630-466-1600

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

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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.

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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.

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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.

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630-466-1600

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

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