630-665-2500
128D S. County Farm Road, Wheaton, IL 60187
Recent Blog Posts
What Happens to Your Digital Assets when You Die?
When most people think of estate planning, they think of items such as bank accounts, stocks, bonds, real estate, furniture, jewelry, etc. But what happens to a person's virtual property - or digital assets - when they die? An article in the Huffington Post discusses digital assets and what people should consider when planning their estate.
There are many items that fall under a person's digital assets, including:
- Emails;
- Social network accounts like Facebook, Twitter and LinkedIn, as well as all the content posted on these sites;
- Digital photos and videos;
- Songs;
- Ebooks;
- PayPal account.
According to a survey conducted by McAfee, the average internet user has about $37,000 in digital assets. Most of those assets are contained in unprotected digital devices.
Study Suggests that Divorced People at Higher Risks of Having Fatal Accidents
A new study has concluded that people who are divorced have a higher risk of being involved in a fatal accident. The study was conducted by researchers from Rice University and the findings were published in Social Science Research.
The researchers studied data collected between 1986 and 2006 of 1.3 million adults living in the U.S. who had survived or died in accidents. What they found was that people who were divorced had double the risk of married people to die in more-preventable accidents. Fire and poisoning were two examples of what researchers deemed as more-preventable.
Both groups, however, had the same amount of risks of dying in less-preventable accidents. Boat and airplane accidents were cited by researchers as examples of less-preventable.
Lessons Learned From Farrah Fawcett's Estate
The deaths of celebrities often have important lessons for estate planning. Failing to consider your estate in full can have ramifications for the beneficiaries and it can also mean that your intentions might not be carried out the way you thought after you have passed away. If you would like a review of your existing estate planning documents or if you would like to have a comprehensive evaluation of your needs, contact an Illinois estate planning attorney today.
When Farrah Fawcett passed away, her partner, Ryan O'Neal, took an Andy Warhol painting from her home, alleging that it was his. The University of Texas sued O'Neal because Fawcett's revocable living trust outlined that all her artwork was to be given to the school. There were two copies of the painting in question, and the University of Texas had already received one of them, but this didn't stop them from pursuing O'Neal for the other copy. Ultimately, O'Neal won the rights to keep the painting, and he stated that he plans to leave the painting for the child he had with Fawcett.
Estate Tax Changes for 2014
Typically, new amendments or laws regarding estate planning will start at the beginning of the year, and 2014 will be no different with regard to some changes in estate planning. One of the biggest changes hitting the landscape is that as of January 1st, individuals are able to pass on an additional $90,000 free of the federal estate tax to others during their life and at death. Since this is such a dramatic change, it's worth a call to your estate planning attorney to talk about how this might alter your existing plans for the upcoming year.
What's behind the change? It's a lot more practical to give individuals the opportunity to give gifts during their life or at death at this new higher limit without having to worry about the estate tax. Previously, the exclusion amount was capped at $5,250,000, but now each personal obtains a "Credit" to offset estate taxes on amounts up to $5.34 million.
Couple's Drinking Habits Linked To Divorce
Research from the University of Buffalo explored the lives of 634 couples during the first nine years of their marriage, finding that similar alcohol drinking patterns led to less chance of divorce. Those couples who differed in their drinking habits, however, were less likely to have happy marriages. This isn't the first time that research has made the connection between different drinking habits and divorce, but the same results only serve to verify previous research.
Half of the couples in the study where one partner who was drinking much more than his or her spouse saw that their marriages ended in divorced, although that dropped to 30 percent with couples who shared similar drinking habits. Situations where one partner drinks significantly more than the other can put a lot of pressure on the spouse who engages in the habit less. That individual may become resentful of a partner's drinking habits, leading to arguments. If the partner's drinking leads to violence, run-ins with the law, or inability to help with children in a reliable manner, the fights can be much more dramatic and lead to divorce.
The Link Between Prenups and Estate Planning
The most popular use of prenups is a situation where an individual guards against possible loss in a divorce. In fact, polls indicate that 80% of prenuptial agreements are designed to protect separate property. These documents, however, are growing in popularity as an estate planning tool across genders. According to the American Academy of Matrimonial Lawyers, the desire of more individuals to get married later in life means that individuals are bringing greater individual assets into their marriages.
Prenuptial agreements are also popular with individuals getting married for a second time, since concerns about children from those prior relationships as well as concerns about separate assets factor into the equation here. When developed alongside wills and trusts, couples can walk away with important components of an estate plan. The reason to approach all of this planning together is that trusts and prenuptial agreements are considered contracts and can therefore override a will or give legal grounds to contest an existing will. Headed into remarriage? This is an important time to review all your estate planning materials.
Is Mediation Right For My Divorce?
Mediation is a form of alternative dispute resolution that takes your conflict out of the courtroom and gives you more of a say in what life looks like post-divorce. If your situation is the right fit for mediation, you could save yourself time and money in resolving pressing divorce issues. Even though mediation has a different structure than a courtroom case, you still need to hire an experienced mediator to help you and your spouse talk through the relevant details.
Some couples find the public nature of a courtroom divorce too embarrassing or traumatic. Mediation meetings, on the other hand, can be held in private at your own convenience. You won't have to worry about meeting the schedule of the judge in your case, leading to a long wait if the judge's docket is full. You'll just need to match the schedules of your spouse and the mediator with your own to get started.
Preparing for Divorce Mediation in Illinois
When going through the divorce process, there are many different options. Some people do not set foot in a courtroom or deal with attorneys, others fight about every aspect of the divorce until the attorneys have no choice but to let to judge decide. One option to sail through your divorce smoothly is through attorney mediation.
Many divorce attorneys also can serve as divorce mediators because the two jobs are very similar. After choosing a mediator, you will still have steps to prepare for your first session. The Huffington Post suggests the following:
Keep your emotions in check: Mediation is mostly a negotiation process. If you are overwhelmed with emotions, you may not be thinking straight and it will be hard for you to express yourself and your wants in the process. Try to settle your emotions before entering the mediation room.
Be Careful When Modifying your Will in Illinois
A Last Will and Testament is the most well-known estate planning document. A Will is used to distribute property to beneficiaries at death and make other end-of-life wishes known. Today there are many more options to efficiently handle these matters--like use of a living trust. But even with the expanded choices, the Will remains the most commonly used estate planning tool.
Illinois law is very specific in identifying the exact requirements that must be met for a Will to be deemed valid. The Illinois Probate Act of 1975, lists those requirements, which include that the will be in writing, witnessed and signed at the same time by two individuals who are not beneficiaries under the will, that the testator have the capacity to sign the Will at the time, among other formalities. It is quite common for Illinois residents to hire an attorney to draft a Will. Failure to do so often results in a Will being rejected by the court at the very time when it is needed.
However, even those who have the aid of an attorney when drafting a Will can later make the mistake of modifying the document without legal guidance. This is usually an error that can result in the document being rendered ineffective and assets distributed via intestacy rules against the actual wishes of the testator. There are formal requirements that must be met even when modifying a Will.
Think Before You Act
A common mistake is for someone to take a Will created by an attorney and simply write changes on top of the older document. Will those changes be upheld by the court? Unlikely. Changes or additions to a Will, usually referred to as a "codicil," generally must meet the same signature and witnessing requirements as the a new Will itself. Those requirements are safeguards to minimize the risk of fraud or deception. As such, crossed out names, changed bequests amounts, or other handwritten adaptations to a previously signed Will must not be made haphazardly.
Protecting Your Pets with a Trust
Throughout the ages domesticated animals of all types have been considered companions, pets, and even members of the family. The specialty markets that provide products for pets have continued to expand as people continue to redefine the position their pets hold within the household. As a continuing testament to that, Illinois, under 760 ILCS, Sec. 15.2., offers trusts for domestic or pet animals.
As with any estate planning, trusts are a viable option to protect your assets, and with that, your loved ones, including your pets. Generally, a ""Trust" means a trust created by will, deed, agreement, declaration or other written instrument. Within that trust is a designated "Trustee" who provides for and regulates the administration of trusts. Pursuant to the Section 3 of the Act, "[a] person establishing a trust may specify in the instrument the rights, powers, duties, limitations and immunities applicable to the trustee, beneficiary and others and those provisions where not otherwise contrary to law shall control, notwithstanding this Act." Thus, the trustee of the trust is granted specific powers either through the Trust and Trustees Act, or, if not in contradiction with the Act, then in accordance with the specific sections of the trust which a qualified estate planning attorney can assist you in creating. The "Beneficiary" of the trust is simply a person or persons who benefit from the creation of the trust. In the case of a Pet Trust, your pets would be the beneficiaries.
Contact Our Firm
The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.
I have read and understand the Disclaimer and Privacy Policy.
