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What Is a Generation-Skipping Trust and How Can It Benefit My Family?
Generation-skipping trusts, also known as dynasty trusts, are a way of avoiding estate taxes on an individual’s property and assets after death. It is a legally binding agreement that skips the children’s generation and leaves the inheritance to the grantor’s grandchildren to avoid an estate being taxed twice. With a generation-skipping trust, the children can still access the funds to pay for education, health, maintenance, and support, but upon their death, it automatically goes to their children. Generation-skipping trusts are a type of irrevocable trust, which means they cannot be changed or canceled. For this reason, it is wise to speak with a knowledgeable estate planning attorney who can assist in creating the trust before attempting to do so yourself.
Who Can Be the Beneficiaries?
The fact that this type of trust is called a generation-skipping trust leads many people to believe that the only beneficiaries can be grandchildren. However, the trust can be set up for anyone who is 37.5 years younger than the grantor. If the beneficiary is not a relative, he or she is called a “skip-person.” According to Internal Revenue Code 2651, if the parents die before the grandchild, then the grandchild moves into his or her parent’s place in line and a generation-skipping trust is no longer applicable to them.
How Do Medical Expenses Affect Child Support in Illinois?
A divorce involves many issues that need resolving, especially when children are involved. When determining child support, the financial status of both parents is seriously considered. If the non-custodial parent is providing support, the child’s medical expenses may cause an additional financial burden. These additional expenses could cause the judge to lessen the amount of support given to the custodial parent. Whether you are the non-custodial or the custodial parent, it is important to consult with a skilled family law attorney if you have any questions or concerns regarding your child support payments.
Determining Support
Child support calculations can be incredibly complex. Within the state of Illinois, child support payments are usually paid by the non-custodial parent to the custodial parent to provide additional financial support for the child’s basic needs such as food and clothing. Payments can also be used to fund tuition, transportation, housing expenses, extracurricular activities, and medical care costs. These factors, as well as the net income of both parents, will be used to determine the amount of support the custodial parent will receive from the non-custodial parent.
How Can Therapy Medical Records Impact Your Illinois Divorce?
During a divorce, one or both spouses may seek counseling or therapy. Due to the universal Doctor-Patient Confidentiality Agreement, patients are reassured that the sessions are private. However, it is possible your therapy records could end up in the courtroom during your divorce proceeding. When this occurs, it is important to hire a family law attorney to protect your rights.
Record Contents
Typically, if you are attending therapy or seeking the help of a professional counselor, you may have overwhelming issues that affect you psychologically and hinder your daily activities. Discussing them with an unbiased individual can be comforting and allow you to process your emotions. Problems may involve alcohol/drug addiction, a tragic event, or mental health issues. Within a divorce proceeding, these issues may negatively affect spousal support, and/or the allocation of parental responsibilities.
What Is a Pour-Over Will and Do I Need One in Illinois?
Many of our clients would like the benefits of using a trust but want to retain control over their property while living. For them, a pour-over will might be exactly what they need to accomplish their estate planning goals.
This type of will transfers all remaining assets to a living trust when the testator, or creator of the will, dies. In other words, the will does not identify who will be the beneficiary of each asset. Instead, that information is contained in the trust, and assets are “poured” into the trust when the testator passes away. The successor trustee collects property and then distributes it according to the trust document.
If you would like to discuss whether this type of will is right for you, contact a DuPage County estate planning attorney for more information.
Why Would You Need a Pour-Over Will?
Not every client benefits from a pour-over will. However, we have found that some of our clients like to retain control of their assets while living, so they keep them out of the living trust. Using the pour-over will is a convenient way to move assets into the trust upon death.
Can an Illinois Estate Executor Be Paid?
Probating an estate can be difficult work for the designated party. The legally assigned representative of the deceased person’s estate is known as the executor. He or she has many responsibilities, including safekeeping estate assets and determining the validity of claims. After paying off claims, the executor needs to distribute assets according to the will.
Certain estates are so small or simple that an executor might not even need to probate the estate. But for others, probate can take months of detailed, grueling work. If you have been named as an executor, you may be wondering if you can get paid. The answer is “Yes,” but the amount can be difficult to calculate.
No Percentage of the Estate
In some states, the executor can claim a percentage of the estate. For example, in Florida, the executor is entitled to a particular percentage based on the estate’s size. If extraordinary service was required, the executor can request additional compensation.
How to Divorce a Missing Spouse in Illinois
When a couple decides to call it quits, one or both spouses may file for divorce. However, in some cases, one spouse may walk out without an explanation, leaving the other spouse to wonder about his or her whereabouts. If you wish to get a divorce but are unsure where your spouse is, be sure to contact a knowledgeable family law attorney to help resolve this complex situation.
Publication Divorce
If a spouse would like to get a divorce but is unable to find their spouse, Illinois law allows “divorce by publication.” Publication divorce occurs only after a judge has been convinced that the divorcing spouse is unable to find the missing spouse after extensive searching. Extensive searching may include:
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Trying to contact your spouse through text, phone call, social media, email, or letter
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Posting a missing notice in your local paper, on cork boards in grocery stores, or on telephone poles within your community
How Can a Testamentary Trust Benefit Me and My Family?
The world of estate planning can be complicated, to say the least. If you have started researching your estate planning options, you may understandably be feeling overwhelmed. It can be challenging to know which types of estate planning tools will best help you meet your financial goals. You may have already decided to create a last will and testament but worry that a will alone will not satisfy all of your needs. One option to consider is a testamentary trust or “will trust.” For help determining which estate planning tools are best for your unique situation, speak with an experienced estate planning attorney.
What is a Testamentary Trust?
A testamentary trust is a trust that is in conjunction with a will. If an individual decides to create a testamentary trust, he or she will assign a trustee to manage and distribute his or her assets to the designated beneficiaries as per the directions in his or her will. Unlike a living trust, a testamentary trust does not go into effect until the trust maker, also called the trustor or grantor, passes away. Upon the trustor’s death, the executor of the estate is instructed by the trust provision in the will to create the trust. Although trusts typically avoid probate, the will must still go through the probate process in order for the authenticity of the will to be confirmed.
Can I Lose My Parental Responsibilities if I Have a Disability?
Millions of parents in the United States suffer from emotional, physical, and intellectual disabilities. Within the state of Illinois, over 3 million people have children under the age of 18. Of those 3 million or so parents, 177,500 suffer from a disability. Despite the Americans with Disabilities Act (ADA) established in 1990, parents are still experiencing discrimination within their parental rights due to their disability. If you or your spouse is seeking a divorce, and you are worried about the future of your parental responsibilities because of your disability, it is important to consult with a family law attorney to protect your rights.
The Americans With Disabilities Act
The Americans With Disabilities Act (ADA) was passed on July 26, 1990, by President George H.W. Bush. The ADA forbids discrimination and promises that those with disabilities are allowed the same rights as everyone else, including equal employment opportunities, participation in state and local government programs and services, and fair legal settlements. Although parents with disabilities may be able to provide exceptional care for their children, the court always considers the best interest of the child when making a final decision. To determine this, a judge will look at factors such as the relationship between the child and each parent, and the age and health of the child.
Can Substance Abuse Affect Allocation of Parental Responsibilities?
According to the Addiction Center, more than 90 percent of people who have an addiction started to use drugs or drink alcohol before they were 18 years old. Problems with drugs or alcohol may impact a person’s professional and personal life. Substance abuse is one of the most common reasons for divorce. Since substance abuse can affect many different aspects of a divorce proceeding, it is important to consult with a skilled family law attorney to ensure that parental rights and responsibilities are protected. In some cases, a spouse’s addiction may influence the allocation of parental responsibilities (child custody).
A Child’s Best Interest
Within the state of Illinois, the allocation of parental responsibilities is heavily based on a child’s best interest. Typically, both parents will split time with the child. However, if substance abuse plays a role in the child custody battle, the judge may determine that an arrangement of that nature would not be suitable for the child’s well-being.
What Should an Illinois Prenuptial Agreement Include?
A prenuptial agreement, typically known as a prenup, is a written contract created by two individuals prior to their marriage. This legally binding document establishes the future of any separate and marital property and/or assets, debts, and estate plan for each spouse in the event of a divorce. The state of Illinois has its own laws on what can and cannot be included in a prenuptial agreement, so before you sign on the dotted line, make sure to consult with a knowledgeable family law attorney to verify the validity.
Important Issues to Address in a Prenup
A prenup is not a one-size-fits-all arrangement, meaning the elements that one couple may address in their agreement might not be appropriate for another couple’s situation. However, the topics listed below are a few general ideas you may want to consider including in your agreement:
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Asset and property division: Any property and assets acquired during the marriage will need to be split fairly unless stated otherwise according to Illinois’ equitable distribution law. Couples may specify how said property and/or assets may be distributed between each other ahead of time.
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