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Three Things Often Overlooked in Estate Planning
Drafting your estate plan can be difficult for many reasons. It can take an emotional toll as it is natural for people not to want to dwell on their death or a hypothetical situation when they become incapacitated. It can also be challenging to sort through everything you own and decide what should go where after you are gone.
However, many people overcome their apprehension and manage to create a clear estate plan because the benefits cannot be denied. If you have children or loved ones, having all your wishes and instructions in an orderly manner can make everything go much smoother. They also have the peace of mind that comes from knowing they are doing what you would have wanted without needing to guess, argue, and stress over it. A comprehensive estate plan addresses every question that could arise. While many people know about wills and trusts, there are many aspects of estate planning that often go overlooked. To ensure that your estate plan is comprehensive, speak with a skilled Illinois estate planning attorney.
How Can I Prove Parental Alienation is Happening to Me?
Divorce for parents can be a complicated emotional process to go through. It can be hard to filter out information for your children so they understand the facts of what is happening without feeling the need to take sides. Unfortunately, some parents can be vindictive during their divorce and purposely turn their child against the other parent. Illinois courts take this very seriously, even going so far as to consider it a form of child abuse. If you think you might be a victim of parental alienation, speak with a seasoned Illinois family law attorney who can explain how these concerns can be addressed legally.
Two Main Reasons to Avoid Intestacy in Illinois
Whenever someone dies without leaving behind an enforceable will, intestacy laws apply to anything in their estate. Leaving inheritance and other matters up for the state to decide often has unintended consequences, delays, and disadvantages for surviving family members. There are several ways a valid will can prevent that from happening. A knowledgeable Illinois estate planning lawyer can explain the drawbacks of intestacy laws and help you draft a will you can be comfortable with.
Reason #1: Decision-Making
Who Gets Your Assets?
If you die without leaving a valid will, you are not voicing your wishes for how your assets should be divided. The power to make those decisions is transferred to the state.
The Illinois Probate Act has guidelines for such situations: if you have a spouse and children when you die, assets are split equally among them, with your spouse receiving one half and the other half divided by any children; if you do not have a wife or children, your assets might go to your parents, siblings, or even more distant relatives, depending on your specific situation; if the state cannot locate any eligible heirs, your estate could go through the escheat process and be claimed by the state of Illinois.
Should My Ex and I Use Co-Parenting Apps?
There is no question that we are living in a technological revolution, with new apps popping up every day to address challenges and help make our daily routines run smoother. It is natural for many people to fear change and be slow to adapt, but some of these apps have managed to streamline parts of life that were previously the sources of stress and tension. One surprising area where technology has developed to meet modern needs is co-parenting for divorced parents.
Ex-spouses often need to engage in a great deal of communication and coordination when they have children. With so much to juggle, including custody schedules, school events, and medical appointments, co-parenting apps are meant to help parents stay on top of everything they need to do and know. While many have advantages and disadvantages alike, a knowledgeable Illinois divorce lawyer can help you understand whether they might be a good fit for you and your ex.
What is the Difference Between a Health Care Directive and a Living Will?
Health care directives and living wills are two important documents that address health care decisions. However, they serve distinct purposes and play different roles in an estate plan. If you are considering how you would like to plan for the future, speak with a knowledgeable Illinois estate planning lawyer about how these differ and why you may want to consider both.
What is a Health Care Directive?
A health care directive is the general term for any legal document that includes instructions for your medical care and typically includes several aspects. You can designate a health care agent or proxy who can make decisions for you if you become incapacitated — whether permanently or temporarily — and cannot make or communicate the decisions for yourself. This is someone you need to trust will make choices about medical care based on your preferences, and can advocate for you in end-of-life situations.
How Much Say Do Illinois Kids Have In Their Custody?
One of the biggest concerns for parents going through a divorce is how they will continue raising their children when they are no longer married to each other. It can be extremely difficult and stressful for parents to decide what type of custody arrangement works for them. As with all decisions that impact a child, several factors are considered but the highest priority is on what would be in the child’s best interest.
What happens when the child expresses a strong preference? Will the court rule based on what the child wants? To understand how much influence your child can have on your custody arrangement, speak with a qualified Illinois family law attorney.
How Is the Child’s Best Interest Determined?
Illinois courts make custody-related decisions based on what they find to be in the child’s best interests. To determine this, the judge considers several factors, including:
3 Reasons Why a Revocable Living Trust Is a Good Idea in Illinois
The most common topic in estate planning that most people have heard about is a will. While wills are important tools that can help you make sure your assets are handled according to your wishes after you pass, they are not the only option to consider when planning for the future.
Some people examining their estate planning needs find that a revocable living trust is a great way to manage their estate while also helping their loved ones avoid some common challenges. To learn more, speak with a qualified DuPage County, IL estate planning lawyer who can explain your options and help you make informed decisions.
What is a Revocable Living Trust?
A revocable living trust is an arrangement that establishes a trust and allows you to place whatever assets you want inside it in your lifetime. These assets can be bank accounts, investments, real estate, or anything else of value.
What is the Difference Between Divorce and Legal Separation?
When a marriage in Illinois seems to be ending, couples can face a difficult decision: should they get a divorce or a legal separation? Both options are ways to end the relationship, but there are several key differences. To understand these differences and how they affect finances, property, custody arrangements, and more, speak with an experienced and knowledgeable DuPage County, IL family law attorney.
What Happens in a Divorce?
Divorce is the legal process a couple goes through to end their marriage. The court legally dissolves the marriage and the couple is no longer legally married. Part of the process involves the division of marital property, determinations about spousal support (alimony), and decisions about child custody and child support issues. Once a divorce is finalized, both former spouses are free to marry again.
What is the Step-Up in Basis Rule in Illinois?
When someone passes away, anything they own can be passed down to heirs of their choosing. Their real estate, stocks, or other investments can all be included as part of an inheritance. While it is wonderful to leave assets behind for others, beneficiaries are sometimes left with a significant tax burden as a result.
The "step-up in basis" rule aims to help heirs so that they are not punished for being left with assets and property when a loved one passes away. It can make a big difference in estate planning, especially when families own homes, farms, or other valuable assets. To learn more about how the step-up in basis rule might apply to your situation, speak with a qualified Lombard, IL estate planning attorney.
What is "Basis" in Estate Planning?
To understand the step-up in basis rule, you first need to know what "basis" means. The basis is the original cost of a property or asset, including any improvements that have been made since it was purchased. For example, if you bought a house for $100,000 and later spent $50,000 on renovations, your basis in that house is $150,000. If you sell the house, you will owe taxes on the profit above the basis. If the house later sells for $300,000, the profit – or "capital gain" – is calculated based on the value you put into the house ($100,000 to buy it + $50,000 to renovate it = $150,000). The capital gain would be $150,000, and that is the amount subject to taxes.
Tax Considerations for Estate Planning in Illinois
Seniors wanting to ensure their loved ones are cared for and their assets are distributed according to their wishes should look into estate planning. While leaving clear instructions for how you want things addressed once you pass can give you a great deal of peace of mind, estate planning can have unexpected tax implications.
For example, certain strategies such as gifting or creating trusts can inadvertently trigger gift taxes or higher estate taxes. Failure to account for Illinois estate tax laws can also reduce the amount passed on to heirs. To learn more about how taxes could impact what you leave behind and those you leave it for, speak with a knowledgeable Lombard, IL estate planning lawyer.
How Do Federal Estate Taxes Work?
Estates that exceed a certain value are subject to federal estate taxes. As of 2024, that limit is $12.92 million per individual, something most people will not have to worry about. For those whose estate is worth more than that amount, anything exceeding that limit could be taxed at up to 40 percent, significantly reducing the amount that would be left.
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