Real property can be owned by one person only, or by two or more co-owners. If you are planning to co-own property with at least one other person, you will need to decide what type of joint tenancy to use. Illinois law allows three different types of joint ownership – tenancy in common, joint tenancy, and tenancy by the entirety. The type of joint ownership you choose and the manner in which you title property can impact several things. The most important of those, for most people, is how each … [Read more...] about Which Type of Joint Tenancy Should I Use?
If you are the parent of a child with special needs, you undoubtedly know what a struggle it can be to find activities and/or outings for the family that are also comfortable for your child. For many children with special needs, just being in a crowd of people or being somewhere with too much noise or activity is simply too much. Since the goal of a family outing is to have fun and relax, it certainly makes no sense to take your child somewhere that creates stress. Fortunately, more and more … [Read more...] about Children with Special Needs Can Visit Children’s Museum of Illinois during “Sensory Friendly” Hours
If you were gifted real property in the Last Will and Testament of someone who recently died you may be concerned about the tax ramifications of that gift. As you likely already know, Uncle Sam taxes just about everything in the United States. The good news is that as a general rule, gifts made by a decedent at the time of death do not create an immediate tax liability for the recipient of the gift. If the gift is real property, however, you could incur capital gains taxes at some point down the … [Read more...] about What Is a Step Up in Basis?
If you have not worked closely with an attorney before it can be a bit intimidating and confusing the first time. If you have decided to finally sit down and create an estate plan with us you have made an excellent decision. Because an estate plan is highly personal it often takes several visits to decide what needs to be included in your plan and what strategies will be used to accomplish your estate planning goals and objectives. Unlike other types of legal representation, estate planning … [Read more...] about Do I Work with You or a Paralegal?
Choosing an executor for your Illinois Last Will and Testament is one of the most important decisions you will make throughout the estate planning process. Do not make the mistake of taking this appointment lightly, as your executor has a tremendous amount of responsibility during the probate of your estate. As soon as you die, your executor’s job begins. The executor of your Will is responsible for preparing the documents needed to open the probate of your estate. Although most executors … [Read more...] about Choosing an Executor for Your Last Will and Testament
Many people choose to include one or more trusts in their estate plan because of the numerous benefits a trust can offer to an estate plan. Trusts have evolved to the point where there is a trust that can be used to fulfill just about any estate planning objective. One common type of trust used in estate planning is the revocable living trust. If you choose to include a revocable living trust in your estate plan you will need to appoint a trustee to oversee the administration of the trust. You … [Read more...] about Who Should Be the Successor Trustee of My Revocable Living Trust?
You have worked hard all your life to create your family legacy. Now it’s time to preserve your legacy through careful estate planning aimed at passing your legacy down to future generations. Your legacy is more than just the assets you have purchased or the money you have invested. Your legacy also includes your values, your beliefs, and your vision. These too can be interwoven into a comprehensive estate plan to ensure that they are part of what you leave behind when you die. An estate plan … [Read more...] about What Steps Can You Take to Preserve Your Legacy?
Americans are fortunate enough to have a significantly longer expected life span today than they did even a couple of generations ago. A longer life, however, also frequently means the need for quality medical care and treatment which can be expensive. For older Americans who do not have private health insurance, or whose private insurance falls short of covering all of their healthcare expenses, there are two government funded options – Medicare and Medicaid. Understanding the difference … [Read more...] about What Is the Difference between Medicare and Medicaid?
If you are the parent of loved one of a special needs child you undoubtedly worry about your child’s future. Specifically, you may worry about what will happen to your child when you are no longer here to personally care for him or her. Thanks to advances in medicine, science, and technology, many special needs individuals can now lead amazingly independent and fulfilling lives; however, the cost of their care is often exceptional. Planning for those costs may include creation of a special needs … [Read more...] about Should I Create A Special Needs Trust?
How many times have you heard that if you have more than one true friend over the course of a lifetime you are lucky? Some of us have been fortunate enough to have more than one true friend as well as a collection of other friendships over our lifetime; however, it appears as though we often fail to maintain those connections as we age. In fact, not staying in touch with friends is the fourth most common dying regret according to the book “The Top Five Regrets of the Dying.” The book was … [Read more...] about Not Staying in Touch with True Friends – Among the Top Dying Regrets