Chicago Elder Law Attorneys for Financial Planning

In Illinois, a limited guardianship is a legal arrangement in which a court appoints a guardian to make certain financial and/or personal decisions on behalf of an individual who is deemed incapacitated. Financial planning for an elder in a limited guardianship involves creating a budget, managing their assets and income, and making sure that their bills are paid on time. It also involves creating a plan for long-term care and ensuring that their wishes are carried out if they become unable to make decisions for themselves.

It is important to work with an attorney who specializes in guardianship laws to ensure that the process is carried out legally and ethically. The experienced Chicago elder law attorneys of Peck Ritchey, LLC dedicate themselves to helping aging Chicagoans who are wards in a limited guardianship relationship navigate the financial challenges they face in their retirement years. Our lawyers excel at working with older adults in the care of a limited guardian and meeting their needs.

When you’re the ward in a limited guardianship, whether you have built up a comfortable nest egg or are getting by on a fixed income, Peck Ritchey, LLC can help you plan for the financially stable future you deserve. Call us at (855) 328-5787 or contact us online for a free consultation to learn more about how we can help you.

How Financial Planning Can Help Older Adults

Even the most disciplined earners can face challenges when trying to budget. Doing so when you are living on Social Security can be even more difficult. Furthermore, the potential for unexpected events increases as time goes on. What happens if you develop a health condition ten years from now and require long-term care? Would you know how to pay for the assistance you need?

Financial planning for elders helps address these issues and more. An experienced elder law attorney who is well-versed in guardianship law can help you manage your resources in a way that makes them last as long as you need them. They can also provide advice about how to prepare for surprises that might upend what you believed was a perfectly good plan. Knowing that you have the resources to handle whatever lies ahead can be a great source of comfort for you and your loved ones.

The experienced elder law and guardianship attorneys of Peck Ritchey, LLC can help you with your financial plan in the following ways:

  • Helping you manage your assets over the long term
  • Identifying costs of potential long-term care options
  • Creating a monthly budget for income and expenses
  • Reviewing health insurance plans and helping you understand what they cover
  • Planning for incapacitation
  • Presenting options for end-of-life plans

Further Financial Issues to Consider

While adults of any age can benefit from the above services, senior citizens face unique challenges. An elder law attorney with experience in limited guardianships can help you feel that you and your guardian are prepared when you face these struggles.

For example, older Americans are the most common target for financial fraudsters. Unsavory individuals prey on elderly people who are physically or emotionally vulnerable. An elder law attorney can create a financial framework to protect you from unauthorized financial transfers if you mistakenly share sensitive information with the wrong person.

You may also wish to bring your lawyer to meetings with your limited guardian or family members when discussing sensitive financial questions. The presence of an elder law attorney can help clarify the reasoning behind your intentions and protect you from feeling overwhelmed by multiple parties’ competing wishes.

Your attorney can also help you review the estate planning documents you currently have in place. If they are out of date, your lawyer can update them to reflect your current life circumstances and wishes. If you do not yet have an estate plan, your attorney can create those documents for you.

Financial Planning for Long-Term Care

At some point, many aging individuals require long-term care. Preparing for this transition can be overwhelming, especially if you have not considered the possibility before. The attorneys of Peck Ritchey, LLC have experience working with clients and their guardians to explore the costs of different long-term care options. We can help you develop an ongoing spending plan to cover the necessary expenses.

Planning for your long-term care will involve taking an inventory of all your available assets, such as:

  • Cash
  • Investments
  • Home
  • Health insurance
  • Long-term care insurance
  • Life insurance

We will also identify any public funds that may be available to you so you can reduce the need to depend solely on your private assets. Our attorneys can then create a detailed budget reflecting how to pay each of your spending needs, giving you, your guardian, and your family clarity about how to manage your transition into care.

Why Choose Peck Ritchey, LLC?

Trusting anybody with your financial future is a tall order. You need a legal professional whose reputation is impeccable and whose advice you can trust. The Chicago elder law attorneys at Peck Ritchey, LLC have over 100 years of combined experience working to protect the best interests of the people of Illinois.

Our lawyers are compassionate and competent, and we understand the difficulties of navigating life as an older American. We will listen to your story and create a unique plan for your situation. We treat each of our clients with respect and understanding, and our testimonials will confirm our dedication to excellence.

Contact an Experienced Chicago Financial Planning Attorney

If you feel anxious about the prospect of dealing with your financial plan for the next few decades of your life, you are not alone. Many retired individuals across the country feel nervous about whether their money will last as long as they need it. Yet you do not need to let these worries take over your life. An elder law attorney with experience in financial planning and limited guardianship can help you recognize and achieve your financial goals, even when you have a guardian, so you can enjoy your retirement years.

The skilled and knowledgeable financial planning attorneys of Peck Ritchey, LLC can answer any questions you have about how to budget for any size of income. Our lawyers can help you ensure that you have manageable financial plans for many years to come and that your limited guardian knows your wishes. We will also address the financial requirements of long-term care if you should need it in the future. Our attorneys will serve as valuable members of your family’s support team every step of the way.

Call us today at (855) 328-5787 or contact us online for a free and confidential consultation to find out more about your financial planning options.