Posted on November 13, 2020 in Divorce

If you are a parent who is recently separated or is planning to divorce, you probably have concerns about the upcoming holiday season. You may be especially concerned about how your children will deal with the holidays. Between COVID-19 concerns, remote learning at school, and your divorce, you may feel overwhelmed and unsure of how to make the best of the situation. Fortunately, there is a good deal of research about how to alleviate the stress caused by divorce and the holidays.

Make Detailed Holiday Co-Parenting Plans

Divorcing parents in Illinois must submit a “parenting plan” that describes how parental responsibilities and parenting time will be allocated to each parent. If the parents cannot agree on a parenting plan, the court may determine a suitable plan for them. If you have not yet filed for divorce, you may not have any formal parenting plans in place. In order to reduce the chances of conflict and confusion during the holidays, make a plan with your spouse ahead of time about how you will share custody. Include the days and times that the children will stay with each parent, how the children will be transported between homes, and other relevant information.

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 Posted on November 12, 2020 in Estate Planning

When you are setting up your Illinois estate plan, it is important to consider more than just the laws that exist today. It is also a good idea to plan accordingly for rising interest rates. Of course, it is impossible to predict the future. However, there are some wealth-transfer strategies that could minimize the impact of estate taxes while also offering some additional tax breaks to trustees later on down the road.

Using Intra Family Loans

Some families opt to provide an intra family loan to their adult children, or they may transfer a promising investment to pass down an inheritance. Paired with a promissory note that requires the adult child to pay interest, the net returns of these investments are a tax-free transfer of wealth.

When using this form of asset transfer in your estate plan, it is important to understand the rules and potential pitfalls. For example, interest rates must adhere to the minimum requirements (currently 0.14 percent to 1.47 percent depending on the term of the loan) and increases in interest rates would necessitate a higher rate of return to achieve profit. For some, this may make this form of transfer less desirable.

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 Posted on November 06, 2020 in Spousal Support

If you are getting a divorce and have limited financial means of your own, it is important to work toward a divorce resolution that allows you to support yourself and your children. Often, this means ensuring that your ex is required to make regular child support and spousal support payments after the divorce. However, these payments do not take effect until the divorce is finalized, which may put you in a difficult situation during the divorce process, especially if your spouse is unwilling to cooperate. If this applies to you, you may need to petition for temporary maintenance or support.

How to Petition for Temporary Support in Illinois

In the midst of the legal divorce process, you can file a petition with the court for temporary spousal support, temporary child support, or both. However, it is important to be sure that you have good reason to do so. With your petition, you will need to submit a financial affidavit explaining your need for support with fact-based reasoning. You will also need to submit documentary evidence supporting the affidavit, which may include your bank statements, tax returns, pay stubs, and evidence of any other income.

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 Posted on November 05, 2020 in Estate Planning

When creating an estate plan, most parents have the very best of intentions in mind. By taking the time to lay out their wishes, they are usually trying to not only manage their assets but also to provide for their heirs well into the future. Unfortunately, a lack of understanding of estate tax laws can lead to serious and significant mistakes-sometimes in the form of "tax bombs" for their children and grandchildren. You most likely have no intention of leaving behind unpleasant surprises for your heirs, so it is important to work closely with an experienced estate planning attorney to ensure that everything is arranged properly.

Tax Levies Will Vary

Tax levies-or the amount owed by an heir after receiving an inheritance or gift-can vary drastically, depending on a number of factors. Such factors include the size and value of the inheritance and how the asset was transferred to the heir. If, for example, a parent passes down an asset before his or her death, hoping to protect the asset from long-term health care costs or to avoid having the asset pass through probate court, the item can usually be considered a gift. Depending on the value of the gift at the time of the transfer and the amount originally paid for the item, the child may be required to pay gift taxes on the difference. The bigger the difference, and the higher the value of the item, the bigger that tax will likely be.

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 Posted on October 30, 2020 in Divorce

The decision to get a divorce is hardly ever easy, and it is understandable that you would want to pursue all other possible avenues before beginning the process of legally ending your marriage. You may even hold out hope for reconciliation if you and your spouse can find a way to work together to resolve your marital issues. If you feel that some time apart from your partner would be beneficial, a legal separation could be a good option, but you may wonder how, or if, reconciliation may be possible after you take this step.

Coming Together After a Legal Separation

A legal separation means that you and your spouse stay legally married but begin living separately. Depending on your financial and family situation, you may need to reach an agreement on spousal support, child support, and parenting time like you would if you were getting a divorce, but the option remains open for you and your spouse to end the separation if you both agree to do so.

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 Posted on October 29, 2020 in Guardianships

Out of all the younger people who are considering creating a will, parents are most likely to see the value and importance of this legal document. In addition to knowing where their assets will be going, they want the added security of knowing who will be caring for their children in the instance that they can no longer do so themselves. Of course, this is a very difficult decision to make. The following tips are designed to help you on your journey.

Know the Why Behind Your Will

Sometimes, even the best-intentioned parents can put off making arrangements in advance because they mistakenly assume that the person they want to care for their children will automatically step up and be given these rights. Unfortunately, this is simply not the case. When there is no will (or when a guardian is not named in it), anyone can step up for the job, including extended family members that you may not consider suitable. In the event that more than one person comes forward, the judge would consider a variety of factors and then decide who will be given the responsibilities.

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 Posted on October 26, 2020 in Adoption

When you think of adoption, chances are that you envision a situation in which a child in need is welcomed into a home and family that will love and care for them. It is true that most adoptions involve a child under the age of 18, but in Illinois, it is also legal to adopt an adult under certain circumstances. This process may not only cement a family relationship that the adopter and adoptee already feel on an emotional level, it can also provide the adoptee with important benefits under Illinois law.

When Can an Adult Be Adopted?

According to Illinois law, a person over the age of 18 can be adopted by someone who is related to him or her, such as a step-parent, grandparent, aunt or uncle, cousin, or sibling, or by someone with whom the person has lived for at least two consecutive years. If you wish to adopt an adult and you meet one or both of these criteria, you can file a petition with the local county court to do so at any time. Unlike with the adoption of a child, you will usually not be required to undergo a home investigation, nor will you need to obtain the consent of the adoptee’s current legal parents. Rather, you will only need to be sure that the adoptee himself or herself consents to being adopted.

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 Posted on October 23, 2020 in Divorce

If you are a parent who is facing a breakup or divorce, you may struggle with the idea of splitting custody with your child’s other parent. When you are used to seeing your child on a daily basis, the thought of seeing him or her a limited number of days can be heartbreaking. In Illinois, divorcing parents are required to create a “parenting plan” that outlines arrangements for parental responsibilities and parenting time. One of the provisions in this plan is the “right of first refusal.” This provision may enable you to enjoy additional time with your child during the other parent’s absence.

Requiring Your Child’s Other Parent to Contact You Before Contacting a Babysitter

Parenting time, previously called visitation, refers to the time a parent spends directly caring for his or her child. If a parent cannot fulfill his or her parenting time responsibility because of a vacation, work obligation, or another reason, that parent may choose to hire a babysitter or ask a relative to watch his or her child. This can leave the child’s other parent frustrated and upset. The right of first refusal refers to a parent’s right to be informed about parental absences and given the opportunity to “refuse” additional parenting time. For example, consider a situation in which a mother has the children Monday through Friday and the father has the children on the weekends. The mother will be out of town on a work trip Monday and Tuesday. Because the parents’ right of first refusal provision dictates it, the mother is required to inform the father that she is going out of town and ask him if he wants to keep the children on Monday and Tuesday. If the father cannot watch the children those days, the mother is free to hire a nanny or find different childcare arrangements with other family members.

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 Posted on October 22, 2020 in Estate Planning

In life, there are few absolute truths; the fact that things change is one of them. When such change includes divorce or remarriage, other aspects of your life-including your estate plan-must be adjusted to accommodate. Failure to do so can result in negative consequences, particularly for those who stand to inherit. So, if you are planning a major life change, it is important to know how you can address it accordingly in your Illinois estate plan.

Estate Planning After a Divorce

After a divorce, all of your financial documents must be reviewed and updated as needed. This, of course, includes all aspects of your estate plan, including your health or financial powers of attorney, beneficiaries, life insurance policies, and retirement accounts. Keep in mind, however, that these changes should be done according to the agreement made during your divorce. In some instances, the judge may rule that your ex-spouse remains a beneficiary on certain policies or accounts-possibly as security for maintenance or child support payments. Clarify these agreements whenever possible, and always request written confirmation from insurance companies or life insurance companies to ensure they have received your change requests.

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 Posted on October 21, 2020 in Child Custody

In most cases in which a child has two known, living parents, Illinois courts will determine that it is in the child’s best interest for both parents to share custody. In fact, in 2016, the state of Illinois changed the laws and language surrounding child custody so that the term “custody” is no longer officially used. Instead, these decisions are now referred to as the allocation of parental responsibilities and parenting time, out of recognition of the benefits of a cooperative arrangement. However, there are still situations in which a parent or another party acting on the child’s behalf can legally challenge the other parent’s rights to parenting time and parental responsibilities.

When Can a Parent Be Denied Parenting Time or Responsibilities?

First and foremost, an Illinois court will seek to establish a parenting agreement that serves the child’s best interests. It may be considered in the child’s best interests to restrict or deny one or both parents’ rights to parenting time and decision-making responsibilities if the parent:

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