Recent Blog Posts
Why You Should Consider Hiring an Estate Planning Professional for Your Will
Nearly everyone appreciates saving money on a good deal. However, when it comes to do-it-yourself estate planning, not every “good deal” is as good as it appears. Online estate planning services are more prevalent than ever, but many legal professionals worry that some of these websites are not being honest about how beneficial their services really are. Read on to learn about the pros and cons of DIY wills as well as how you can ensure that your estate planning documents will be legally binding.
DIY Wills Are Not Personalized to Your Unique Needs
One of the biggest differences between DIY or online estate planning services is that these programs are almost always one-size-fits-all solutions. Because these services have to work for a wide range of individuals, there is very little personalization to the plans. If you have complex assets, a blended family, a second marriage, or other unique circumstances, you are not likely to have these specific needs addressed by an impersonal website. Some of these online programs do offer personal advice from professionals, but this is often an additional service which costs quite a bit more.
Eliminating Same-Sex Discrimination Within Adoption Agencies in Illinois
Historically, same-sex couples have had difficulties adopting children. In the past, this could be attributed to the lack of social acceptance of homosexuality. This social misunderstanding and form of discrimination have significantly faded in recent years.
The State of Michigan Takes Action
Adoption agencies are a helpful resource many couples utilize when they hope to grow their family. Although there are secular agencies, many adoption agencies are religious-based, and thus let their faith’s beliefs determine who can or cannot adopt a child. It is common for religious agencies to deny same-sex couples. This is the case in Michigan for couples from Dimondale and Detroit.
Kristy and Dana Dumont and Erin and Rebecca Busk-Sutton are two couples who were turned away by two different religious adoption agencies for their sexual orientation. Bethany Christian Services and St. Vincent Catholic Charities told the women they could not utilize their services based on religious reasons. Rather than accepting this denial of assistance, the women took the discrimination to court, joining an American Civil Liberties Union lawsuit in 2017.
A Primer on Trusts for Estate Planning
Even if you do not know how to write one that is valid, you probably know what a will is. Or, maybe you are more familiar with the longer name of a “Last Will and Testament.” There is a good chance that you know that most people create a will to direct how their property will handed down to the next generation after they die. You may also have heard of trusts, but you may be unsure as what a trust actually is. Fortunately, we can help you develop a better understanding of trusts and how they can be used in estate planning.
Trust Basics
All trusts are formal instruments that allow the creator of the trust—called a “grantor” or “trustor”—to transfer ownership of his or her property into the trust to be managed by another person or entity—called a “trustee”—for the benefit of a third person or persons—called “beneficiaries.” Several different kinds of trusts can be used for estate planning purposes, each with its own set of rules, requirements, and potential advantages. All of them, however, are similar in structure and hold assets to be transferred at a later time—usually after the death of the grantor.
Including Your Caregiver in Your Estate Plan
As you get older, your needs are going to change. Many people require more medical and personal care in their later years than they did when they were younger. If this happens to you, your loved ones and family members will probably be on board with helping as much as possible, but they might not be able or equipped to provide the level of care that you need. In such a situation, you might need to rely on an independent caregiver—someone that you are not related to or do not really know in any other capacity. While a caregiver might be a stranger at first, it is possible that you will become closer with him or her over time. Depending on the circumstances, your caregiver might do so much to help you that you even think about adding him or her as an heir in your will.
What the Law Says
Several years ago, lawmakers in Illinois updated the Illinois Probate Act of 1975 (755 ILC 5) to address inheritances left to non-related caregivers. The 2015 amendment addressed situations in which an estate planning instrument, including a will or trust, left more than $20,000 to a caregiver who was not related to the decedent. Under the amended law, a transfer of property greater than $20,000 is presumed to be fraudulent in the event that the transfer is subject to a challenge. The presumption of fraud will invalidate any instrument making the transfer.
Considerations for Pets in Your Estate Plans
Although the law considers pets to be property, pet owners often think of their pets as family members. If you have a beloved pet, you may want to include him or her in your estate plans. If there is a possibility that your animal companion may outlive you, you may want to include provisions as to how your pet should be cared for after you pass. Read on to learn about how you can plan for your pets future through estate planning.
Why Include Pets in Estate Plans?
If you are an animal lover, you probably worry about your pets often. You may especially worry if your pet requires special care or has a health concern. One reason many people include pets in estate plans is to plan for the possibility that they become incapacitated or pass away before the animal does. Sometimes, when a pet owner dies, their beloved pet can end up at a shelter – especially if no surviving family members are available to care for the pet. Surviving family members may be unable to care for their deceased loved one’s pet due to pet restrictions in their apartment or home, allergies, expense, concern for the children or animals already living in their home, or other reasons. It is best not to assume that your family will care for your pet without making formal arrangements.
Remarrying Your Ex-Spouse: What to Consider Beforehand
Remarrying an ex-spouse is fairly uncommon but it does happen. This typically happens with couples who married young and have been divorced for a significant period of time. People grow older and wiser, realize their mistakes, and change their futures based on the experiences they have acquired since the end of that relationship.
According to research conducted by Nancy Kalish, a professor emeritus at California State University, 6 percent of couples claim to have married, divorced, and remarried the same person. Of these individuals, 72 percent stay together after remarrying.
Getting Remarried After Divorce
People decide to get remarried for a variety of reasons. Some fall in love while others are trying to avoid loneliness. Everyone has their own reason for getting remarried, but children should not be one of them. Many divorced couples who have children together feel an obligation toward their child’s other biological parent. The false ideation of the “perfect family” continues to stick in their head. This guilt can cause former couples to reunite for the sake of their children. This is not a good reason for remarriage. Children can sense a forced relationship between their parents and seeing them happy is more beneficial than seeing them together.
What Does an Executor Do for the Estate?
One of the most important estate planning decisions you will make is choosing the executor of your estate. In most cases, the executor of an estate is usually a close relative or friend, but it does not have to be. The job of an executor includes managing and protecting the property of the decedent. The executor of your estate will be responsible for making sure that your final wishes are fulfilled and that your property is maintained until disbursement. He or she will also be responsible for paying estate debts and any outstanding tax obligations.
The person you select as executor of your estate has a tremendous responsibility. It is imperative that you choose someone who is capable of managing your estate effectively. Mismanagement of estate assets can result in losses to your beneficiaries as well as family arguments.
Executor Duties and Responsibilities
One of the first things an executor should do following the death of the estate’s original owner is to obtain at least several official copies of the state-issued death certificate. He or she will need these in order to fulfill executor duties. The executor must use these to access financial accounts and cancel government checks from programs like Social Security Disability Income (SSDI). A copy of the death certificate must also be included with the estate’s final federal tax return. It might also be the executor’s responsibility to handle the funeral and burial financial arrangements if arrangements were not already made.
How to Parent from a Distance After Divorce
Some parents are forced to have a relationship with their child from hundreds of miles away. This is common for military members, individuals who travel often for work, separated couples, and those going through the divorce process. No matter the circumstances, trying to care for a child with a long distance between you is not easy. The transition is usually the most difficult part, especially if this is a recent lifestyle change. You start to miss the little moments and sometimes the big ones, too. Gone are the days of dropping your child off at school each morning and putting them to bed at night, and while you try not to miss the big events, life sometimes gets in the way.
Here are a few tips about how to maintain a healthy parent-child relationship when many miles separate you.
Technology is Your Friend
Parenting from a distance has never been easy because all a parent wants to do is be there for their child. Although a long-distance relationship is not ideal, technological advances have made the job much easier. Being able to call or text your child at any time helps lessen the distance between you, especially if your child is old enough to have a cell phone. FaceTime or Skype calls are the best forms of communication between a child and parent. Face-to-face communication can make you feel closer, even if it is a digital image. This technological advancement is especially helpful if you have a young child. It helps them remember your face and mannerisms without your physical presence.
What You Should Know About No-Contest Clauses
When a person dies, the impact of the death can be great on the person’s surviving family members and friends. The emotions associated with a loss—especially one caused by a premature death—can make a grieving survivor act in uncharacteristic ways. Such behavior can lead to disputes over all sorts of matters, including the terms of the deceased person’s will. A battle over inheritances can be devastating to a family, and the resulting scars can last for years, if not forever. If you are currently drafting your will, you may want to think about including a no-contest clause to reduce the chances of such problems after your death.
What Is a No-Contest Provision?
No-contest clauses are also called in terrorem provisions, which is Latin for “by way of threat.” In essence, no-contest clauses threaten any named heir who contests the will, and they are used to discourage family in-fighting after the death of the will’s creator. Most no-contest clauses hold that an heir who formally contests the will automatically forfeits the portion of the estate that was originally intended for him or her. Sometimes, a no-contest clause might reduce the inheritance of a heir who challenges the will to $5 or another nominal amount.
What are the Most Common Reasons for Divorce?
Divorce may have been taboo in the past but it is far from uncommon in today’s society. Statistics fluctuate year-to-year, but divorce rates are actually decreasing. According to the Centers for Disease Control and Prevention, the state of Illinois had one of the lowest divorce rates in the country in 2017. From 1990 to 2017, Illinois’ divorce rate decreased from 3.8 to 1.9 divorces per 1,000 people. The number of divorces may be decreasing, but the common reasons for divorce have essentially remained the same.
Infidelity
This is one of the most common reasons for divorce because a single action, or a series of them, can break down an entire marriage. Cheating on a spouse often begins as an innocent friendship and eventually transforms into a physical affair. Infidelity usually results in divorce because many couples see this as an act of betrayal that can never be forgotten.
Financial Stress
High-stress situations become a breeding ground for arguments and distrust, especially when finances are involved. Many couples let money problems eat away at their relationship, little by little becoming a bigger problem and often leading to divorce.
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