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Recent Blog Posts
An Estate Planning To-do List
Since the holidays are right around the corner, there are some things that you should start to consider for planning your estate. One reason to plan now is that laws will change on January 1, 2014, and certain trusts can allow you to leave assets to your loved ones without being lessened by taxes. To make the most of your hard work, make sure you take the time to complete your estate plan.
Starting in 2014, the federal tax free limit that people can transfer to successors will increase. The gift tax will is also set to increase. There are also many different tax breaks or exclusions that will change beginning next year. This is a good time to begin or review your personal estate plan with a checklist.
Divorce and Homeschooling: Seven Tips for Survival
If you are going through a divorce, maintaining a homeschooling program might seem like an impossible mission, but you do not need a grappling hook or a jet black bodysuit to stay nimble. Resolve to make it work with a lot of planning and a high dose of creativity.
While there are no specific statutes that govern private homeschools, the Illinois School Code (105 ILCS 5/26-1) requires that children of school age are taught with educational elements comparable to Illinois public schools, at a minimum. Those elements are referred to as "branches of education" in the code and include language arts, math, biology, physics, social science, arts, physical development and health.
The Illinois State Board of Education provides access to resources to help homeschool leaders guide student instruction. The following tips may be useful in achieving education goals even in the midst of a divorce.
Three Simple Steps for Planning Your Estate
An organized estate is one of the most important gifts you can leave your survivors. Spending time now to plan and document your wishes can help your loved ones cope, and make things easier for them. Each state is different, but this simple checklist will help you get started with estate planning in Illinois.
- Plan for life - Before you begin planning for your estate, you'll want to put together a few things that will help your family should you become ill. A durable power of attorney and a living will can help smooth the way for family should you become ill or incapacitated. You should also ensure that you are carrying the proper health insurance.
- Get organized - Organize your financial records and create a detailed list of financial accounts, loan payments, and other debts. File important documents in a safe place, and include instructions in your will telling survivors where to find them. Create a document listing your personal data, including your VA claim number (if you have one), as well as the names and phone numbers of family members who should be contacted.
Divorce and Domestic Violence in Illinois
If you are a victim of domestic violence, filing for divorce can produce higher levels of anxiety for you. Knowing that you will be able to get the assistance you need, however, can be a good way to take the first step and bring you to safety. Hiring a DuPage County lawyer will help to relieve some of your concerns by giving you a sense of what to expect and how to proceed.
In addition to the federal Violence Against Women Act, at the state level there is also the Illinois Domestic Violence Act. Domestic violence is a crime, and in Illinois the standard concerns any person who chokes, hits, kicks, threatens, harasses, or interferes with the personal liberty of a household or family member.
Recently, Governor Pat Quinn has made a concerted effort to tackle domestic violence in the state. Several new laws designed to reduce incidents of domestic violence have recently been at the forefront of the attention of public officials. These laws increase penalties for repeat offenders, require school districts to adopt procedures related to teen dating violence, and support domestic violence victims who might be covered under the abuser's insurance policies.
Do you Need a Social Media Will?
Social media is still a fairly new phenomenon, but it has made its way into most everyone's lives. What happens, though, to all of those online profiles when the owner ceases to live and maintain the page?
That is answered with an even newer idea of a Social Media Will. Essentially, it is the same as a normal will, with a "trustee" who will be in charge of the belongings and other items listed in the will, in this case, all social media forums. This includes blogs, social media pages like Facebook and all email addresses.
Here are some steps from the Illinois state government on how to go about writing a social media will:
- Before writing anything down, view all of the privacy policies and terms and conditions of every website for which you have an online existence in case there is a clause already about how accounts of the deceased are typically handled.
- Check each website to see if there is a setting for account management after your death, in which case you would not need a trustee.
New Study Suggests That Divorce is "Contagious"
Brown University recently completed a research project looking at more than 30 years of data about divorce, marriage, and remarriage for individuals living in Massachusetts. Their results found that people are more likely to get a divorce if a friend or close family member gets a divorce.
Looking at thousands of residents in the Framingham area, the study found that people were 75 percent more likely to get divorced if a friend went through the process first. For those who knew that a friend of a friend got divorced, 33 percent of couples were likely to get divorced. The primary researcher on the project argues that this is evidence of "social contagion", likening divorce to a rumor that has the potential to touch friends as far as two degrees removed from the situation.
Some additional interesting findings from the study included that popular people (who tend to have a stronger support network) are less likely to divorce, that divorce decreased a person's popularity, and that people who are divorced are more likely to partner in the future with other divorced individuals.
Obamacare and Estate Planning in Illinois
The Affordable Care Act has recently dominated news across the country. Regardless of what you think of the law, it is going to have an impact on your estate planning in the very near future. Two authors recently wrote a helpful piece in the latest Illinois State Bar Association Trusts and Estates newsletter giving an overview of what to expect.
It is important to understand if and how the Affordable Care Act may affect your estate planning. Some of the provisions may have a relatively uncomplicated impact on your future. For example, non-medical withdrawals from health savings accounts will be taxed at 20%. Additionally, using pre-tax flexible spending accounts on nonprescription medications will be prohibited. Other parts of the ACA's provisions, though, are exceedingly complex. Careful planning and advice will be necessary to ensure that you can reduce your overall tax liability. One of the largest effects to your estate comes from the investment income surtax of 3.8%, which applies to the lesser of the investment income or the amount that income exceeds over the threshold.
No-Fault vs. Fault Divorces in Illinois
Courts will not simply grant divorces arbitrarily or capriciously. Therefore, when a spouse files for divorce, he or she must state specific legal grounds why a court should grant the divorce. Based on the grounds cited, a divorce can be referred to as "no-fault" or "fault."
Historically, all divorces included an element of fault, or blame on one of the spouses for the failure in the marriage. Over the years, however, all fifty states have passed legislation allowing residents to file a no-fault divorce. Some states continue to allow residents to file fault-based divorces if they so choose. Illinois is one of those states, which leads to the common questions among Illinoisans: should I choose a no-fault or fault divorce? This post briefly looks into the advantages and disadvantages of each.No-Fault Divorce
Many people state as grounds for divorce that there are "irreconcilable differences" between the spouses, and therefore the marriage is irretrievably broken and future efforts to reconcile would be futile. When you state these particular grounds, you are not specifically blaming the broken marriage on one spouse or another, and so this is called a "no-fault divorce." In order for an Illinois court to find the existence of irreconcilable differences, a couple usually must have been separated for at least two years. If both couples sign a waiver, the separation requirement is only six months, though couples will still have to endure a waiting period to proceed on a no-fault divorce.
Common Estate Planning Mistakes
For some people, going through the process of estate planning is a difficult one because they lack familiarity with what to expect or simply underestimate the role that proper planning can play in your future. As a result, there are several common estate planning mistakes that are completely avoidable with the assistance of a trained Illinois estate planning attorney.
Mistake #1: Assuming You're Too Young For Estate Planning
Talking about estates immediately calls to mind images of grandparents or older adults, so individuals and families in their 30's have a tendency to think that estate planning isn't necessary at their age. Estate planning is actually much more comprehensive than determining what beneficiaries get what assets, and it's prudent to have an estate plan that reflects your needs at all stages of life.
Ways to Transfer a Family Business to a Successor
You have put a lot of time and effort into your business. If you have a family successor in mind, then it is important to make sure that the transfer goes smoothly. Now might be the best time to work up a succession plan while interest rates are still low which means transfer tax costs will be low.
There are a few different ways to transfer ownership rights. Depending on your specific situation each option has certain benefits.
The first way to transfer ownership is an outright sale. Selling your business in this manner allows you to receive payment right away which is nice for your retirement plans or if you need cash right away for any reason. Then your successor will be able to take control of the family business right away.
Another way to protect your business is by making a buy-sell agreement. The benefit of this sort of transfer is that the price and terms of the sale are set up in advance of the sale to protect both parties in case the owner is no longer capable of operating the business. This kind of contract kicks in when a specific event occurs such as retirement, incapacity, and death.
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