Recent Blog Posts
Why Your Family Should Be Involved in Your Estate Planning Decisions
While some people have the good fortune of being born into a family with significant wealth that was amassed several generations ago, most others work extremely hard to accumulate the assets and holdings that comprise their estate. As far as your estate is concerned, you have likely put in many hours and made responsible decisions to earn what you currently own. With this in mind, you have every right to decide what will be done with your property after your death.
It is important to remember that while you do have the right to make estate planning choices for yourself, decisions such as these will affect others. The choices you make in your estate plan will almost certainly impact your loved ones and close family members. That impact could be negative, positive, or neutral, depending on your unique circumstances and how you manage them.
Avoiding Unfounded Assumptions
A recent study conducted by Fidelity Investments found that an alarming number of aging individuals are not on the same page with their adult children when it comes to the topic of estate management. For example, Fidelity discovered that adult children tend to believe that their parents’ estates are worth far less than they actually—about $280,000 less on average. Additionally, the study found that nine out of ten parents plant to presume that one of their children will serve as executor of their estate. More than 25 percent of adult children, however, had no idea about their parents’ expectations.
What Are My Options for Enforcing Child Support in My Illinois Divorce?
In a divorce, child-related issues can prove to be contentious, and disputes may arise over child support obligations. Whether raising a child with an absent parent or within an antagonistic relationship, single parents have long faced significant challenges when it comes to child support here in Illinois. While new state laws that went into effect in 2017 aimed to better protect the well-being of children in need, they also made support matters more complicated for many families, due to new calculations that the courts now use to determine financial responsibility. Regardless of the specific amount of support, the custodial parent relies on that money for expenses related to the upbringing of his or her child. In some cases, a parent may need to take legal action to collect the payments that are due.
Assistance for Obtaining Child Support Payments
If you currently find yourself in a situation where you are in need of child support but are not sure where to turn for answers, rest assured there is assistance available to help you. Here are a few examples of how an attorney can help secure the resources necessary to raise your child alone:
What Basic Rights Do Adoptive Parents Have in Illinois?
The decision and privilege to pursue adoption is an exciting, gratifying path when you desire to expand your family. More than ever before, today’s adoption services offer new parents opportunities to share their life with a child who is in need of a good home. However, adoption proceedings are complex and require serious preparation in order to navigate them successfully. For the sake of all parties involved, it is important to understand the legal aspects to make the adoption experience as seamless as possible.
Know Your Rights
It is not uncommon for new parents to feel instantly overwhelmed the moment they begin the adoption process. From selecting an agency to the application and paperwork, it can be difficult to know where to start. One of the most important ways you can get off on the right foot is to inform yourself of your basic rights as a new adoptive parent. What do you have a say over? What resources are available to you? Should you run into roadblocks, what rights do you have to protect your best interests?
Four Reasons to Have an Estate Plan That Are Not All About Money
When the average person thinks about the concept of estate planning, they tend to think about wills, trust funds, inheritances, and other methods for passing assets down to the next generation. While these images are not really incorrect, they do not tell the whole estate planning story. In fact, there are many good reasons to create an estate plan that have almost nothing to do with possessions or money. With this in mind, estate planning is an important consideration for any family, regardless of their wealth or overall net worth.
Reason 1: Privacy Considerations
Unless you plan ahead, Illinois law will likely require your estate to go through probate. Probate is the legal process through which an estate is settled when there are no alternative plans for doing so, and the process can be unpredictable, time-consuming, and cumbersome. You should also know that probate proceedings are usually matters of public record, which means that your affairs are available to be reviewed by the public at large. Through estate planning, you can minimize the effects of probate or even avoid it completely, thereby keeping your family’s personal matters private.
How a Simple Provision in Your Will Could Protect Your Loved Ones’ Eligibility for Aid Programs
Have you ever sat down with a member of your family and helped him or her apply for government-funded assistance programs? If so, you have probably seen firsthand that many of these programs have eligibility criteria that often include limits on income and owned assets. These requirements, in most cases, were established in order to ensure that those with the greatest need were served by these programs. However, the limits have also created unintended consequences for many people.
Such is often the case when an individual who receives benefits through Social Security, Medicaid, or other income-based programs is named as an heir in someone else’s will. It turns out that even a one-time transfer of property—which is generally what happens in inheritance situations—could have an effect on the heir’s eligibility to continue receiving benefits on which he or she may rely.
Understanding Government Aid Programs
Your Divorce Agreement Could Create Estate Planning Obligations
As we all know, not all marriages stand the test of time, and a divorce can be a messy undertaking. In previous posts, we have discussed in a fair amount of detail how a divorce can affect a person’s already existing estate plan. In most cases, the divorce will nullify any provisions that pertain to the person’s spouse. But, did you know that the terms of a divorce settlement agreement could create obligations for a person to meet in his or her estate plan in the future? A recent ruling by an Illinois appeals court shows how such a thing could happen.
A 33-Year Old Divorce Agreement
In the case in question, a couple got married in 1963, had six children together, and got divorced in 1982. As part of their divorce settlement agreement, which was entered as part of their divorce judgment, each party agreed to create a will that left 50 percent of their estate to be divided equally among their six children.
Who is the Legal Parent in Egg Donation Cases?
Modern technology has assisted with the creation and growth of many families. Originally, natural conception and adoption were the only two options available to those who wish to have children or increase the size of their existing family. While adoption is a great option for couples to use, some parents wish to have a biological connection with their child and care for them through conception as well. Thankfully, medical advances have allowed families to have children through in vitro fertilization (IVF) using donor eggs. Egg donation is a treatment for infertile women who wish to physically bear a child. While this is not a brand new technology, it has continued to improve over the years. According to data from the Society for Assisted Reproductive Technology (SART), there was a 50.7% success rate for live births using donor eggs in the U.S. in 2017, proving that this version of IVF is a valid option for many families.
What Happens When You Pass Away Without a Will?
There are almost countless ways that drafting a last will and testament can benefit you and your loved ones. With that in mind, it may surprise you to learn that only about 40 percent of Americans currently have a will or other estate planning document in place.
There are many reasons that people choose not to create a will. Some may not understand exactly what the purpose of a will is. Others may inaccurately assume that only wealthy people need a will. Perhaps the biggest reason that people procrastinate estate planning is because it deals with what happens if they become incapacitated or pass away. Although it can be an uncomfortable subject to consider, it is very important for everyone to have a will – regardless of wealth or age. When someone dies without a will, it is often their surviving loved ones who are most negatively affected.
You Relinquish Control Over Significant Financial and Personal Decisions
When Can I Adjust My Parenting Plan?
In every divorce involving children, parenting plans must be formulated. Parenting plans, commonly known as custody arrangements, divide responsibilities between each parent. They define responsibilities such as the time each parent is scheduled to spend with their child, who should be the one taking the child to medical visits, and which house the child will reside in. These are just a few of the many responsibilities required of a parent as well as those that are defined under parenting plans. While parenting plans are legally in place until the child turns 18 years old, it is almost impossible for them to last that long without a need for adjustments – situations change and so do children’s needs.
Which Situations Warrant an Adjustment?
As with any legally-binding contract, there must be legitimate proof that an adjustment is necessary. Judges do not simply change parenting plans for the convenience of the parent. There are certain situations that will allow, and even prompt, judges to modify a family’s arrangement. The following are common examples:
Facing a Serious Health Issue? Consider a Power of Attorney for Health Care
An unexpected illness or injury can happen to anybody. If you have been diagnosed with a serious health concern, you may worry about how medical decisions will be made if you cannot make them yourself. For example, if you fell into a coma, how would doctors know what type of medical treatment you do and do not consent to? In situations like these, a power of attorney for health care, or medical power of attorney, can allow you to choose a trusted representative who will make medical decisions on your behalf.
Responsibilities of a Medical Power of Attorney
Most people want to have a say in the types of medical treatment they do and do not wish to undergo. If you are worried that your health issues may worsen and you will not be able to speak for yourself in the future, consider choosing a representative through a healthcare power of attorney. This representative, called an agent or health care proxy, should be a person who you trust to follow your directions regarding medical treatment and care.
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