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Recent Blog Posts
Medicare and Medicaid Differences and Planning for the Future
One of the most confusing decisions and choices that seniors need to make is about their health care insurance. People may have a hard time understanding the differences between Medicaid and Medicare and how those differences affect their future medical needs, including nursing home or rehabilitation facility placement.
Although both Medicaid and Medicare are federal health care programs, Medicaid is actually overseen by each individual state. Medicaid eligibility is geared more towards people who are low-income; however, Medicare qualification is for everyone, regardless of income.
To qualify for Medicare, a person must be 65 years or older, or a beneficiary of the Social Security Disability Insurance (SSDI) program for a minimum of two years. The program pays for physician visits, lab costs, outpatient care and supplies, prescription medicines, and hospital stays. The program will also pay for short-term nursing home stays (i.e. rehabilitative services) for stays up to 100 days. Hospice services are also covered by Medicare for those who have been given less than six months to live.
Rules for Divorce in Illinois: What You Need to Know
Did you know that every state in US has certain requirements and procedures for divorce? If you reside in Illinois and are considering getting divorced, there are some important things you will first need to know. You will want to first review Illinois' divorce requirements and be sure to determine that you are, in fact, eligible for a divorce.
Am I Eligible?
Per state law, at least one spouse must be a resident of the state of Illinois and have maintained residency for 90 days or more. Residency requirements are varied from state to state. Some states simply require 90 days of residency, while others require longer periods of time. Connecticut, for example, requires 12 months of residency, and then a 90 day waiting period, before being eligible to file for divorce.
Pet Trusts in Estate Planning
Pet owners often consider their pets as members of the family. However, owners do not stop and think about what would happen to their beloved pet should something happen to them. Ensuring that your faithful companion is taken care of when you are gone is something that you can address in your estate plan.
A pet owner may choose to address his or her pet's care in a will. It is important to remember, however, that instructions left in a will cannot be carried out until the will has been filed in probate court and the executor of the estate has given permission to carry out those instructions. Moreover, one issue that could arise is a potential heir objecting to funds being spent on a pet and attempting to reject that funding.
Therefore, instead of only relying on a will, one of the best ways to protect your pet's future may be setting up a pet trust. Although some states do not recognize pet trusts, Illinois does.
Who Gets the Dog? Divorce and Pets in Illinois
As any animal lover will tell you, a pet can be a huge part of the family. So when it comes to divorce, deciding who gets the family pet can lead to major issues. With well over 50 percent of households owning pets in Illinois, it's no surprise that pet custody cases are on the rise. Many pet owners have emotional bonds with their pets, so as divorce rates rise in the United States, it makes sense that cases over pet custody are becoming more common. In Illinois, how do the courts see pets?
As much of a part of the family as a pet can seem, today's court system in Illinois views pets as personal property. While it may be difficult to imagine, due to the fact that Illinois has special rules put in place for pets, your dog or cat is considered a marital asset, like a piece of furniture or a car, that should all be divided evenly. There is also no rule governing pet custody or visitation rights, leading to more and more divorcees seeking out custody agreements themselves through an attorney. Other couples have even created pet prenups, a rising trend in the past few years.
Inheritance Taxes in Estate Planning
Many people take advantage of the tax savings that estate planning options give them. Utilizing different legal options, such as trusts, will often alleviate how much a person would have to pay to the IRS in taxes for those funds. However, one of the issues to consider is whether or not the plans you are establishing will place a tax burden on your beneficiaries when you pass.
The federal tax exemption statistically affects approximately 1 percent of the country's population. The current exemption is $5.43 million for individuals and $10.86 million for couples. Yet many people fail to consider if the state they live in has required estate tax. There are 16 states, including Illinois, which levy up to a 20 percent estate tax to beneficiaries.
Custody Arrangements: What is Best for Your Children
Going through a divorce is an extremely trying process for everyone involved. Families dealing with divorce often worry about the emotional toll separation may have on their children. Experts have argued for years over the best child custody arrangements for kids. Some say living with one parent full time is the best choice. Others say splitting time evenly between both spouses is ideal. A recently published study now suggests that children who spend time with both of their parents have the best mental and physical health outcomes.
Choosing a custody arrangement that works best for your children is extremely important. Studies show that divorce can lead to many psychosomatic problems for young children and teens. Problems like lack of concentration, stomach aches, trouble sleeping, and feelings of tension or sadness are commonly observed in children going through or dealing with the aftermath of a divorce. Most families seek to minimize the impact of their divorce on their children. A new study, published in April by the Journal of Epidemiology and Community Health offers new insights into the most ideal post divorce situations for children.
Estate Planning for Twenty-Somethings
There is a great misconception that estate planning is only applicable to older individuals who are nearing retirement or are already retired. The reality is, however, that adults are never too young to put some sort of estate plan in place. Obviously, the more assets and property you acquire may make planning more complicated. Still, even twenty-somethings should have certain documents in place—at the very minimum.
Health Care Advance Directives and Health Care Powers of Attorney
Most young adults do not ever consider what would happen to them if they suddenly became sick or incapacitated. Moreover, they are unaware that no one—not their parents, siblings, or other family members—would be legally able to make medical or health care decisions should they be unable to make those decisions for themselves. Having an advance directive in place could avoid the possible fracture that often occurs in families when they cannot agree on the same course of medical care. This is exactly what happened in the case of Terri Schiavo, who was only 26-years-old when she collapsed and went into coma with irreversible brain damage. A 15 year legal battle between Terri's husband and her parents waged over the course of medical treatment Teri would have wanted.
Tips for Minimizing Stress during Divorce
Minimizing stress during your divorce may seem impossible. No matter how amicable you and your ex intend on being, going through a divorce is bound to be an emotional and stressful experience. Add children into the mix and the situation can get even more intense. While it may seem like the headaches and heartaches of going through a divorce are unavoidable, there are a few tactics that you can employ to lessen the stress and tension.
Before doing anything else, the first step in limiting your stress level is to pay attention to your own emotions. Due to the chaos your life may be in while separating, and even after separation, it is easy to forget to pay attention to yourself and what you are feeling. Seek out a therapist or divorce support group. Simply having a place to let your emotions out can make a huge difference. Exercise can be another great outlet for stress and difficult to process emotions. Avoiding or denying your feelings could lead to much more serious mental health issues, or even possible drug or alcohol abuse. Sharing and processing your feelings will help you move on to a positive place post divorce.
Vacation Properties and Estate Planning Options
Many families invest in vacation properties—a mountain cabin or ocean cottage—as places in which to escape and enjoy quality time together. Often, a family owns a vacation property for years—a home enjoyed while watching their children grow. Years later, the property becomes a place where the family's grown-children bring their own children.
Yet where does a vacation home fit in when it comes to estate planning, and what options do owners have to ensure a property is protected?
Cabin Trust
Property owners have the option to create a "cabin trust." A cabin trust is a revocable trust formed upon a property owner's death. An owner can choose to add a certain amount of money, along with the property, specifically designated for any costs incurred for the upkeep of the property. Additionally, the trust should have instructions regarding what should happen to the property once those funds are depleted, and when and if the property can or should be sold. A cabin trust can also stipulate who is allowed to use the property and when the property may be utilized. A beneficiary's right to use the property pending death can also be added as an additional stipulation.
Cost of Divorce: Planning Financially for the End of Your Marriage
Preparing financially for divorce and post divorce life can be extremely difficult. Anyone with divorce experience will tell you that it is no small cost to separate from a spouse. Commonly, a divorce costs the same or more for a couple than their wedding. While the true cost of a divorce is difficult to estimate, preparation ahead of time can help ease the divorce process and help you settle into your life as a newly single person.
If you are considering a divorce, the first step in financial preparation is gaining an understanding of your current finances as a couple. Look at your monthly bills, tax returns, and any bank accounts that both spouses share. Often, one spouse in a relationship may share more financial responsibility than the other. Whether you handle the finances in your relationship or not, it's important to understand your situation before a divorce so you can prepare the best financial outcome for yourself.
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