November is National Family Caregivers Month, a time to

thank, support, educate and empower family caregivers.

Celebrating Family Caregivers during November enables all of us to:

• Raise awareness of family caregiver issues
• Celebrate the efforts of family caregivers
• Educate family caregivers about self-identification
• Increase support for family caregivers

Rosalyn Carter said it best: "There are only four kinds of people in the world - those who have been caregivers, those who are currently caregivers, those who will be caregivers and those who will need caregivers".

Many family members do not recognize they are a caregiver because it is 'part of their role as a spouse, child, nephew, etc.' Family caregiving is done by many people with compassion, love, and, even personal sacrifice, inlcuding personally and professionally.

The range of family caregiving is huge. Examples of being a family caregiver include:

• Making check-in telephone calls.
• Taking your loved one to the doctor, shopping, etc.
• Scheduling appointments, picking up groceries, medications, etc.
• Helping with monthly paperwork, such as bill paying, etc.
• Being a Power of Attorney or Guardian.
• Living with them (or them with you).
• Monitoring care if your loved one lives in a formal care setting.
• and much more.

......The bottom line, if you think at least once a day about how an older family member, or a family member who has a disability, is doing, you are, in some way, a family caregiver.

All of us at Dutton & Casey, thank the family caregivers who we are assiting today, those we have assisted, and those who we will assist, for all you do! 

For more information on the National Family Caregivers Association, please click here. 

Many people believe that if they are single, they don't need a  will and other estate planning documents. However, estate planning is just as important for single people as it is for couples and families.

Estate planning allows you to ensure that your property will go to the people you want, in the way you want, and when you want. If you do not have an estate plan, the state will decide who gets your property and who will make decisions for you should you become incapacitated. An estate plan can also help you save on estate taxes and on court costs for your loved ones.

The most basic estate planning document is a will. If you do not have a will directing who will inherit your assets, your estate will be distributed according to state law. If you are single, most states provide that your estate will go to your children or to other living relatives if you don't have children.

If you have absolutely no living relatives, then your estate will go to the state. You may not want to leave your entire estate to relatives -- you may have close friends or charities that you feel should get something. Without a will, you have no way of directing where your property goes.

The next most important documents are durable power of attorneys. A power of attorney allows a person you appoint -- your "attorney-in-fact" or "agent" -- to act in your place for financial and healthcare purposes when and if you ever become incapacitated. In that case, the person you choose will be able to step in and take care of your financial and healthcare decisions.

Without a durable power of attorney, no one can represent you unless a court appoints a guardian. That court process takes time, costs money, and the judge may not choose the person you would prefer.

If you are planning to give away a lot of your money, there are ways to do that efficiently through the annual gift tax exclusion and charitable remainder trusts. Other estate planning documents to consider are a revocable living trust and a living will.

Don't think that because you are single, you don't need an estate plan!

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For more information on how the attorneys at Dutton & Casey can assist you, or someone who you care about, with estate planning, please click here.

In light of winter approaching and the recent storms, we want you to be as ready as possible for emergencies.  When you prepare and discuss your plans with your family, friends and neighbors, you can better ensure your safety.   What can possibly happen?  

Think about the possible emergency situations we can have in Northern Illinois...

A reverse mortgage can be a great tool in the right   circumstances, but if you aren't careful, you could end up losing your home. A recent front-page article in the New York Times lays out some of the problems homeowners are encountering with these mortgages.

You must be 62 years or older to qualify for a reverse mortgage, which allows you to use the equity in your home to take out a loan. The loan does not have to be paid back until you sell the house or die, and the loan funds can be used for anything, including providing money for retirement or to paying for nursing home expenses.

It all sounds like a no-lose proposition, but there are downsides. For example, these loans carry large insurance and origination costs, they may affect eligibility for government benefits like Medicaid, and they are not ideal for parents whose major objective is to safeguard an inheritance for their children.

There also have been complaints about aggressive marketing techniques. In addition to these drawbacks, the Times points out two more important potential pitfalls:

• Pay attention to whose name is on the mortgage. When purchasing a reverse mortgage, be sure to put both spouses' names on the mortgage. If only one spouse's name is on the mortgage and that spouse dies, the surviving spouse will be required to either pay for the house outright or move out. This might happen if only one spouse is over 62 when the mortgage is signed. According to the Times, some lenders have actually encouraged couples to put only the older spouse on the mortgage because the couple could borrow more money that way.

• Watch out for a lump-sum loan. Usually reverse mortgages come in a line of credit with a variable interest rate. This allows homeowners to take money only when they need it. According to the Times, some brokers have been pushing lump-sum loans because the brokers earn higher fees. The problem is these loans have a fixed interest rate. The interest charges are added each month, so that over time the total amount owed can surpass the amount of the original loan.

The Consumer Financial Protection Bureau, which was created in the wake of the mortgage crisis, in part to scrutinize consumer mortgages, is working on new rules to better regulate reverse mortgage lenders and provide disclosures.

To read the New York Times article about reverse mortgages, click here.

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Only until December 7........   

During open enrollment, Medicare beneficiaries can roll in a Medicare Part D plan or, if they currently have a plan, they can change. In addition, beneficiaries can switch out of a Medicare Advantage (managed care) plan and return to traditional Medicare (Parts A and B), enroll in a Medicare Advantage plan from traditional Medicare, or change Medicare Advantage plans.

If you, or someone who you care about, are covered by traditional Medicare, are happy there and don't have or want a prescription drug plan, you don't need to do anything.

However, during the open enrollment period, you should review your current plan by looking at the costs and coverage for next year to determine if it is still the right plan for you.

It is especially important to shop around for the best drug plan, as rates for the plans have gone up. 

In addition, you can now get the same information found in the handbook "Medicare & You" online. Find out what's new for the year, how Medicare works with your other insurance, get Medicare costs, and find out what Medicare covers. The handbook information on the Web is updated regularly.

Resources:

www.medicare.gov

www.medicareinteractive.org

1-800-MEDICARE (1-800-548-9034)

Illinois Department on Aging, 1-800-252-8966 or  website to locate a Senior Health Assistance Program (SHAP). 

Illinois Department on Insurance, 1-800-548-9034,   website to locate a Senior Health Insurance Program (SHIP). 

Dutton & Casey is now on Facebook and Linked In.

Please 'like us' and 'connect with us' to recieve updates on topics realted to estate planning, probate, elder law,  our programs for the community and professionals, and much more. 

FOR PROFESSIONALS

8th Annual Elder Law Short Course

Presenter: Kathryn C. Casey, Attorney and Partner

Topic: Advanced Issues in Tax Planning and Medicaid Planning with Retirement Benefits.

Date: November 29-30, 2012

Location: Hilton in Lisle, IL.

This presentation is being offered in connection with the Illinois Institute for Continuing Legal Education.

For more information, please go to www.iicle.com

Guardianships: What They Are, How They Work, and How They Can Assist Your Clients

Presenter: Janna Dutton, Attorney and Partner

Date: Friday, December 14, 2012

Location: This session is being offered in conjunction with the Illinois Department on Aging's Annual Governor's Conference on Aging being held in Chicago. 

click here to read the conference program.

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We have many programs, for community members and for professionals, being planned for 2013.

Please read our website, future editions of YOUR Legal Update, like us on Facebook, and connect with us on Linkedin for more information.

click here to learn more about our attorneys.