Posted on May 07, 2024 in Trust Administration

A comprehensive estate plan should involve both a trust and powers of attorney. Powers of attorney and trusts both have a legal impact during your lifetime. When you create a trust and transfer property into the trust, the trust as an entity becomes the owner of all property placed in it. Unless you use an irrevocable trust for asset protection, you can still retain complete control over the property you place in your trust during your lifetime. Your powers of attorney most likely have an effect only if you become incapacitated during your lifetime. Should this occur, your agent can take control of things like your financial affairs and medical decisions.

One way to minimize the risks associated with powers of attorney is to add your adult children as trustees during your lifetime. A Kendall County, IL estate planning lawyer can help you devise an estate plan that protects you and your beneficiaries.

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 Posted on April 18, 2024 in Estate Planning

When you have worked hard to build up a small business, you probably want that business to become a part of your legacy. There are steps you can take during the estate planning process to give your business the best chances of surviving and thriving long after you are gone. Or, if you know that your business is not likely to survive you for any reason, you can plan for the people you care about most to benefit from the company in another way. Small business owners should be represented by a Kendall County, IL estate planning attorney who is experienced in succession planning for small companies.

Tips for Small Business Owners

Some estate planning tips for small business owners include:

• Consider your successor - Is there someone else who can take over running the business? If you have business partners, consider using a buy-sell agreement so that they can buy out your ownership interest from your chosen beneficiary when you are gone. Or, if you have an adult son or daughter who can take over the business, you may be able to leave him or her your ownership interest directly. 

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 Posted on April 08, 2024 in Estate Planning

There are several ways you can prepare to transfer the title to your house after you are gone. Your options may include using a will, a trust, or a Transfer on Death Instrument (TODI). Some methods of passing your real estate on to your loved ones posthumously are more efficient - and easier for your beneficiary - than others. Your house is likely one of your most valuable assets. Most homeowners work hard to buy their homes and have put a great deal of work into it over the years. You have probably invested a lot of time, money, and work into buying and improving your home, so it is important to work with a Yorkville, IL attorney to make sure that your wishes regarding who should own your home when you pass away will be respected.

Ways to Transfer Ownership of Your Home After Death

An attorney can help you decide which method of planning for a loved one to take title to your house once you are not here to enjoy it any longer is likely to serve you and your beneficiaries best. Your options may include: 

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 Posted on March 22, 2024 in Estate Planning

People make changes to their estate plans for a number of reasons. You may have become estranged from someone you had named as a beneficiary. A house you left to someone in your will may have been sold when you moved into a retirement home. Your financial situation could have changed, meaning that you have new assets to account for in your will or trust. When you choose to make changes to a will or trust, it is important to follow the correct legal procedure. Attempting to do it yourself might result in the creation of an unenforceable document. It is important to have a Kendall County, IL estate planning attorney help you make amendments properly.

Amending or Changing a Will in Kendall County, IL

If you are making substantial changes to your will, such as eliminating a beneficiary, changing who receives what, or adding a significant amount of new property, it is may be better to make a new will. This means that you will formally revoke your former will and replace it with a will that expresses your current wishes. While you can use a codicil to make minor changes - for example, if you were going to leave your son a Honda Civic but you traded it in for a Toyota Tacoma and want him to have that instead - codicils can become complicated. The formalities that apply to will execution apply to codicils.

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 Posted on March 07, 2024 in Blended Family Estate Planning

Having a blended family can be wonderful. Many step-parents enjoy having "bonus children," as the children may enjoy having "bonus parents." Conversely, there may be significant conflict among blended families, especially if your step-children were already adults when you married their mother or father. Some children refuse to accept their step-parent. There are even situations where some people have step-children they barely know or have never met. You might also consider yourself part of a blended family if your own parents are divorced and you have close relationships with your step-siblings. Being part of a blended family can complicate your estate planning in some ways. If you have a blended family, it is important to clarify your familial relationships when you are working with a Yorkville, IL estate planning attorney.

How Step-Children Can Factor into Your Estate Plans

Under Illinois laws of descent and distribution, your step-children are not automatically considered your children for purposes of estate planning. You would need to formally adopt your step-children if you intend for them to count as your children under the law. However, this mainly applies to intestacy - dying without an estate plan. If you are taking the time to create an estate plan, you are free to specify that your step-children should be considered your children when it is time to carry out your plans. Your attorney can help you include language in your will or trust to make sure that your step-children are treated as your own children.

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 Posted on February 26, 2024 in Trust Administration

Special needs trusts are essential tools for individuals with disabilities to ensure their financial security while maintaining eligibility for government benefits. In Illinois, several types of special needs trusts serve different purposes and cater to varying needs. Understanding these trusts is crucial for individuals and families navigating the complex landscape of disability planning. For legal assistance, contact a qualified attorney to ensure you can meet your legal goals.

Third-Party Special Needs Trust

A third-party special needs trust is commonly used by parents, grandparents, or other relatives to provide for a loved one with a disability without jeopardizing their eligibility for government benefits. This trust is funded with the assets of someone other than the individual with a disability. It can be tailored to meet specific needs such as medical costs, education, housing, and more.

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 Posted on February 12, 2024 in Trust Administration

As parents, ensuring our young children's well-being and financial security is a top priority. One effective tool for achieving this goal is a revocable trust. If you are a parent interested in learning more about estate planning and ways you can ensure your young children are protected financially, contact a lawyer in Illinois, as they will possess the legal knowledge to highlight how this estate planning tool can provide peace of mind and protect the interests of your children.

The Basics of Revocable Trusts

A revocable trust, also known as a living trust, is a legal arrangement that allows you to transfer ownership of your assets into a trust while retaining control over them during your lifetime. As the name suggests, this type of trust can be modified or revoked anytime, providing flexibility and adaptability as your circumstances change.

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 Posted on January 15, 2024 in Asset Protection & Wealth Preservation

Probate is a legal process that validates and administers a deceased person's will. While it may seem like an added burden during an already difficult time, probate serves several crucial purposes. If you seek legal assistance related to wills and the probate process, experienced lawyers can take some of the pain out of the process. When you hire a legal professional, they will be able to adequately shed light on the importance of probate in ensuring that the assets in your loved ones will are appropriately distributed and that your deceased loved one's wishes are respected.

Probate Can Validate the Will

Probate ensures that the Illinois will presented is the authentic last will of the deceased. The court will then examine the document's validity, verifying that it meets the legal requirements, such as being properly executed, signed, and witnessed. This validation process helps prevent fraudulent or invalid wills from being enforced, ensuring that the deceased's true intentions are honored.

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 Posted on March 31, 2023 in Probate

This article discusses the impact on spouses dying when real estate is their sole name. In Illinois, significant others and couples reside in real estate when one person's name is on the legal title. Mortgages are often placed in one's spouse's name due to poor credit, or one spouse has a higher income and a credit score to meet the underwriting standards of mortgage providers

People obtain mortgages without a spouse or another person for multiple reasons. First, the person was qualifying for the mortgage primary by the leading financial contributor. Mothers often stay home and place their families above their economic needs. Moreover, self-employed persons need help securing mortgages because the underwriting guidelines are more complicated than those employed by a company. Mothers (and fathers) also tend to work part-time or have flexible work arrangements so that they can cater to their children's extracurricular activities and school schedules. The cost of childcare also is a significant consideration for parents. However, these family sacrifices produce legal obstacles, which place families under challenging circumstances. People may also need to improve their credit, be proactive, and obtain estate planning before an incident

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 Posted on March 30, 2023 in Trust Administration

Structuring one's financial, retirement, and estate planning alternatives to efficiently and affordably leave one's assets to one's loved ones is known as estate planning. Individuals regularly worry about their investments and how the market may harm them.

Asset diversification and asset protection are two legal specializations that work together to optimize protection from events that deplete an individual's assets. Asset management is proactive planning before legal disputes, taxes, and other life occurrences harm a person's wealth and security. Asset protection and estate planning are two practical wealth management techniques that complement one another to provide monetary stability.

A solid legal foundation will be created through estate planning and wealth management, protecting against disability and death. In addition, a person's and their family's assets are safeguarded from hazards by creating an asset management plan. Living trusts are a crucial part of effective estate planning

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