Recent Blog Posts
What is the Difference Between a Will and a Trust?
While wills and trusts are both ways to pass money and property to your survivors, there are a few major differences. For example, a will has no effect until the testator has passed away, while a trust takes effect immediately. Many strong estate plans use a combination of a will and a trust, or trusts, as a way to make sure everything is covered. It is important to work closely with a qualified estate planning attorney, who can help you determine whether your ideal estate plan includes a will, trust, or both.
What are the Major Differences Between Wills and Trusts?
When you begin working on your estate plan, your attorney will discuss the benefits and drawbacks of both wills and trusts to help you decide what is best for your individual situation. A few key differences are:
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Timing - A will and trust take effect at different times. A living trust may immediately transfer ownership of any property you place in the trust to the trust. A will, on the other hand, has no legal effect whatsoever until you have passed away.
Will Getting Remarried Affect Child Support Payments?
Different states have different methods for handling child support when either parent remarries. Illinois uses a method known as the “income shares model” to determine each parent’s financial obligation to their children and whether one parent must pay the other monthly child support. Parents’ incomes and the parenting time they have are the primary factors of child support payment calculations. Because remarriage potentially affects the remarried parent’s overall financial situation, either parent, paying or receiving, could request that child support payments be modified by an Illinois court.
Remarriage as Grounds For Child Support Modification
If the parent with the majority of parenting time gets remarried, the other parent - the one making the child support payments - may request a modification. Although the spouse of the remarried parent has no legal obligation to help pay for the children, having a second household income reduces the remarried parent’s financial burdens and gives them more disposable income to provide for the children.
Can I Change My Attorney During a Divorce in Illinois?
Although getting divorced is never easy, the divorce process can quickly become a nightmare if your attorney has become non-responsive or shows up to meetings unprepared. Besides the expense of hiring an unhelpful attorney, you may now be faced with the additional burden of finding and hiring someone else.
But before you decide to change your divorce attorney, it is important to set clear expectations so you know what could change and what will likely stay the same. There are certain things you can expect of your attorney, but some frustrations with the divorce process are natural and will happen no matter how great your lawyer is.
When is Hiring a New Attorney a Good Idea?
Although anyone can generally fire their attorney for any reason or no reason at all, you will be more likely to experience a smooth transition if you take certain steps first. Firing your attorney without having a new attorney already may lead to delays in your case and difficulty getting information transferred to your new lawyer.
When Should I Update My Estate Plan?
If you have already created estate planning documents, but it has been years since you looked at or thought about them, it might be time to speak to an estate planning attorney about updating them. You may find that your circumstances or wishes have changed substantially since the last time you looked at your will, trust, or healthcare planning documents. Even if you are confident that your estate planning documents still accurately reflect your wishes, laws change over time that may affect your estate. It is always a good idea to periodically review your estate plan with an attorney’s help to ensure everything is in order.
When is it Time to Review my Estate Plan With a Lawyer?
A variety of life changes may trigger you to want to update your will or trust, or other documents like your Healthcare Power of Attorney and Advance Directives. It may be time to see an attorney about your estate plan when any of the following changes occur:
Mediation vs. Collaborative Divorce: Is There a Difference?
If you are getting divorced but the thought of spending hours in court negotiating with your spouse makes you queasy, there are other options. In fact, only a small percentage of Illinois divorces are actually litigated in court because the alternatives to litigation have so many advantages.
This article looks at the two primary alternatives to divorce litigation: mediation and collaborative divorce. Although they are similar, mediation and collaborative divorce are not the same, and it is important to understand their differences, so you know whether one of these options is right for you.
What is Mediation?
In an Illinois divorce, mediation is a negotiation process involving two spouses and an impartial third-party mediator. Mediators are trained professionals who can guide spouses through negotiations about important issues such as the division of marital property, parenting time, and spousal support. Mediators are skilled in conflict resolution and can help spouses keep hostility to a minimum. Although each spouse usually still has an attorney, the attorneys are not a part of the mediation process.
Estate Planning With High-Value or Complex Assets
While estate planning is important for everyone, it is especially so for high-net-worth individuals. If you own high-value or complex assets, a number of estate planning tools are available to ensure that your wealth is distributed according to your wishes while minimizing your Illinois Estate and Generation-Skipping Transfer Tax liability. The greater the value of your estate, the greater the potential liabilities. An experienced attorney can craft an estate plan designed to preserve your wealth.
Minimizing Taxes During Estate Distribution
Generally, trusts are favored over wills. Trusts serve one very important purpose-- avoiding probate. Probate can be costly and complicated, and it significantly diminishes your estate’s value. There are two types of trusts: revocable and irrevocable. Often, both are used to hold different assets and to serve different purposes.
A revocable trust allows you to continue making modifications to it throughout your life. You can move assets in and out of a revocable trust. Any wealth contained in a revocable trust will not be subject to probate.
Parenting Tips for a Successful School Year After Divorce
Getting used to parenting with your kids in two separate households is a difficult but necessary task for many families adjusting to life after divorce. The start of a new school year puts additional responsibilities on parents as they try to arrange schedules, buy supplies, and manage expenses.
Thinking ahead is crucial for creating an adequate parenting plan. Having a plan in place can help a family transition into the academic year much more smoothly. Whether you have been divorced for years or are still going through a divorce, here are some things to consider addressing in your parenting plan as your children start school.
Share Unexpected Expenses
Child support is generally expected to cover a child’s cost of living at one home, but school can add extra unanticipated expenses. Extracurricular activities, books, and fees for tests and college-level courses can add up quickly.
Addressing how unexpected educational expenses will be handled is an important part of any parenting plan. Parents might split them 50/50, each parent may agree to pay for certain expenses, or one parent may be able and willing to pay for everything. Parents may also want to consider having their older children help pay for things like involvement in sports teams or school dances.
Are There Different Types of Powers of Attorney?
A power of attorney is a legal document that gives another person, called the “agent,” the power to make decisions on your behalf. Powers of attorney can be as limited in scope as allowing your agent to handle one specific transaction for you, or as broad as giving your agent general and permanent power to manage all of your finances and medical decision-making. It is very important to consult with a qualified attorney before you execute any power of attorney. These legal documents can be quite complicated, and an experienced attorney will be able to guide you through the process and ensure that your wishes will be carried out correctly.
What is the Difference Between Durable and Springing Powers of Attorney?
The main difference between a durable power of attorney and a springing power of attorney is that a durable power of attorney takes effect immediately and gives your agent the ability to start making decisions for you, managing your finances, or any other included powers right away. It is effective for the rest of your life unless you revoke it. A durable power of attorney is not affected if you become incapacitated. One advantage of a durable power of attorney is that since it is already in effect, the transition after you become incapacitated can be seamless.
Choosing the Right Illinois Divorce Attorney For You
If you have decided to get a divorce, the next step is to choose an Illinois divorce attorney. But what makes a good attorney? Out of the myriad of options, how do you know what to look for, or even where to look?
Choosing a divorce attorney is an important part of the divorce process. The right attorney can make the divorce process smoother, less stressful, and will avoid unnecessary delays and mistakes that can cost you valuable time and money. This article discusses the process of choosing a divorce attorney, as well as some of the things you should look for.
Where Should I Search for a Divorce Attorney?
First, begin by speaking with trusted friends and family. If you know anyone who has recently been through a divorce, ask them how they felt about their attorney. You may be surprised to find that some people will even recommend their ex-spouse’s attorney rather than their own, simply because the attorney did such a great job of advocating for their client.
What to Consider When Choosing an Executor for Your Illinois Will
One of the most important parts of creating a successful estate plan is deciding who will be responsible for carrying out the wishes of your will. This person is known as an “executor.” Even if you think your estate is small, choosing a trustworthy executor is important for ensuring your last wishes are in good hands.
What Does an Executor Do?
Even for a smaller estate, an executor has many responsibilities. It takes about a year to completely settle an average estate, and sometimes it can take much longer. Your executor will file your will with a court to pay off any debt you may have, close all your accounts, hire any necessary experts, and ensure your assets are distributed appropriately.
What Makes Someone a Good Executor?
Because an executor is entrusted with sensitive personal and financial information, not just anyone should be named as an executor. Ideally, an executor should be:
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