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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 Posted on December 12, 2022 in Trust Administration

What is a Living Trust?

A Living Trust is created by a person or couple to hold title to certain property and distribute things upon death or incapacity consistently with the trust agreement. The creator of a trust is called a "grantor" or "trustor". The grantor or trust creates a trust with the specific purpose of providing a smooth and effective transition upon death or incapacity.

Another name for a trust is a family trust or revocable living trust or grantor trust.

Does a living trust avoid probate?

A living trust is a private document, which means that no court proceedings are required if a person properly re-titles their assets. Probate court is required when you have a will because a will is a document that one must file to properly activate it. Probate involves proceedings at a local courthouse, which determines who is the rightful owner of one’s assets upon death or otherwise known as a "decedent’s estate". In probate court, one’s creditors must be paid, and creditor’s claims are determined which creditors are prioritized over others (in some instances).

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 Posted on December 12, 2022 in Estate Planning

Estate planning is a form of financial and retirement planning designed to facilitate the transfer of assets upon one’s death or incapacity. Estate planning distributes one’s assets to one’s loved ones without hassle nor conflict. Estate planning is honorable because one’s legacy provides peace of mind. Estate planning is a love language because wealth planning is family oriented.

Kendall County Estate Planning Attorney: Estate Planning Foundation of Success

A basic estate plan consists of four main elements:

• Living Trust and Planning to avoid probate court. A Living Trust or otherwise called a “Revocable Living Trust” or “Trust” is a legal document, which is created by a person, couple, or entity that administers and managers property such as financial accounts, life insurance, real estate assets, and business assets in a cost-effective manner. A Living Trust avoids probate court, which differs from a will. A will must undergo the probate process and is not effective unless probate court admits the will into probate court. A Living Trust promotes privacy because a trust agreement is a private document. There is no recording of it nor filing the Living Trust in at the local courthouse. Spendthrift protection protects your beneficiary’s financial accounts and assets from creditors such as a divorcing spouse.

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 Posted on December 09, 2022 in Trust Administration

Estate planning is critical to parents who have a minor or adult disabled child that receives government aid programs. The purpose of estate planning is to distribute one's assets smoothly and cost-effectively. Generally, assets include real estate, life insurance, retirement assets, bank, and savings accounts among other things

One of the key roles of an estate planning lawyer is to assist you and your family to anticipate issues, which may arise because of your death or incapacity. Estate planning is more important for parents who have one or more children, which receive government benefits such as social security disability income.

TWO TYPES OF DISABILITY INCOME

According to the Social Security Administration, The Social Security Administration or otherwise known as "SSA" administers two types of disability programs

FIRST TYPE OF DISABILITY PROGRAM: SOCIAL SECURITY DISABILITY INSURANCE

The first type of disability program is "Social Security Disability Insurance". Social Security Disability Insurance is designed for disabled individuals who worked sufficient time to pay into the insurance system. Thus, the disabled person worked for a period where they paid into the "insurance system" to receive a benefit for becoming disabled. This type of disabled individual receives insurance and is not needs-based. An inheritance will not disqualify a recipient from government-based benefits due to them working a sufficient period to qualify for the insurance program. Paying into social security disability is like paying into unemployment insurance. An individual works enough time to gain a benefit from the insurance program designed to assist people that become disabled later in life.

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 Posted on December 09, 2022 in Trust Administration

Special needs trusts are designed to financially provide for disabled loved ones without impacting the disabled person’s eligibility for governmental assistance programs. There are two types of special needs trusts and the type of trust that you create will determine a number of key factors related to the disabled person receiving the benefits of the trust.

Testamentary Special Needs Trust v. Stand-Alone Special Needs Trust

The first type of special needs trust is called a testamentary special needs trust. This type of trust is created by including certain language in the creator’s will or trust. A testamentary special needs trust does not go into effect until the creator of the will or trust dies.

Alternatively, there is a stand-alone special needs trust. A stand-alone special needs trust (also called a free-standing special need trust) is effective as soon as it is created.

Important Factors to Consider When Determining the Right Special Needs Trust for You

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 Posted on December 08, 2022 in Trust Administration

Kendall County Gun Trust Lawyers: Serving Plainfield, Yorkville, Oswego, Plano and Surrounding Areas

What is a Gun Trust?

A gun trust (also called an NFA trust) is a type of trust designed to take title of your firearms and certain firearm accessories. As creator of the trust, you will name a person as trustee that will manage the firearms in the trust. If you name yourself as trustee, you will also name a successor trustee that will manage the firearms should you become incapacitated or at your death. Gun trusts can be revocable or amended by you, the creator, which is specified in the terms of the trust.

Firearms that are covered under the National Firearms Act and Gun Control Act of 1968 qualify for this type of trust. Types of firearms covered include fully automatic firearms, short-barrel shotguns, short-barrel rifles, and any other weapon or device that a person can hide on their body that discharged an explosive. Along with those firearms, the qualifying firearm accessories include sound suppressors and destructive devices (for example, grenades or bombs). A gun trust provides a number of benefits for gun owners interested in protecting not only their firearms, but also those who they wish to inherit their firearms after their death.

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 Posted on December 07, 2022 in Trust Administration

Naming Guardians for Your Children in Your Last Will and Testament

Any experienced estate planning attorney will emphasize the importance of naming guardians for any current or future minor children when drafting your will. It is important to make sure the person (or people) you want to take care of your children in the event that you pass while they are still minors (under the age of 18) so that your wishes are followed. If no legal guardian is specified in your will, this huge decision is left up to strangers (the court).

It is custom that if one parent passes and there is a surviving parent, the surviving parent has the legal right to custody of the children. If possible, it is ideal that both parents are in agreeance of custody of the children should one or both pass while the children our minors. However, it is sometimes the case that both parents cannot agree. In any event, your wishes should be clearly stated in your will, so the court is clear on your wishes.   

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 Posted on December 06, 2022 in Estate Planning

You may be wondering what an LLC is. Well, an LLC is short for Limited Liability Company.

LLC is the common business structure for private companies in the US that protects its’ owners from personal responsibilities from debts or liabilities.

Typically, any budding company, small business, or even a tech startup can emerge as an LLC. Microsoft, Nike, Adidas, Berkshire Hathaway, and AOL are all LLCs.

In this post, you will get to fully understand what an LLC is, its advantages and limitations, and how you can set up a limited liability company. Read on.

What is an LLC?

As mentioned at the beginning of this post, LLC is short for Limited Liability Company. It is a common business structure that forms many private companies in America. LLC is a business structure that combines the best features of partnerships, sole proprietorships, and corporations, hence, making it a hybrid business entity.

As a hybrid type of business entity, the owners of an LLC business are called “members". All members are entitled to enjoy the legal advantages that an LLC has to offer. Some of these are granting liability protection to its members, flexible managerial activities, easy to set up and less paperwork, and enjoying a certain tax advantage known as pass-through taxation.

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 Posted on December 05, 2022 in Trust Administration

Oswego and Yorkville Living Trust Lawyers

There are many different goals possible to be accomplished with an estate plan, depending on your situation. A good estate plan will ensure that your loved ones are in the best position possible from both a financial and personal perspective if you pass away or become mentally incompetent. When you start to plan your estate, you need to consider your assets, beneficiaries and goals. You should then consult an estate planning attorney who can advise you on ways to save money and taxes and ensure that your will or trust legally provides for your beneficiaries in the manner you direct.

Call Peace of Mind Asset Protection, LLC at 630-780-1034, we are here to serve you and listen to your needs. If you have recently had an important life event—marriage, birth of a child or grandchild, divorce, death of a beneficiary, an inheritance, and/or purchase of a new asset—you will want to update your estate plan accordingly.

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 Posted on December 05, 2022 in Estate Planning

Kendall County Probate Lawyers

A person appointed to the role of Executor during a probate proceeding has the responsibility of dividing and distributing a person’s assets when that person passes away. There is a lot of legal jargon involved and it may be an intimidating task. It is important to understand what goes into the role of Executor and what the process looks like. This makes the process much easier and smoother for the Executor.

Cost

The Executor does not pay for the cost of the probate process. It is paid by the assets of the estate. Costs typically come in the form of attorney fees, court filing fees, and any appraisal needed.

Kendall County and Oswego Probate Procedures

What is Included in the Probate Process?

The first thing to understand is what a probate is and how the process works. Probate is the term used for the legal process in which a deceased person’s Will or Estate (without a Will) is administered. The process looks different depending on whether the person who is deceased had a Will made while they were alive or if they did not. In the event the deceased person did not have a Will made, a person is selected to be an administrator of the Estate. The Executor, among other things, has the task of compiling a list or inventory of the assets of the Estate. The Executor also must make sure any claims that are made against the Estate are paid, and finally, the Executor must distribute whatever is left of the Estate to the appropriate heirs of the deceased.

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