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Recent Blog Posts
Estate Planning for Parents with Special Needs Children
Estate planning can be confusing with all the rules and laws to consider. But if you are a parent of a special needs child, estate planning can be even more complicated because of the worry over who will look out for your special needs adult child when you are gone. Also, the cost of care for a special needs child can be astronomical. For example, a study done by the University of Pennsylvania and the Children's Hospital of Philadelphia concluded that the lifetime cost for a person with autism that involves an intellectual disability is $2.4 million.
Planning for Death to Ensure Your Wishes Are Preserved, Part One
The conversation of planning for death, incapacitation, and mental or psychological deterioration is difficult. Even when instructions are left, the truth remains that too often the actual intention of these documents are subverted. This unfortunate situation lends itself to an incredible amount of conflict among loved ones, with many of whom are too emotional to be rational.
Many of these issues arise not only after death, but also during chronic illnesses, after unexpected accidents, and any time one is not in a state to make a competent decision. Thus, it is necessary to place the utmost time and consideration into designating the person, or persons, whose duty it will be to ensure your wishes are legally preserved.
Shared Custody: The New Norm in Divorce
Years ago, when a couple divorced, it was pretty much a done deal that the mother would get physical custody of the children, and the father would pay child support and have visitation every other weekend. Despite the tremendous gains for father's rights that have occurred in the past 20 to 30 years, there is a common misconception that mothers still receive physical custody in the majority of custody cases, leaving fathers out in the cold. However, statistics reveal this is no longer the case.
Studies have shown that in the 1980's, family courts realized that there was a societal shift in how domestic duties were being divided between married couples. In many households, the burden was no longer just on the wife, but instead, both spouses shared parenting and other domestic duties. It became even more prevalent as more and more wives began working outside the home.
Estate Planning Errors: Common Mistakes to Avoid
Life is not always within our realm of control, and this is a fact that is often hard to swallow. However, it is an incredibly important concept to understand when partaking in daily responsibilities and activities, as everything carries a risk. And for this reason, it is critical to address the "what if's" before they arise by hiring a professional to draft a cohesive estate plan.
Several common mistakes can be made during estate planning, and these can be harmful both before and after death. In fact, these mistakes can have broad implications on family and loved ones. Consider the following list of frequently seen estate planning errors:
Divorce Mediation in Illinois
Financial constraints during divorce can quickly become an issue for one or even both parties. The irony felt by many is the money spent arguing over splitting finances and assets can leave divorced spouses in economic hardship. If you are experiencing a divorce in Illinois, consider using mediation or collaborative divorce.
Divorce mediation takes the process out of the courtroom, and consists of a neutral third party assessing the needs of both spouses, and helping to reach an agreement. All aspects of the divorce will be addressed, such as splitting financial assets, child custody and visitation, and possible alimony and child support.
There are many benefits to divorce mediation for any couple, including but not limited to the following:
Majority of Baby Boomers Ignore Estate Planning Needs
Sixty-four percent of baby boomers do not have a living will, health care proxy, or other advance directives that deal with end-of-life issues. These results were discovered via a survey conducted by the Associated Press (AP), in conjunction with LifeGoesStrong.com.
A health care proxy or health care power of attorney "allows an individual to select a person he or she trusts to make decisions about medical care." Advance directives are critical documents to have in place because they clearly state a person's medical choices. Both are essential to have in the event an illness or accident makes it impossible for an individual to articulate his or her wishes.
Have a Co-Parenting Plan in Place before the School Year Begins
School is out for the summer and the last thing most kids are thinking about is the return to school in the fall. But if you share co-parenting time with an ex-spouse, it is not too early to start putting together a parenting plan in order to ensure the school year goes as conflict-free as possible, which is also important for your child's emotional well-being. Studies have proven that children continuously exposed to battles of their divorced parents can suffer from serious emotional problems, from struggling with school academics and behavior to substance abuse issues.
The best and most successful parenting plans deal with specific conditions for all issues that can arise. Everything is clearly written out in order to avoid misunderstandings or confusion. Plans should also address not only biological parents, but also stepparents or a parent's significant other.
Considering Prenuptial Agreements in Illinois
Getting married is often listed as one of the most profound experiences a person can have in any lifetime. The happiness associated with the occasion makes it very difficult - if not impossible - to consider that your relationship may erode over time. Divorce statistics have been on the rise in the United States for quite some time, making it critical to head off any potential problem before it even arises by consulting an Illinois attorney.
The process of divorce is adversarial by nature, lending itself to conflict that can affect more people than just the two parties involved. Children can very often be those who are negatively impacted the most by the fighting often involved with splitting up a marriage. And finances are normally the dominant issue. However, having a prenuptial agreement in place can make the divorce process much less stressful, in addition to providing the benefit of a legal document that outlines parameters beforehand.
Gender and Estate Planning: Are You Really Prepared?
For many, the idea of estate planning is difficult to even conceive. This is understandable, as the subject of death, in general, makes many uncomfortable. However, it is essential to consult an attorney to have a plan in place should the worst happen - especially if you are a woman in Illinois.
The World Health Organization's latest statistics show that even on a global level women generally outlive men by four years. In the state of Illinois, this figure is amplified to a higher degree - with women living six years longer than men. This makes having a cohesive plan in place for your estate all the more important.
Seniors Consider Medicaid Trust for Future
Senior citizens who own property and assets often have difficulties qualifying for certain government programs. Healthcare, especially long-term healthcare, for seniors is critical. However, many private insurance companies are too expensive.
In order for a person to be eligible for Medicaid nursing home benefits, he or she cannot have more than $14,400 in countable resources. There are some resources a senior may own that are exempt under certain circumstances, including retirement funds and his or her home.
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