Recent Blog Posts
Periodically Review and Update Your Estate Plan
Do you have a written plan for what will happen to your assets and debts upon your death? Is there a documented contingency plan in place for your children in the event that something happens to you? If the answer is yes to either or both of these questions, you have made excellent decisions in being prepared for the unexpected. If the answer is no, it is time to start looking ahead. For those that do have an estate plan in place, it is very important to revisit it from time to time, checking to make sure that the terms of your plan continue to be applicable to your current state of affairs. Estate planning is not a “one-and-done” type of affair; it is an ongoing process that you must continue to address to a certain extent for the rest of your life.
More Assets and Wealth
Assuming that you are still of working age, you will likely continue to accumulate wealth each year. You may set additional savings aside for retirement, or you may invest what you are earning in the hopes of a substantial return. As your wealth and net worth grows, you may wish to amend your estate plan to properly account for your added assets. There may be new tools or tax advantages available to you now with your additional wealth that were not available at the time your estate plan was created.
Three Reasons to Consider Adoption in 2017
Adopting a child can be one of the most rewarding decisions an individual or couple can make. A person or couple who chooses to adopt is giving a family to a child who may not have otherwise had one. Almost certainly, they will change that child’s life for the better. Whether you cannot have biological children due to a fertility issue or you are a same-sex couple wanting to start your own family, adoption is a choice that may allow you to fulfill your dreams of parenthood.
Some individuals choose to adopt a child on their own without a partner. You may have lost a partner or spouse, or maybe you just never met the right person. Through adoption, you can still have a child of your own. Others have no pressing need to adopt but decide to do so for personal reasons. Whatever your motivation for adopting, you are sure to make a difference in a child’s life.
As we get ready to begin 2017, many are preparing New Year’s resolutions. If you have been thinking about adoption, this could be the year you finally make it happen. Adoption may be the right avenue for you to grow your family because:
Undue Influence Can Invalidate Estate Planning Documents
In the weeks and months following the death of a loved one, you are likely to experience a wide range of emotions. Grief and sadness, of course, are often the most common, but you may also feel twinges of anger, guilt, and regret over missed opportunities. If your loved one was very sick or in pain, there may even be a sense of relief. All of these feelings are a normal part of dealing with a significant loss and are to be expected.
If your loved one had a will or another type of estate planning document, the emotional rollercoaster may resume when it comes time to execute the will. Many of the same feelings may come flooding back, possibly accompanied by a great deal of surprise if the will contains unexpected terms and provisions or is not the same document you discussed with your loved one prior to his or her death. When such surprises occur, it is worth trying to find out if the will was the product of undue influence and whether contesting the will is appropriate.
Trouble at School; How Failing Grades Can Affect Your Support Obligation
It seems that just a few short weeks ago, students around the country were preparing to go back to school. Retail outlets were full of pencils and notebooks, as well as dorm room furniture for those heading off to college. Suddenly, the fall semester is just about over, and most college students are looking forward to a couple weeks off before the spring semester begins. Others, however, may have rather unsatisfactory experiences at school this term along with poor grades. If you as a parent have been ordered to contribute to your child’s college expenses, his or her report card could be a sign that your obligation needs to be reevaluated.
Non-Minor Support for College Expenses
According to Illinois law, divorced parents can be required to contribute to the educational expenses of their children, even after the child has reached age 18 and started college. In ordering non-minor support, a court must take into account a number of factors, including the family’s financial situation before the divorce and each parent’s income and resources since the split. Other considerations include the child’s income and resources, such as his or her eligibility for grants, scholarships, and assistance programs. The child’s academic performance must also be factored into the decision.
What Divorce Means for Your Health Insurance
Many people going through a divorce are worried about what will happen to their health insurance. This is a valid concern because there are not always many good options, regardless of a person’s marital status.
Typically, insurance is provided through an individual’s employer. When one spouse has both spouses on his or her health insurance through an employer and then the spouses divorce, that often leaves one spouse without any coverage whatsoever. Such a situation could be the result of that spouse being unemployed, staying home to take care of children, or working for an employer that does not offer health insurance coverage.
Why Does the Spouse Get Dropped?
Under the terms of most medical insurance policies, ex-spouses are not eligible to be covered. As soon as the divorce is final, the insurance policy will no longer cover the spouse. It is not typically the court’s decision or the ex-spouse’s refusal to continue coverage.
Protecting Your Children’s Interests in Your Will
When you think about estate planning, you are likely to picture making arrangements for your assets and debts. Of course, determining which of your beneficiaries will receive which property is an important aspect of estate planning, it is far from the only consideration that must be made, especially if you have young children. With the proper guidance, your will can outline your wishes regarding who will care for your children in the event of your untimely death.
Considerations for Guardianship
Although it may be tough to think about, do you know what would happen to your children if you were suddenly gone? If you are married, your spouse would, of course, be responsible for caring for your children after your death. But, what if you are a single parent or you and your spouse were to both die unexpectedly at the same time? It may sound callous to make such a suggestion, but, sometimes, reality can be incredibly cruel.
Do Not Let Holiday Shopping Affect Your Ability to Pay Child Support
Although it may be hard to believe, Christmas is now less than three weeks away. In the upcoming days, shoppers around the country will hit the stores trying to find the right gifts for friends and family members. Most parents, of course, will be looking to fulfill the holiday wishes of their children, as they attempt to make the holiday season magical for their little ones. Sometimes, parents who are divorced or unmarried, however, may face financial challenges while they struggle to balance the cost of buying presents with their obligations for child support.
Tradition vs. the Law
Holiday gift-giving is a custom that dates back thousands of years. In the Christian tradition, three traveling kings—sometimes just referred to as the Three Wise Men—visited the infant Jesus bearing gifts for the child. The practice, however, is even older than that, as pagans and Ancient Romans celebrated festivals in the winter that including giving gifts to one another long before the birth of Christ.
Establishing Paternity Offers Benefits to a Child
In today’s technologically advanced society, blood and DNA testing have reached new heights and are fairly commonplace. Not only can at-home kits now give people the opportunity to learn about their heritage and health profile, the accuracy of such tests has been recognized in legal proceedings to establish certain connections for some time. One of the most typical areas in which these types of tests are used is to establish paternity between a child and a parent. The reason behind it is to formally recognize legal rights and responsibilities in the eyes of the law.
Who Are the Players?
Matters of paternity usually involve the mother of a child and an alleged father or fathers to whom she is not married. Other family members such as grandparents can also be involved in a paternity proceeding. In turn, establishing paternity then center around matters of child support, child custody (parental responsibilities) or even adoption.
Using a Trust May Limit the Reach of Probate
For many people, the first time they hear the word "trust" in relationship to financial matters is when it is used—often disparagingly—to describe a child of extremely wealthy parents. In the eyes of some working-class people, these "trust-fund kids" have things pretty easy, which may, in turn, lead to a negative connotation for the idea of a trust. Trusts, however, are extremely valuable tools with a wide variety of economic applications. When a trust, like a revocable living trust, is used in estate planning, it can dramatically ease the process of distributing the decedent’s property to his or her chosen beneficiaries.
What is a Trust?
A trust, put simply, as an arrangement that places assets and property under the care of a particular person, entity, or other third-party to be distributed to beneficiaries at some point in the future. The party responsible for managing the trust is known as the trustee and should be chosen with great care. There are many potential advantages to using a trust in place of or in addition to a traditional last will and testament.
Dealing with Visitation Interference and Other Child-Related Problems After Divorce
While, for some, divorce can completely sever all marital ties, those that share children always share a connection – namely, their child. This is as it should be since, under most circumstances, children benefit greatly from having two loving parents in their lives. Unfortunately, the continued connection between divorced parents is not always a healthy one. Some may still experience contention and other problematic issues, such as parental alienation and visitation interference. The following can help parents cope with such situations, and it provides some valuable insight on your legal rights.
When Contentiousness Abounds
Generally, parents with excessive conflict are encouraged to develop a parenting plan that limits their contact. Of course, as life changes and children grow, the original parenting plan may be difficult to adhere to, even for the most well-intentioned parents. If contentiousness is still an issue when the parenting plan starts to collapse, frustration and stress may reach an all-time high. If left unchecked, this could lead to serious arguments, bitter exchanges, and a child that feels as though they are trapped in the middle. To avoid this all-too-common issue, parents may want to use mediation to renegotiate their parenting plan so they can develop one that works amidst all the changes.
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