Recent Blog Posts
When Can an Irrevocable Trust Be Revoked?
A trust is an estate planning tool that can hold property for the benefit of beneficiaries. There are many different types of trusts that can serve a wide range of purposes. Trusts fall into two main categories: revocable trusts and irrevocable trusts. A revocable trust is created by a grantor during his or her lifetime and may then be modified or revoked at any time. Irrevocable trusts, on the other hand, cannot be charged or revoked after their creation. However, there are certain situations in which an irrevocable trust can be modified or terminated.
Benefits of an Irrevocable Trust
Many people choose to use a trust to transfer assets to a beneficiaries instead of a will. The person who makes the will, called the grantor, transfers property to the trust and designates a trustee to manage the trust. Once the grantor passes away, the assets held by the trust are distributed to beneficiaries. The beneficiaries of a trust may be family members, friends, or entities such as nonprofit organizations. When the grantor transfers assets to an irrevocable trust, he or she relinquishes control of these assets and the assets are now owned by the trust. Because the assets are no longer owned by the grantor, they no longer influence the grantor’s tax liability or the value of his or her estate. Irrevocable trusts also offer protection from creditors and lawsuits.
How Can Digital Property Be Managed Through an Estate Plan?
The last several decades have involved some of the most significant technological advances in all of human history. Most people now own cell phones that can take pictures and video, store electronic files, access the internet, and much more. You may use your cell phone, tablet, or computer to pay your bills, interact with friends and family on social media, communicate with colleagues via email, and complete many other responsibilities. Have you ever considered what will happen to this digital information if you become incapacitated or pass away? Through a comprehensive estate plan, you can account for digital items like photographs, files, and other electronic assets.
Start by Listing All of your Important Digital Assets and Expenses
Only about 40 percent of Americans have a will or any other estate planning tools in place. There are many different reasons that people procrastinate estate planning. Some are simply overwhelmed and unsure of where to even start. Planning for your digital assets can be especially challenging if you are not particularly “tech savvy.”
How Does Unemployment Affect Child Support Payments in Illinois?
During the COVID-19 pandemic, many businesses have had to lay off or terminate their employees for a period of time in an effort to stop the spread of the virus. Losing your job for any reason can be alarming, especially if you have children. Being unemployed can affect your finances, as well as your mental and emotional health. In addition, if you are a divorced parent, it can impact your ability to pay child support. In Illinois, child support is a legal order made as part of a divorce judgment, and the amount of child support payments is based on the needs of the children, as well as both parents’ financial situations. This type of support is meant to pay for children’s necessities, such as food and clothing. If you have recently lost your job, it is important to understand your rights and responsibilities regarding child support payments according to Illinois law.
Who Gets to Keep the Family Pet Following an Illinois Divorce?
Pets are often considered members of the family. According to the American Pet Products Association (APPA), 68 percent of American households have a pet. In the event of a divorce, pets are often included within the property and asset division process, and ownership of a pet may be awarded to one spouse. If a couple cannot agree on who gets to keep the pet, this decision may be made by the court.A judge will consider what is best for the health and well-being of the pet. In some cases, a shared visitation arrangement may be made, similar to ones made in child custody cases.
Marital Property
Within the state of Illinois, a marital asset is considered property and/or assets that were acquired during a couple's marriage. Many couples purchase or adopt a dog or cat after they tie the knot as a way of expanding their family. In these situations, their furry companion would be considered marital property.
How Can I Disinherit an Heir in Illinois?
You have worked hard to earn the property that you currently own so it is understandable that you would want to have control over who inherits this property upon your death. Disinheritance refers to the act of purposely excluding someone from your will in particular or your estate plans in general. There are many different reasons that a person may choose to disinherit an heir. He or she may have ended his or her relationship with the heir due to abuse or conflict, have concerns about how the heir would spend inheritance funds, or simply believe that the heir is financially secure enough to miss out on an inheritance. Whatever your reasons for disinheriting an heir, doing so can sometimes prove to be a challenging legal process. For help understanding Illinois inheritance laws, drafting a last will and testament, or developing other estate plans, contact an experienced estate planning lawyer.
Disinheriting a Spouse
Critical Estate Planning Steps You Need to Take After Your Divorce
Getting a divorce can sometimes make it feel as if your world has been turned upside down. Between dealing with the financial consequences of your divorce and managing child custody or spousal support concerns, you may feel like there are almost countless tasks to complete. In all of the chaos, it can be easy to forget important estate planning considerations. Unfortunately, if a person divorces, beneficiary designations and certain other estate planning arrangements do not change automatically. You will need to update such provisions manually, and a qualified estate planning attorney can help.
Review and Revise Your Will
Only about 40 percent of U.S. adults have a will or other estate plan in place. If you already have a will or trust that describes your property distribution wishes, you are already ahead of most Americans. However, you will want to read and update your will after divorce. According to Illinois law, any directions in your will that refer to your spouse are made void once he or she becomes your ex-spouse. However, any provisions that address inheritance for your ex-spouse’s family members remain valid. It is always a good idea to go over your will after divorce and make sure it still reflects your current wishes.
5 Ways to Manage Your Finances After Your Illinois Divorce
Going through a divorce can significantly disrupt your life. Not only does it affect your mental and emotional health, but it can also wreak havoc on your financial situation. It may be hard to maintain the same standard of living once you and your spouse part ways. However, you can still obtain a sense of financial security. In some cases, you may be awarded spousal support or child support payments, or you may be required to pay support to your former spouse. To alleviate some of the stress, it is important to be hands-on and in control of your assets, income, debts, and expenses. A skilled family law attorney can guide you through the legal proceedings and help ensure that you are positioned for success once your divorce is complete.
Here are a few steps to regain financial stability after a divorce:
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Balance your budget. A budget shows how much income you have coming in and how those funds will be spent. Determine your necessities and luxuries, and how much you would like to spend on each. Ideally, you should prioritize your necessities over your luxuries, and whatever income you have left over can be put toward your savings.
Estate Planning Considerations for Blended Families
It is estimated that approximately 1,300 new stepfamilies are created every day in the United States. While proper estate planning is important for everyone, individuals who have a blended family should take special care to ensure that their estate plans reflect their wishes and provide for beneficiaries. Whether your family includes stepparents and stepchildren, adopted children, half-siblings, or grandchildren, having a comprehensive estate plan is essential. If you are in a blended family, there are special estate planning considerations that may apply to your situation that you may be unaware of.
Complications Regarding Remarriages and Children from a Previous Marriage
A large percentage of U.S. adults are on their second or third marriages. If you have remarried and you have children from a previous relationship, you should be aware of the way Illinois intestate succession laws operate. If a person dies without a valid will or other estate planning document, his or her assets are distributed according to state law. In Illinois, the laws of intestate succession would split your estate between your current spouse and your children. Such laws, however, do not specify which of your assets will go to your children. This means that if you want your children from a previous relationship to inherit certain items—including family heirlooms or other things with sentimental value, you will need to create a will or trust to do so.
Can I Leave an Inheritance to My Pet?
If you are like many pet owners, your pets are not simply animals, they are loyal companions. Because you love your pet and want to ensure he or she will be cared for if you pass away, you may be interested in including your pet in your estate plans. A pet is not a human so you cannot leave an inheritance directly to a pet. However, there are certain estate planning tools that allow you to designate funds and property for the care of your pet.
Planning for Pets After Your Death
If you are considering providing for your pet in your estate plan, you have already considered the fact that your pet may outlive you. Many people assume that when they pass away that family members or friends will care for their pet, but this is not always what ends up happening. Sometimes the person you hoped would look after your companion simply cannot fulfil the responsibility. He or she may have health issues or allergies that prevent him or her from owning pets, live in a residence that does not allow pets, or he or she may be unable to afford your pet’s care. One option that allows you to ensure that your pet receives the care he or she needs is a pet trust.
How Can Parental Rights Be Terminated in Illinois?
Although Illinois family law prefers a child to have two parents actively involved in his or her life, there are times when it is in the best interests of the child to terminate one of the parent’s parental rights. Once an individual’s parental rights have been terminated, he or she is no longer responsible for the child, meaning he or she does not have to pay monthly child support payments and cannot make decisions on the child’s behalf. Illinois has strict and specific rules regarding the termination of parental rights, so it is important to understand them if you are ever involved in a legal dispute regarding your or your former partner's rights regarding your child.
The Illinois Adoption Act and Parental Rights
Typically, a parent is not allowed to give up his or her rights in order to avoid parental responsibilities or paying child support. In addition, one parent is not allowed to petition to revoke the other parent’s rights as part of a child custody dispute. Typically, parental rights will typically only be terminated if the child is being adopted by a step-parent or another party. Under the Illinois Adoption Act, parental rights can be only involuntarily terminated if:
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