630-466-1600

160 S. Municipal Dr. Suite 100, Sugar Grove, IL 60554

Sugar Grove estate planning attorneysPeople often assume that estate planning is only for the rich, but there are important pieces that apply to everyone—from those that are in nursing home care or facing life-threatening illness to those that have only just turned 18. Otherwise known as advance directives, these critical aspects of an estate plan can help ensure you receive the medical care you want, and they can aid your family and care providers when making important end of life decisions.

Power of Attorney

If, at any time, you become unable to make medical decisions for yourself, a medical or health care power of attorney can allow someone to make them for you. This person may be a spouse, a child, a friend, or even a specific member of your community. You are also permitted to choose one or more alternate decision-makers, should the person you appoint be unable to fulfill their role.

...

estate planning review, estate plan, Kane County estate planning attorneyIf you already have an estate plan in place, congratulations! You have taken a very important step in securing a future for your heirs. However, it is crucial to also understand that, contrary to popular belief, estate plans are not evergreen. Instead, they must be periodically reviewed and, if necessary, updated. The frequency and timing will vary, based on your particular circumstances, but the following guidelines should help give you an idea of when a review or update may be necessary.

Size of Estate a Factor

Because state and federal tax laws change each year, those with larger estates (i.e. estates that exceed state or federal exemption minimums) should review their estate plans annually. Those with smaller estates may be able to get by with a review every five years, so long as the valuation of their estate remains below the applicable state and federal exclusions and their personal situation has remained the same. There are, however, additional factors that may require a review prior to the one or five year time frames.

...

special needs trust, SNT, Illinois estate planning lawyersIf you are caring for a child with a disability, you have no doubt worried about how your child’s needs will be met following your death, particularly if your child receives Medicaid or SSI. These benefits have strict income eligibility guidelines, and a direct receipt of money would result in the loss of benefits until the inheritance was spent down below the income limits. But without your support, your child will have no money to pay for uncovered medical expenses, recreation or even basic living necessities. How can you protect your child’s eligibility for these benefits but at the same time ensure his life will be enjoyable? Ultimately, this can be achieved by leaving his share of your estate to a third-party special needs trust.

Requirements for Third-Party Supplemental Needs Trust

A trust is an agreement between the person who creates and funds the trust (the trustor) and the person who manages the trust (the trustee). The trustee is responsible for managing the trust’s assets, which can include a mix of property such as cash, real estate, or investment accounts, for the benefit of the trust beneficiary. A third-party special needs trust, also called a supplemental needs trust or SNT, is created by someone other than the Medicaid or SSI recipient to hold assets left to the recipient as part of an inheritance.

...

powers of attorney in Illinois,  Sugar grove estate planning lawyerThinking about the future and what can happen in case of illness, disability, or incapacity is not something that everyone likes to do. However, planning for these situations can be a great way to be prepared and to ensure that your wishes for your future finances and health care are honored. One way to accomplish this in Illinois is through the creation of a power of attorney (POA). A POA can be beneficial in most situations. However, it is limited in terms of planning for situations after death. For after death planning, there are other estate planning methods that are better suited to accomplish that long term goal.

What is a Power of Attorney? 

A power of attorney is a legal document authorizing an arrangement between two people in which one person, known as a principal, appoints an agent and authorizes him or her to make property, financial, personal, and health care decisions for the principal. The agent who acts on behalf of the principal in this arrangement does not have to be an attorney.

...

Posted on in Estate Planning

protecting assets, living trust, Sugar Grove estate planning lawyerTestamentary documents are among the most important papers you will ever sign. It is very important to partner with an experienced estate planning attorney who can learn who you are and will understand your family’s unique situation. A solid estate plan can make your wishes clear, help ensure that those wishes are effectively carried out, and help your heirs avoid costly legal disputes.

What is a Will?

Simply put, a will is better than nothing. This basic estate planning document may do little more than parrot the state’s intestacy laws–the statutes that determine what happens to dependents and property if a person dies without a will. An executor oversees the mechanical distribution of assets upon the testator’s death. There is little or no discretion or judgment involved.

...

630-466-1600

160 S. Municipal Dr. Suite 100, Sugar Grove, IL 60554

Back to Top