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Recent Blog Posts
Is a Living Will Right for You?
When making decisions about the future, one document that should be addressed by all adults is a living will. The Mayo Clinic defines a living will as "a written, legal document that spells out medical treatments you would and would not want to be used to keep you alive."
With so many medical advances made over the last few decades, it is quite possible for a person to be kept alive for an extended period of time with the use of life-sustaining equipment, such as a ventilator for a person who is not able to breathe on his or her own.
Many people, however, often say they would not want to be kept alive under these circumstances because they feel their quality of life would be greatly compromised. Yet despite a person verbalizing these feelings at one time or another, if he or she does not have any advance directives in place, such as a living will, then these decisions would have to be made by family members.
Spousal Support Laws are Changing in Illinois
Changes in alimony laws are coming to Illinois and many believe they are long overdue. Beginning January 1, 2015, there will be new guidelines for calculating the amount and duration of spousal support orders, or spousal maintenance, as referred to in Illinois law.
Until now, a presiding judge had nearly unlimited discretion regarding how much and for how long maintenance was to be paid. The law listed a number of factors to which the court was expected to give consideration, but contained no quantitative guidelines or standards. The resulting orders, intentionally or otherwise, tended to reflect each judge's personal biases. Additionally, maintaining a level of consistency throughout the state became quite difficult.
Seventy Percent of Families Fight over Inheritance
According to projected statistics, more than $30 trillion will be passed from the baby boom generation (those born between the years 1946 to 1964) to their children and other heirs. How those baby boomers handle their estate planning could make a big difference in how much of their assets go to their heirs and how much is eaten up in legal battles.
A study that spanned over twenty years revealed that almost 70 percent of families lose a portion of their inheritance due to some kind of fight over the estate in which they are inheriting. And as some legal advisors point out, the battles are not always about money. Often, items such as a piece of jewelry or other heirloom can be in the middle of a contested battle between heirs.
What to Do with Joint Bank Accounts in Divorce
The emotional struggles of a divorce are not the full extent of the difficulties that the process involves. Since a marriage is—in a very real way—a legal contract, terminating it comes with a series of tough legal challenges that can add more stress. A common area of frustration for divorcing couples is the issue of what to do with joint bank accounts. Depending on the nature of the divorce, this can get quite complicated.
Dealing with joint accounts—and property division in general—involves some very detailed aspects of divorce law. Given the fact that regulations vary from state to state, it is often helpful to sit down with an experienced family lawyer in order to understand what options are available and how the laws relate to your case.
Planning Your Estate: It Does Not Have to be Difficult
Many people do not like to think about estate planning because of the subject matter—facing one's mortality. They put off making plans or they just never actually sit down with an attorney to formulate what needs to be done. This inaction can often have negative consequences for the family that is left behind. However, estate planning does not have to be a difficult process. In fact, most planning can be done relatively simply, and once done, it can leave everyone involved with peace of mind.
To begin, first prepare what is called a "master document." This document should include information regarding all of your assets and debts. Additionally, include any pertinent information such as account numbers and passwords, as these accounts will need to be closed out. The master document should also contain information regarding any electronic accounts you may have, such as a digital music library or social media accounts. Include instructions regarding how assets are to be handled, as well as copies of a living trust, will, and additional estate documents.
Are Diamonds Really a Girl's Best Friend?
Engagement rings are big business in this country. In 2012, over $7 billion were spent on diamond engagement rings. However, there is a good chance that many a bride-to-be may disagree with the results of recent research. According to a new study, the amount of money a fiancé spends on an engagement ring could be a predictor on whether or not a marriage succeeds or fails.
The study, entitled, "'A Diamond is Forever' and Other Fairy Tales: The Relationship between Wedding Expenses and Marriage Duration," was conducted by a research team made up of economics professors from Emory University and included survey answers from over 3,000 people who were married or had been married in the past. There were approximately 40 questions on the survey that ranged in topics pertaining to a person's current marriage or first marriage (if divorced or married more than once).
Is a Reverse Mortgage Option the Best Choice?
Some seniors, in an effort to take advantage of the equity they have in their home, opt for a reverse mortgage, as a way to have extra money during their retirement years. A reverse mortgage lets you take a portion of your home's equity without having to take out a home equity loan through a lending institution (which would mean a monthly payment) or sell your home. In order to qualify for a reverse mortgage, you must be 62 years old or older.
With a reverse mortgage, there are no monthly payments like there are with a regular mortgage. Instead, a lender will give you the funds and you do not have to pay anything back unless you move out of the home, sell it or pass away.
Handling Parent-Teacher Conferences after Divorce
The school year is in now full-swing. Most children have settled into their school routine, becoming accustomed again to regular schedules and homework. For students with divorced parents, the routine can be a little more complicated, but at this point in the year, some sort of balance has usually been established.
If you are a divorced parent, you may be unsure how to handle the inevitable parent-teacher conference, especially if the divorce was recent. You want to be involved in your child's education and realize your ex-spouse probably wants the same. Regardless of your relationship's history, there are ways for both parents to be included and to remain a part of the discussion.
When Is It Time to Write Your Will?
For most people, the thought of sitting down to write a will is somewhat unnerving. It requires thinking about a time when one is no longer alive, which is understandably difficult. According to the AARP, close to half of Americans age 45 and older have not yet written their will. Though it may be hard for some, taking the time to plan and write out a thorough will can save a family time and money.
Determining the "right" time to compose a will is not the same for everyone. Since a will must contain current information, it is a document that requires constant updates. Instead of searching for a specific age when writing a will is most appropriate, it makes more sense to view it as a periodically updated document.
Adjusting to Financial and Emotional Changes after Divorce
As stressful and difficult as a divorce often is, it is helpful to view the situation as the start of a new life—a clean slate. Divorce does indeed bring about new changes and challenges which can be both emotional and financial. However, knowing what to expect can encourage one move forward and persevere through the tough times.
Taking on the Financial Challenges
Adjusting to a single source of income is a challenge; some people's only source of income is from their spouse. In any case, post-divorce life is about reassessing a current financial situation and learning how to live within a new budget.
Prioritizing purchases and expenses is the best strategy—especially if there are children involved. This is a time to hit the reset button and spend intelligently and cautiously.
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