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:

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 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.

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 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.

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 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:

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 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.

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 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.

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 Posted on August 07, 2024 in Estate Planning

There are several legal tools available when it comes to planning your estate. Some of these tools have complex and strict requirements that can be frustrating for your heirs after your death. This is especially true if your assets go through probate, an often costly and time-consuming process in which the court oversees the execution of your will. These frustrations sometimes lead to bitter estate disputes among beneficiaries.

One of the most popular and powerful estate planning tools is a living trust, which often avoids such disputes. This article will discuss what a living trust is and how it can prevent such disputes. Consult an Illinois estate planning attorney to find out if a living trust is right for you.

What Is a Living Trust?

A living trust is so-called because it is established during your lifetime and becomes effective once you transfer assets into it. There are two types of living trusts:

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 Posted on July 29, 2024 in Real Estate

Buying real estate, particularly a home for your family, can be exciting and terrifying, all at the same time. When you have looked long and hard and finally found a home that fits the needs of your family as well as your budget, you may skim over the words "as-is." In some cases, that may not be a problem, but in others, you could find yourself on the wrong end of months or years of expensive repairs.

If you are looking to buy an Illinois home, it is a good idea to have an experienced real estate attorney by your side to help ensure no mistakes ruin your pleasure in your new home. A Yorkville attorney with significant knowledge regarding buying real estate will guide you through the process in the best way possible.

What Does "As-Is" Mean in a Multi-Board Residential Real Estate Contract?

The Multi-Board Residential Real Estate Contract is the standard contract for buying residential real estate in Illinois. Real estate sales without an as-is clause are governed by Illinois real estate disclosure laws. If your real estate contract has the term "as-is" written in, this means you must be willing to accept the home in its current condition.

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 Posted on July 12, 2024 in Estate Planning

Like other public servants, teachers work incredibly hard to deliver an essential service to society. Without teachers, none of us would even be able to read this blog. Nevertheless, problems with low teacher salaries and retirement benefits doggedly persist, leaving many educators wondering how they can pass financial stability forward to their families after they pass away.

If you are reading this, perhaps you are a teacher with questions about your own future. Or perhaps you are the son or daughter of a teacher, and you are wondering what you can do to help your parents set up their estate plan. In this blog, we will try to answer some of the most common questions about teachers, pensions, investments, and estate plans. For answers to your specific situation, give our Illinois estate planning attorneys a call.

Should a Teacher Have a Will or a Trust? 

Many educators assume that since their pensions or defined contribution funds have death benefits, it does not make sense for them to write a will or set up a trust. Nothing could be further from the truth. Just like everyone else, educators deserve to have their final wishes expressed and protected in estate planning documents.

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 Posted on June 27, 2024 in Asset Protection & Wealth Preservation

If you have family wealth to preserve for future generations, you need a trust. Trusts are far more protective of generational wealth than a will. If you use a will, your only option would be to have each of your children claim their entire inheritance immediately. A trust can preserve the wealth over a long period of time and allow your estate to continue growing in value long after your death. You may want to create multiple types of trusts to serve different purposes. A Yorkville, IL trusts and estates attorney can help you design the right estate plan to preserve your generational wealth for decades to come.

How a Long-Term Trust Preserves Wealth for Future Generations

A few of the ways a trust can protect generational wealth include:

• Building trust principal - Your trust principal can continue growing if you direct your trustee to continue investing the funds contained within your trust. For this to work, you must choose a financially savvy and responsible trustee who is capable of making sound investments. You may want to consider choosing a professional trustee. 

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