Posted on January 13, 2025 in Estate Planning

Guardianship is the traditional legal process used to appoint a guardian over someone a court determines is unable to handle their personal or financial affairs. Most people making their estate plan wish to put in place protections to avoid this process should they become incapacitated, given the lack of control and expense it can entail. The main way to do so is to create a living trust, which has several advantages over guardianships. An experienced Yorkville, IL estate planning attorney can help you set up a living trust. 

What Is a Guardianship?

Guardianship is a legal mechanism to protect the financial and personal affairs of a person who is deemed by a court to be unable to make basic decisions or manage their finances. A guardian is legally assigned to make decisions about the incapacitated adult’s health care, finances, living arrangements, and more.  Often, guardianships are created to care for people with Alzheimer’s, mental illnesses, or developmental disabilities. 

Continue Reading ››

 Posted on December 30, 2024 in Estate Planning

An Illinois Living Trust, as its name implies, is a trust that you create during your lifetime. Your beneficiaries benefit from the trust after your death. A revocable living trust can also protect you should you become mentally incapacitated. 

There are many benefits to the versatile living trust: It can help avoid probate, you have full control over trust assets during your lifetime, it can be modified during your lifetime, and it is a private document that is not part of the public record. To ensure that your living trust legally fulfills your wishes and contains key living trust provisions, consult with an experienced Yorkville, IL estate planning attorney. 

Continue Reading ››

 Posted on December 11, 2024 in Real Estate

If you own or have recently inherited vacant land in Illinois and want to sell it, there are specific legal considerations you should keep in mind. In some ways, the process is the same as it is for selling developed property. However, there are unique issues such as zoning and land use that you should keep in mind when selling vacant land in Illinois. A Yorkville, IL real estate attorney can provide legal advice for your vacant land sale. 

Check Zoning Regulations 

The zoning regulations affecting your vacant land will have a significant effect on how the land may be developed after sale (whether as residential, commercial, industrial, or a mix). Consequently, zoning may affect the type of buyer that will be interested in the land. Understanding the zoning requirements for the land can also help you accurately value it.

Continue Reading ››

 Posted on November 26, 2024 in Asset Protection & Wealth Preservation

As a business owner, you are busy wearing many hats, from running the day-to-day operations to managing employees to growing the business. That is why you might not have taken the time to consider putting in place an estate plan to protect your assets. However, planning ahead as a business owner can safeguard and strengthen your business. If you want to know more about implementing an estate plan and asset protection strategy as a business owner, a qualified estate planning attorney can provide legal advice on how to best protect your assets.

Why Do Small Businesses Need Asset Protection?

The purpose of putting in place an estate plan is to ensure that your business assets are protected from any eventuality and that all the hard work, dedication, and money that you invested into building your business does not go to waste. A comprehensive estate plan can guarantee that someone you trust takes over your business if you are incapacitated and unable to do so. It can also protect your assets in the event you face:

Continue Reading ››

 Posted on November 14, 2024 in Estate Planning

One of the best ways to protect your and your family’s future is to let your family members know in advance your wishes regarding end-of-life decisions. You can also put in place legal documents that provide authority to other family members to deal with unexpected health issues should they arise.

In Illinois, an Advanced Health directive and a Statutory Power of Attorney for Healthcare can be used to empower another to make health decisions on your behalf in the event you are incapacitated. Although a Statutory Power of Attorney is a type of healthcare directive, there are important differences between the two that your attorney can advise you on as you think about setting up a plan for dealing with health challenges.

What is an Advanced Healthcare Directive?

An advanced healthcare directive provides medical instructions on what to do in the event you are unable to make your own medical decisions. Some types of advanced healthcare directives include:

Continue Reading ››

 Posted on October 29, 2024 in Real Estate

As our parents age, unique circumstances may require that the family make the difficult decision to sell their home. If your parents are over 60 and they have decided to sell their home, they might turn to you for help. Likewise, in the event your parents are incapacitated, it may fall to a member of the family or to you to sell the home.

There are unique personal, legal, and tax considerations that come into play when selling a home on behalf of a senior parent. An attorney experienced in real estate matters can advise you on some of the nuances of the law. 

Personal Considerations

Assuming your parents are able to make decisions on their behalf, before embarking on selling real estate on behalf of an aging parent, it is advisable to have a conversation as a family to weigh the pros and cons of selling the home. This discussion should include the state of the real estate market, the effect of any health issues your parents may have on where they will live next, what your parents have for retirement savings, and other factors. This will ensure that everyone is on the same page about the decision to sell the home and prevent disputes between family members.

Continue Reading ››

 Posted on October 08, 2024 in Estate Planning

Illinois is one of the only twelve states (and D.C.) that have passed a state estate tax, which will be assessed to estates worth over $4 million (in contrast to the Federal estate tax exemption of $13.61 million). When drafting your Illinois estate plan, an attorney well-versed in Illinois estate planning can implement strategies to minimize the state's estate tax burden.

What Type of Property is Included in an Illinois Estate?

Illinois' estate tax applies to all Illinois residents and to non-residents who own real property in the state. It includes a comprehensive list of properties such as bank and retirement accounts, real estate, personal property, business interests, investments, life insurance policies, and more. The good news is that both spouses are entitled to the $4 million exclusion.

Continue Reading ››

 Posted on September 30, 2024 in Estate Planning

Choosing a trustee to manage your trust and its assets is a crucial step in estate planning. The right trustee will administer the trust appropriately, be responsible when investing the assets, and distribute them to the beneficiaries. He or she will also make smart financial decisions on behalf of the beneficiaries, keep accurate records, and make sure any taxes are filed.

When making this important decision, the grantor — the person who creates the will — should consider appointing his or her adult child as the trustee where appropriate. In the article below we will discuss why adult children can be great choices for trustees and how to contact an Illinois estate planning attorney for help with creating and managing trusts.

Why Should I Consider Appointing My Adult Child as Trustee?

Every family is different. For some, appointing an adult child as a trustee may not be possible or prudent. For others, however, choosing an adult child to manage a trust can have several benefits:

Continue Reading ››

 Posted on September 11, 2024 in Estate Planning

Estate planning is an important part of managing your finances. It allows you to protect your assets, ensure the continuity of your estate, and provide for your heirs after you pass away. Healthcare professionals, in particular, face certain unique challenges that can be addressed through estate planning.

However, estate planning is a complex process that requires a vast knowledge of the law and careful attention to detail. An Illinois estate planning attorney is, therefore, a key resource for healthcare professionals who want to prepare their financial affairs for after their passing.

Here are four things healthcare workers should know about estate planning.

Estate Planning Can Help You Plan for Disability

Perhaps better than anyone, healthcare professionals know how certain disabilities can affect the capacity to make decisions. Comas, cognitive decline, and other conditions can incapacitate a person and interfere with his or her ability to communicate.

Continue Reading ››

 Posted on August 21, 2024 in Real Estate Legacy Planning

First responders regularly face danger. Police officers risk being violently injured, firefighters risk their lives battling flames, and paramedics are often the first on the scene of a terror attack or violent crime. Sometimes, first responders are involved in high-profile incidents that can leave them open to uncomfortable scrutiny or further danger.

One of the legal tools that can offer a degree of protection to first responders is a land trust. This is like other trusts except it is specifically designed for real estate. In this article, we will dive into the specifics of a land trust and how it can help first responders. To learn more or to set up a land trust, consult an experienced Illinois estate planning attorney.

What Is a Land Trust?

A land trust is an estate-planning tool for real estate. You can place land, titles, and mortgages in a land trust, which then assumes ownership of those assets. Because it is a revocable trust, you can continue to access the assets and make changes to the entity.

Continue Reading ››