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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
Can I Get Financial Help With My Adoption?
It is no secret that adoption is expensive. Many families wish they could adopt but simply cannot afford the additional expenses that are tied to adoption. According to Child Welfare Information Gateway, private agency adoptions can cost anywhere from $5,000 to $40,000. This price tag does not include any of the costs associated with raising a child, which can steer couples hoping to start a family away from considering adoption. Foster care adoption is the most financially-friendly option available to potential parents. In many cases, the adoption gets funded by the state, with few fees involved aside from an attorney’s assistance in the legal process. There are even some instances that allow adopting couples to qualify for continued compensation.
What is Title IV-E Adoption Assistance?
Unfortunately, foster children get adopted at a much lower rate, especially those with special needs. The medical expenses or other costs that are unique to a special needs child can keep couples from considering taking them in. What many do not realize is that adoption assistance is available to parents of special needs children adopted through the foster system. Federal adoption assistance is known as Title IV-E, whereas state assistance is non-IV-E. Both forms of assistance can provide monthly maintenance payments, medical assistance, and other support until the child turns 18 or, in some cases, 21 years old. There are three criteria that must be met to qualify for special needs determination:
Defining Incapacitation With Regard to Estate Planning
While many people assume estate planning only involves drafting a will or other estate planning document which dictates how assets are distributed upon an individual’s death, this is only one of many types of estate planning instruments which can benefit you. An advance directive, also referred to as a living will, medical directive, or advance decision, is a type of legal document which specifies how decisions should be made on behalf of an individual who is incapacitated by illness or injury. Read on to learn about how incapacity is defined for the purposes of these types of decisions in Illinois.
An Incapacitating Accident or Illness Can Happen to Anybody
If you are like most people, you have probably not given a lot of thought as to what would happen if you became unable to speak for yourself. Although we often think of incapacitation as something that happens to elderly people or those with Alzheimer’s Disease, the truth is that people of all ages can become incapacitated. For example, if you are in a serious car accident, you could suffer a head injury which leaves you in a coma. Who would make medical decisions on your behalf if this happened? Would you wish to be kept alive via artificial life support if there was little chance of recovery? These are the types of questions which can be addressed through an advance directive.
What are the Benefits of Divorce Mediation?
Divorce mediation is a form of alternative dispute resolution that works for many couples seeking to end their marriage but wanting to skip the typical divorce proceedings. This type of alternative resolution becomes somewhat of a conversation between the spouses and a mediator. After the mediator explains the process, they will act as a neutral third-party. The session will typically last a few hours as a group, followed by the mediator meeting with each party individually to speak with them. This will allow the spouse to tell them anything they feel that they left out or any information that they felt uncomfortable sharing with their spouse in the room.
A second session will be scheduled to make final decisions. Issues discussed are uniform to that of a divorce; however, there are supposed to be little to no arguments done in the mediation process. The allocation of parental responsibilities, child support, division of assets, and spousal maintenance are the main topics that are deliberated. The mediator will then draw up the plans based on the conversation between the spouses that lays out their divorce in front of them.
What Is a Durable Power of Attorney?
When you hear the phrase "estate planning," you might think of extremely wealthy people meeting with their lawyers and accountants to create wills and trusts that will facilitate the transfer of assets from one generation to the next. However, there is much more to estate planning than just wills and trusts. More importantly, estate planning is not just for those with extensive assets or complicated investments. Every adult should have an estate plan of some sort in place as a measure of protection in the event of a tragedy.
One estate planning tool that is often overlooked or misunderstood is the power of attorney. A power of attorney can be extremely useful in protecting your best interests should the unexpected occur.
Power of Attorney Basics
Using a power of attorney document, a person—called the principal—can appoint another individual to serve as his or her agent in financial matters. Illinois law also recognizes powers of attorney for health care which give agents the authority to make medical-relate decisions for the principals.
Mistakes to Avoid in Your Parenting Hearing
Whether the allocation of parental responsibilities determinations are done by negotiating with your spouse or become a “battle” in front of a court, this portion of divorce is often the most difficult. Every parent wants the best for their children, and it can be difficult to figure out what is “best” when you and your spouse are accustomed to co-parenting under one roof. Parenting cases can get ugly even when divorcing couples are on amicable terms.
Common Errors
The determination of your parenting plan is an important part of the divorce process to prepare for. An experienced attorney should warn you of the following mistakes:
- Talking About the Case with Others: While it may be an instinct to confide in friends, this can lead to your demise in the end. You and your spouse probably still have mutual friends or friends that know each other, and gossip spreads fast. It is important to keep the details of your case confidential to avoid accidentally informing your ex about your defense tactics.
Should You Consider a Pet Trust for Your Furry Companions?
If you have started the process of estate planning, there is a good chance that you have spent some time thinking about how you will distribute your assets among your children, grandchildren, loved ones, and, possibly, charitable organizations. Depending on the size of your family or your circle of friends, it could be quite easy to overlook the pets that might be an important part of your life. Is it possible to look after companion animals like dogs or cats in your estate plan? In short, the answer to that question is yes.
What Are Pet Trusts?
Under Illinois law, a person is permitted to create and fund a trust for the stated purpose of providing for the care of "one or more designated domestic or pet animals." The applicable part of the Illinois Trusts and Trustees Act (760 ILCS 5/15.2) does not specify the types of animals that can be covered, but a series of cases in Illinois courts have set precedents that allow pet trusts to cover dogs, cats, horses, and several other animals. Livestock, such as cows and sheep, are generally not eligible.
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