Recent Blog Posts
How a Simple Provision in Your Will Could Protect Your Loved Ones’ Eligibility for Aid Programs
Have you ever sat down with a member of your family and helped him or her apply for government-funded assistance programs? If so, you have probably seen firsthand that many of these programs have eligibility criteria that often include limits on income and owned assets. These requirements, in most cases, were established in order to ensure that those with the greatest need were served by these programs. However, the limits have also created unintended consequences for many people.
Such is often the case when an individual who receives benefits through Social Security, Medicaid, or other income-based programs is named as an heir in someone else’s will. It turns out that even a one-time transfer of property—which is generally what happens in inheritance situations—could have an effect on the heir’s eligibility to continue receiving benefits on which he or she may rely.
Understanding Government Aid Programs
Your Divorce Agreement Could Create Estate Planning Obligations
As we all know, not all marriages stand the test of time, and a divorce can be a messy undertaking. In previous posts, we have discussed in a fair amount of detail how a divorce can affect a person’s already existing estate plan. In most cases, the divorce will nullify any provisions that pertain to the person’s spouse. But, did you know that the terms of a divorce settlement agreement could create obligations for a person to meet in his or her estate plan in the future? A recent ruling by an Illinois appeals court shows how such a thing could happen.
A 33-Year Old Divorce Agreement
In the case in question, a couple got married in 1963, had six children together, and got divorced in 1982. As part of their divorce settlement agreement, which was entered as part of their divorce judgment, each party agreed to create a will that left 50 percent of their estate to be divided equally among their six children.
Who is the Legal Parent in Egg Donation Cases?
Modern technology has assisted with the creation and growth of many families. Originally, natural conception and adoption were the only two options available to those who wish to have children or increase the size of their existing family. While adoption is a great option for couples to use, some parents wish to have a biological connection with their child and care for them through conception as well. Thankfully, medical advances have allowed families to have children through in vitro fertilization (IVF) using donor eggs. Egg donation is a treatment for infertile women who wish to physically bear a child. While this is not a brand new technology, it has continued to improve over the years. According to data from the Society for Assisted Reproductive Technology (SART), there was a 50.7% success rate for live births using donor eggs in the U.S. in 2017, proving that this version of IVF is a valid option for many families.
What Happens When You Pass Away Without a Will?
There are almost countless ways that drafting a last will and testament can benefit you and your loved ones. With that in mind, it may surprise you to learn that only about 40 percent of Americans currently have a will or other estate planning document in place.
There are many reasons that people choose not to create a will. Some may not understand exactly what the purpose of a will is. Others may inaccurately assume that only wealthy people need a will. Perhaps the biggest reason that people procrastinate estate planning is because it deals with what happens if they become incapacitated or pass away. Although it can be an uncomfortable subject to consider, it is very important for everyone to have a will – regardless of wealth or age. When someone dies without a will, it is often their surviving loved ones who are most negatively affected.
You Relinquish Control Over Significant Financial and Personal Decisions
When Can I Adjust My Parenting Plan?
In every divorce involving children, parenting plans must be formulated. Parenting plans, commonly known as custody arrangements, divide responsibilities between each parent. They define responsibilities such as the time each parent is scheduled to spend with their child, who should be the one taking the child to medical visits, and which house the child will reside in. These are just a few of the many responsibilities required of a parent as well as those that are defined under parenting plans. While parenting plans are legally in place until the child turns 18 years old, it is almost impossible for them to last that long without a need for adjustments – situations change and so do children’s needs.
Which Situations Warrant an Adjustment?
As with any legally-binding contract, there must be legitimate proof that an adjustment is necessary. Judges do not simply change parenting plans for the convenience of the parent. There are certain situations that will allow, and even prompt, judges to modify a family’s arrangement. The following are common examples:
Facing a Serious Health Issue? Consider a Power of Attorney for Health Care
An unexpected illness or injury can happen to anybody. If you have been diagnosed with a serious health concern, you may worry about how medical decisions will be made if you cannot make them yourself. For example, if you fell into a coma, how would doctors know what type of medical treatment you do and do not consent to? In situations like these, a power of attorney for health care, or medical power of attorney, can allow you to choose a trusted representative who will make medical decisions on your behalf.
Responsibilities of a Medical Power of Attorney
Most people want to have a say in the types of medical treatment they do and do not wish to undergo. If you are worried that your health issues may worsen and you will not be able to speak for yourself in the future, consider choosing a representative through a healthcare power of attorney. This representative, called an agent or health care proxy, should be a person who you trust to follow your directions regarding medical treatment and care.
Comparing Wills and Trusts: Which is Right for You?
The world of estate planning can become quite overwhelming for many people. Not only does estate planning force you to confront your own mortality, there is also a vast array of estate planning instruments for you to choose from. It can be difficult to know for sure what types of estate planning tools and documents will best allow you to reach your personal and financial goals. Two of the most common types of estate planning instruments are a last will and testament and a trust. While these tools can achieve similar goals, there are several importance differences between a will and a trust.
The Benefits of Drafting a Will
You may be surprised to know that only about 40 percent of Americans have a will, trust, or other estate planning document in place. When drafting a will, you must consider how your assets will be distributed to beneficiaries upon your death. Understandably, it can be very difficult for people to make plans for after they pass away. However, creating a will allows you to be in control of how your property is disseminated. You worked hard to earn the property that you have, so it is only fair that you should get to choose how it is distributed and who will receive it. Perhaps even more importantly, creating a will saves your surviving loved ones from the burden of having to guess how you would have wanted your property to be passed down.
How Do I Know If My Loved One Needs a Legal Guardian?
Minors are accustomed to having a legal guardian who makes large decisions for them. While they may have some say in the matter, the final decision is left to the older party. Unfortunately, some individuals must experience this more than once in their life. Older people or those with disabilities often have to allow a legal guardian to take on the “official” responsibility of legal decision-making. Being the party taking on the guardianship responsibility can be emotionally and physically taxing, but recognizing that your loved one needs help could save them from making irreparable legal decisions.
Signs That Your Loved One Needs Help
Guardianships are most commonly issued when someone has a mental disability or when someone’s age affects their clarity of mind. However, just because a person has mental disabilities does not mean that they should have a legal guardian. The purpose of legal guardianship is to make legal decisions for another person when they have the inability to do so. Thus, potential guardians should evaluate their loved one and their ability to engage in the decision-making process. The Illinois Guardianship & Advocacy Commission suggests answering the following four questions to gauge your loved one’s mental capacity for making decisions:
How Does Remarriage Affect Child Support Payments in Illinois?
Child support laws vary from state to state, especially in situations where one spouse remarries. Illinois uses an income shares model to calculate how much each parent must contribute to child support. The parents’ combined net income and the number of children will determine their combined child support obligation. Then, each parent will pay a percentage of the obligation that is proportionate to their percentage of the combined incomes. For example, a parent who makes $70,000 of a $100,000 combined income would pay 70 percent of the child support obligation.
The parent who has a majority of the parenting time will receive child support payments from the other parent, regardless of who has a greater income. However, a minority parent with a lesser income is not required to pay as much towards the children’s expenses as the majority parent with a greater income. The equation can change in a shared parenting agreement, which Illinois defines as each parent having at least 146 days with the children during the year. There are also situations in which a parent can request a modification of the child support payment.
How Can I Obtain Child Support if I Am Unmarried in Illinois?
There is a common saying that it takes a village to raise a child. The state of Illinois believes that all children have a right to receive financial support from both of their parents. When an unmarried couple has a baby, child support payments can help spread the child-rearing costs more evenly. Unfortunately, not every parent understands the necessity of paying child support. An unmarried father may think he is not legally obligated to provide for his or her child financially. When a mother wishes to collect child support from an uncooperative father, there are several steps she must take to do so.
Paternity Must Be Established Before You Can Receive Child Support
Before a child support order can be entered, paternity must be established. There are three main ways that paternity can be formally established in Illinois:
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Signing a Voluntary Acknowledgement of Paternity (VAP) form
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