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The impact of Obamacare on senior planning

How will Obamacare impact the estate planning you already have?

How will Obamacare affect seniors, boomers, and their Medicare?

What are the steps you should take right now to protect you and your family so you do not go broke, lose your home and leave your family without a dime?

The biggest fear that many people have today is of having their life savings wiped out by a debilitating illness or an extended stay in a nursing home.

Add to that the uncertainty brought on by the advent of Obamacare, and many people are tempted to engage in incorrect or risky estate planning, often mistakenly giving away their assets, or doing other things that make it difficult or impossible to fix when the time comes for long-term care.

Whether you or a family member is in crisis now, or you want to plan ahead to avoid a future crisis, it is important that you understand what particular types of estate planning you can use to protect your hard-earned assets.

The laws are constantly changing, and Obamacare (which actually has been in effect since 2010) is just the latest in a long series of changes that always seem to complicate things. Unfortunately, the government will not notify you of your eligibility for help, or of the pitfalls that await if you do something wrong. It is up to you find out.

Every one who wants to pave the way for a more secure financial future must consider the following:

1. How to pay for the cost of long-term care and how the new health care laws affect seniors, boomers and their Medicare.

2. How Obamacare impacts estate planning documents, including the asset protection language that most people do not even know they should have in their wills, trusts and powers of attorney. This knowledge alone can help protect your life savings.

3. How veterans benefits may soon be impacted. They may be worth up to $2,000 per month, tax-free, to help you pay the cost of care.

4. How the expanded Medicaid rules work, and the steps you need to take now to protect you and your family under the new Illinois regulations.

5. How Obamacare impacts modern legal documents, the U.S. long-term care payment system, in-home care options, tax implications, the retirement landscape, and Social Security benefit elections.

6. How to transition between “Life’s 3 Phases”: maturing years, senior years and post death years.

I will be tackling all of the above, and much more, in the coming months.

For more, call 847-292-1220, e-mail abferraro@abferrarolaw.com or visit www.ABFerraroLaw.com.

About Anthony B. Ferraro

Anthony B. Ferraro is the founder and managing member at the Law Offices of Anthony B. Ferraro. He received his Bachelor of Science degree in accountancy from DePaul University and his Master of Science in taxation. After receiving his CPA designation in 1978, he enrolled in law school, earning his Juris Doctor in 1983 from De Paul University. An elder law practitioner, his practice areas include Medicaid planning and applications, guardianship, probate & trust administration, long-term care planning, nursing home contracts and admission, senior estate planning, special needs planning, estate planning, and estate taxation.

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