

As life expectancy increases and 40 becomes the new 30, many of us don't expect to need to think about the future just yet. We may even expect that we won't be retiring until we're in our 70s. So why in our 40s do we need to think about an estate plan?

The unfortunate truth is that tragedy can strike at any time. If you have any assets you want protected or dependents you want to be taken care of should you become incapacitated or pass away, the time to start planning is now.

Using Super Safe Investments May Be Risky When It Comes to Retirement Planning

The main point here is that while keeping all your savings in very low-risk but also low-returning investments might make you feel safe and secure now, you could be opening yourself up to the bigger risk that your nest egg may not be able to support you over the long term. 

3 reasons to consider a special needs trust

A special needs trust is a specific type of trust that is designed to benefit a specific type of beneficiary. These beneficiaries are generally disabled or battling a mental illness. Those who are considering this type of trust for a loved one likely have a number of questions about this legal tool.

Having a basic understanding of some of the benefits provided by a special needs trust can help.

Trump's Actions Have Scrambled Insurance Prices

President Trump carried out a longstanding threat and ended certain subsidies for insurers. To compensate for the lost funding, insurers increased the prices of their plans - heavily in the silver category and less so in others.

Health Savings Accounts

Elder Law is about understanding resources and tools available to you. The number of H.S.A. accounts increased by 16 percent year over year as of June 30, to more than 21 million. Assets held in the accounts grew 23 percent, to just under $43 billion. Contributions can be deducted pretax from your paycheck, lowering your taxable income; any interest or investment gains on the money is tax free; and withdrawals from the account are tax free, as long you spend the money on eligible items. And if you change jobs, the H.S.A. moves with you.