Archived News

Binsbacher & Griffithe, LLC Attorneys at Law
Archived News

ugust, 2010:

The Department of Healthcare and Family Services proposed amendments to their medical assistance program commonly known as public aid or Medicaid. Notably, these proposed amendments change the criteria for reviewing asset transfers by those applying for public assistance. In addition, the proposed amendments change the look-back period and penalty period for applicants making asset transfers prior to applying for Medicaid. These proposed changes are in response to the Federal Deficit Reduction Act of 2005 which quickly changed the Medicaid asset transfer and penalty rules in many states across the country. Illinois, however, has been slow to implement the changes required by the federal law. If these proposed amendments become law in Illinois, it will become far more difficult to transfer your assets in an effort to make yourself eligible for public medical assistance (including nursing home care). Despite such difficulty, planning opportunities are still available. For questions concerning these proposed amendments or planning for long term care, please contact our office.



November 05, 2009
Changes to Residential Disclosure Act
The Residential Real Property Disclosure Act has been amended by requiring disclosures as to whether the property has been used for the manufacture of methamphetamine.  If you are buying or selling residential real estate, please make sure your disclosure act form is up to date.

November 05, 2009
Convenience Accounts
Effective January 1, 2010, Illinois will allow convenience accounts.  These accounts allow you to open a bank account and add a "convenience depositor" to the account.  The convenience depositor will be able to access your funds and assist you with managing your account (eg: making deposits/ withdrawals, paying bills or writing checks).  The convenience depositor will not, however, become an owner of the account and will not have survivorship rights to the account at your death.  Please contact our office to determine if convenience accounts are right for you.

September 14, 2009:
November 05, 2009
ybrid Long-Term Care/Annuity Products
For those clients who want long-term care coverage but do not want to pay for expensive insurance they may never use, new hybrid products are available.  These products are typically in the form of an annuity with a long-term care rider attached.  Although these products are beneficial in the right circumstances, many factors need to be considered before you buy.  Please contact a qualified long-term care specialist if you have questions about these products.  If you need help finding a specialist, please contact our office.

Illinois adopts Q-tip Trust Election, allowing married couples to avoid paying Illinois Estate Tax at first spouse's death.  Contact us to determine if your estate plan should be updated to incorporate this new law. 

Binsbacher & Griffithe, LLC will host a series of free informational seminars to discuss how limited liability companies can be useful in farming operations, small businesses and with your estate plan.  Speakers will include Attorney Valroy Binsbacher, Attorney Maurice Griffithe, and CPA George Kruse of Krehbiel & Associates, LLC.  Times, dates and locations are as follows:

Thursday, February 4, 2010 at 6:30 p.m. - Mascoutah Visitors Center, 200 East Main Street, Mascoutah.
Saturday, February 6, 2010 at 10:00 a.m. - Carlyle KC Hall, 1471 Fairfax, Carlyle.
Tuesday, February 9, 2010 at 10:00 a.m. - Nashville Community Center, 455 South Washington, Nashville.

Reservations are necessary due to limited seating - please telephone Theresa at (618)566-4300.

November 05, 2009
Annual Seminar
The Binsbacher & Griffithe, LLC annual estate planning seminar will be from 10:00 a.m. to 12:00 p.m. on Wednesday, March 17, 2010 at the Mascoutah Sportsman's Club.  Estate planning clients will soon receive an invitation in the mail.


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