Wills & Trusts

Chicago, Illinois Wills and Trusts Attorneys

Creating a will or trust is an effective means for protecting your estate from tax liability, planning for healthcare issues, and supporting causes important to you. At Pugh and Payne, our attorneys work with financial planners, tax experts, and accountants to create estate plans to meet the financial needs and interests of our clients. We evaluate your current financial situation and explain how re-allocating assets, transferring the title of a home, or creating a trust can secure your family's financial security. In the case of healthcare and Medicaid eligibility, we explain the 5 year look-back penalty associated with Medicaid and steps you can take today to help an elderly parent or ailing spouse avoid spending down their assets while qualifying for healthcare benefits.

We can help you put more of your estate to work for your family's financial future - contact estate planning lawyers at Pugh and Payne today.

Wills and Trusts and the Options Available to You

The law office of Pugh and Payne advises and represents clients in regard to the following estate planning issues:

• Wills
• Trusts
• Living Wills
• Powers of Attorney for Healthcare
• Powers of Attorney for Property
• Living Trusts
• Healthcare and medical directives
• Medicaid eligibility
• Durable powers of attorney
• Asset protection
• Revocable trusts
• Irrevocable trusts
• Medical Information Releases - HIPAA requirements

Healthcare Issues - Providing for those with Long-Term Care Needs

One of the most important reasons for creating a trust is providing for the healthcare needs of a disabled child, spouse, or elderly parent. While Medicare covers short-term, hospitalization needs, it does not cover long-term care, institutional care, or in-home nursing care. At Pugh and Payne, our attorneys explain how a special needs trust, testamentary trust, or irrevocable trust can help you establish much needed funding for long-term medical care while still qualifying for Medicaid.

Since there are income requirements for Medicaid, determining how assets are transferred and what kind of trusts are needed is important for avoiding a spend-down of assets. We discuss how you can qualify for Medicaid while avoiding certain look-back penalties through the creation of a trust.

Wills - Why they are Important

Leaving a will can help you protect a closely held or family owned business, avoid problems during probate, and specify what kinds of end of life decisions should be made if you are injured and incapacitated. Creating a will allows you to pass along specific kinds of heirlooms, assets, and put in place a business continuity plan.

Our attorneys will evaluate your situation and work with you to create an estate plan that meets your specific needs and concerns. To schedule an appointment and learn more about our practice, contact estate planning attorneys at Pugh and Payne today.