Posted on January 05, 2023 in Estate Planning

Oswego Living Trust Lawyers

Every person requires a proper estate plan, but this need is especially crucial for single mothers. Single mothers are some of the most hardworking individuals, and they are tasked with dual responsibility as caregivers and providers. If something were to happen to a single mother, she would want to ensure that her children will have a proper guardian to continue to care for them, as well as guarantee that her children will be financially prepared by providing them with the best inheritance possible.

Establishing a Proper Caregiver

One of the benefits of an estate plan is that a mother can designate who she would like to take over as guardian of her minor children. Without this designation, it is most likely that the other parent will be given full guardianship over the minor children. However, this designation is not always in the best interest of the children for many reasons. Whether there is a lack of relationship, lack of parental responsibility, or distance that would severely hinder the children's permanency, a single mother is tasked with the responsibility of making this decision. It is imperative that the minor children are placed with someone who is familiar and will be able to provide for them both financially and emotionally. By creating an estate plan, the single mother can make her primary guardian designation, as well as contingent guardians, should the primary guardian be unable to care for the children.

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 Posted on January 04, 2023 in Estate Planning

Bristol Living Trust Lawyers

Estate planning is a legal specialty that assists people and families plan their legal future. There are key legal documents, which are essential in a well-planned and executed estate plan. Estate planning is designed to provide peace of mind and provide financial security. Estate planning is a crucial step in providing for one’s retirement planning goals.

There are four (4) major documents, which are the foundation of estate planning. These documents include the following:

• Living Trust or otherwise known as a “Revocable Living Trust” or “Family Trust”

• Illinois Short Form Statutory Attorney for Finances

• Illinois Short Form Statutory Attorney for Healthcare

• Pour Over Will

Montgomery Living Trust Lawyers

The first major document in a solid estate plan is a living trust. A living trust is a legal document called a “trust agreement,” which is a written document declaring your wishes upon death or disability. A living trust may be revoked or modified while one is living and has capacity. A person holds their assets in the trust’s name and the trust is managed by a trustee or co-trustee, which is appointed by the creator of the trust. The creator of the trust is called a “grantor” or “trustor.” The grantor or the trustor is the person (or couple) that created the living trust.

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 Posted on December 30, 2022 in Estate Planning

The fundamentals of estate planning are the way to build financial security. An estate planning attorney assists clients anticipate future problems and develop a solution to these potential conflicts. Estate planning and asset protection combine to set-up roadblocks and prevent future liability concerns by setting up limited liability companies and other liability protection strategies devised to maximize asset protection.

Living Trust are Smart Estate Planning

A living trust is a legal instrument that appoints a trustee to over see and manage one’s financial assets. A person or couple create a written agreement called a “trust agreement” where they are appointed as co-trustees to manage their property interests. The goal of living trust is to create an easy transition of one’s assets upon a death or incapacity. A living trust differs from a last will and testament because it avoids probate processes and court procedures. Second, a living trust is a private document, which is shielded from the public view.

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 Posted on December 19, 2022 in Trust Administration

What is a Special Needs Trust?

A third-party special needs trust is a commonly used tool that helps provide for disabled loved ones and really should be included in every person’s will or trust. A special needs trust provides financial support for a designated beneficiary that is disabled or has special needs with the bonus that the income from the trust will not impact the beneficiary’s eligibility for government assistance programs (such as Medicare or Social Security)

Funds from a special needs trust are used for expenses such as medical bills, payments for treatments or caretakers, and transportation costs. Generally, government assistance programs are run on an income contingency and as a result, if a disabled person makes over a certain amount of money, they can be disqualified from receiving those benefits. However, a special needs trust avoids this issue completely.

A special needs trust will not only finically protect a loved one that is disabled at the time the will or trust is executed, but it also is effective if a loved one, who was not disabled at the time it was executed, later becomes disabled.

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 Posted on December 19, 2022 in Trust Administration

Transferring your house to your Revocable Living Trust is a crucial step to avoid probate court. Preparing an estate plan is a crucial step to avoid court procedures. A Quit Claim Deed in Trust is the type of quit claim deed used to transfer your house into your revocable living trust. A Revocable Living Trust may also be known as a "Living Trust." A Quit Claim Deed in Trust conveys real estate into your trust’s name.

Unlike a warranty deed, a quit claim deed transfer does not guarantee that the title being transferred is without liens or problems. A Quit Claim Deed transfers the exact title and interest a person has at the time of transfer.

The main benefit of a Quit Claim Deed in Trust is re-titling your house into your living trust’s name. When a family transfers real estate into the living trust’s name the living trust owns the house. Re-titling the house into the living trust's name ensures that the trust agreement will be followed upon death or incapacity.

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 Posted on December 15, 2022 in Estate Planning

Durable Power of Attorney in Kendall County

There are two major types of durable power of attorney in Illinois. The first type of power of attorney is a “Medical Power of Attorney” otherwise called "Illinois Statutory Short Form Power of Attorney for Healthcare." The Illinois Statutory Short Form Power of Attorney for Healthcare is also called "Statutory Healthcare Power.” See 755 ILCS 45/4-10.

The purpose of medical power of attorney is to give an individual the right to control all aspects of their medical treatment including the following:

• Ability to decline medical treatment

• The means to have medical treatment withdrawn even if this means that a person will die due to the decision to withhold medical treatment

The right of the individual to decide their care trumps the physician's obligation and the healthcare provider's ability to render care and preserve life and health.

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 Posted on December 15, 2022 in Estate Planning

What is Spendthrift Protection?

Spendthrift protection is the benefit provided to a trust that protects a beneficiary’s inheritance from a beneficiary’s creditors such as a divorcing spouse or a creditor such as a credit card provider or a business lawsuit or a mortgage foreclosure among other creditor issues.

One of the primary benefits of a spendthrift provision is to protect a beneficiary from themselves. Spendthrift also is putting restrictions on a person’s inheritance with the primary intent to protect their child or children from their immaturity or lack of fiscal management skills.

Spendthrift language in a trust is required to protect a beneficiary’s inheritance from their creditors. This type of language is called a "Spendthrift Trust" or "Spendthrift Provision."  Parents often desire to protect young adults (21 to 25 years of age) or with serious disability issues from themselves. A beneficiary may not be technically disabled, but parents desire to protect their loved ones from themselves. Spendthrift language provides asset protection for a trust beneficiary because their inheritance may not be assigned, encumbered and/or alienated in any way (or similar language).

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 Posted on December 14, 2022 in Trust Administration

What is a Special Needs Trust?

A special needs trust is a great option for those seeking to ensure the financial support of a loved one and should be included in every person’s will or trust. A special needs trust will not only protect a loved one that is disabled at the time the will or trust is executed, but it also is effective in the event that a loved one, who was not disabled at the time it was executed, later becomes disabled.

A special needs trust provides financial support for the designated beneficiary with special needs. At the same time, the income from the trust will not impact the beneficiary’s eligibility for government assistance programs (such as Medicare or Social Security). Proceeds from a special needs trust are commonly used for things like medical expenses, payments for treatments or caretakers, and transportation costs. Generally, government assistance programs are run on an income contingency and as a result, if that person makes over a certain amount of money, they can be disqualified from receiving those benefits. However, a special needs trust avoids this issue completely

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 Posted on December 13, 2022 in Estate Planning

Estate planning is an important aspect of financial planning that involves arranging for the management and distribution of your assets in the event of your death or incapacitation. By creating an estate plan, you can ensure that your wishes are conducted and that your loved ones are provided for after you are gone.

Key Elements of Estate Planning

There are several key elements to estate planning, including creating a will, setting up trusts, and making plans for healthcare and end-of-life decisions. By taking the time to understand these concepts and create a plan, you can provide peace of mind for yourself and your loved ones.

What is a will?

A will is a legal instrument that describes your assets, distributes your assets, and appoints an executor to follow your wishes after your death. In your will, you specify who you want to inherit your property, who you want to function as the executor of your estate, and who you want to be the guardian of your minor children. A will takes effect after your death.

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 Posted on December 13, 2022 in Estate Planning

Special needs estate planning is a type of legal planning that focuses on providing for the future care and support of individuals with disabilities. This type of planning is important because it helps ensure that the individual with special needs will be taken care of and have access to the resources, they need to live a comfortable and fulfilling life.

Key Elements of Special Needs Planning is Creating a Special Needs Trust

One of the key elements of special needs estate planning is the creation of a special needs trust. This is a legal document that allows parents or other loved ones to set aside money or other assets for the benefit of the individual with special needs, without affecting their eligibility for government benefits such as Medicaid or Supplement Security Income (SSI). The Trust is managed by a trustee who is responsible for using the funds in the trust to pay for the individual’s care and support.

In addition to a special needs trust, special needs estate planning involves other legal instruments such as the following:

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