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Recent Blog Posts
The Illinois Safety Deposit Box Opening Act
We have talked about critical documents, living wills, and how to plan your digital estate, but now we will look at a different but related subject. The Illinois State Law has a Safety Deposit Box Opening Act as part of the estate law. The act sets the conditions under which a safety deposit box may be opened after a lessee's death.
Section one states that after being given satisfactory proof of death of a sole lessee or the last surviving co-lessee of a safety deposit box, the lessor shall open the box and examine the contents in the presence of a person who presents themselves and has an affidavit. The affidavit needs to state that: the person is interested in filing of the lessee's will or in the arrangements of their burial; the person believes the box may contain the will or burial documents of the lessee; he is an interested person within the meaning of the Safety Deposit Box Opening Act. An experienced estate planning attorney in Cook County can help educate you about safety deposit boxes and estate planning.
Divorce Can Turn Burning Love Into Burning Belongings
Destroying your spouse's or ex-spouse's is belongings is never a good thing, but unfortunately these things happen when people are still dealing with their ended relationships. Both the Yorkshire Evening Post in the UK and azcentral.com reported stories about men burning their ex's property.
The story in the Yorkshire Evening Post was about a vengeful husband who burned his wife's shoes, clothes, and designer handbags after discovering she had married her lover in Gambia. Darrell Plews, 44, wanted to win back his wife, but he became furious after hearing that his wife Michelle had married a man she met on her holiday.
Michelle had taken a trip to Gambia, because the couple was having problems. After the trip she told Plews she would file for divorce. Plews tried to win her back, and eventually got a restraining order. After hearing about Michelle going to Gambia again, he had gone to the former marital home and burned Michelle's belongings on the patio.
Joe Paterno's Last Will and Testament Released To The Public
In mid-June, republicanherald.com posted a story about the release of Joe Paterno's last will and testament. Paterno was the football coach for the Penn State Nittony Lions of Pennsylvania State University, until he was dismissed in 2011 after the Sandusky child abuse scandal. Paterno's family made his last will and testament public after the Citizens' Voice of Wilkes-Barre said that the will had been sealed by an unusual court order.
Paterno named his widow, Sue, as his personal representative, and according to the will, he left all personal property to Sue. The rest of his estate went to the trustees of the Joseph V. Paterno Revocable Trust, but the trustees were not named, and trust documents are not usually public records. Paterno's business interests were left in the hand of his widow.
Paterno died of lung cancer in January, and in April, the attorney for the estate asked that his last will and testament would be sealed. Paterno's family said that the request is not unusual when the deceased is a well-known person, and their only goal was to preserve a little privacy for the family. To avoid speculation, the family made the will public later on.
Cruise - Holmes Divorce Settlement Reached
Just over one week since Katie Holmes filed for divorce from Tom Cruise, the couple has issued a joint statement regarding the rumors and details surrounding their divorce, including the custody arrangement for their 6-year-old daughter, Suri.
Their reps confirm that the couple has reached a settlement in the divorce and sources told People that Suri will likely live with Holmes in New York.
According to TMZ, Holmes will "have what amounts to primary physical custody, but Tom has significant custodial time with his daughter."
Reports stating that Suri will have to be in the presence of a nanny and a security guard while around Cruise are false, according to TMZ, but the subject of religion, including what both Cruise and Holmes can discuss with their daughter, is restricted per their settlement agreement.
Male vs. Female Divorce Strategy
Even in the most amicable divorces, lines are drawn. If the divorce turns contentious, the courtroom can feel like a battlefield. Search the internet for ‘divorce advice' and there are pages and pages offering strategic advice on how best to financially prepare for the war. A lot of this information is presented as gender specific - what men should do to prepare for a divorce, what women should do to prepare for a divorce. Just what are the differences?
The online publication AskMen offers tips for men on how to financially prepare for a divorce. The Huffington Post offers a similar article for women. Both publications consulted with different experts on divorce. Here's the advice they offer:
The Purpose of Establishing a Trust Despite the Existence of a Will
A trust agreement is a document that spells out the rules that you want followed for property held in trust for your beneficiaries. Common objectives for trusts are to reduce the estate tax liability, to protect property in your estate, and to avoid probate.
Think of a trust as a special place in which ordinary property from your estate goes in and, as the result of some type of transformation that occurs, takes on a sort of new identity and often is bestowed with super powers: immunity from estate taxes, resistance to probate, and so on.
You don't have to be a Rockefeller to need a trust. A trust can be a useful estate-planning tool for lots of people. But given the expenses associated with opening one, it's probably not worth it unless you have a certain amount of assets.
Here's a good rule of thumb:
The Difference Between a Will and a Living Will and What it Means for Your Estate
A will, also known as a last will, distributes a person's property after his death. A living will, on the other hand, explains what kind of medical care that person wants when he is still alive but unable to explain his wishes. In most states, both a will and a living will have similar requirements as to format, but the two documents serve very different functions.
The purpose of your will is to explain what you want done with your property when you are gone. It also allows you to name a guardian for your minor children. Your will does not legally take effect until after you die. Your living will, on the other hand, gives instructions to your family and doctors about how to treat you if you become incapacitated. You may explain what kind of care you do and don't want, as well as name someone to make your medical decisions on your behalf.
The Divorce Curse?
The number of separations among the casts of different "Real Housewives" shows has reached mid-thirties as Adrienne Maloof and Paul Nassif of "Real Housewives of Beverly Hills" are filing for legal separation. Huffington Post reported a story about their situation on July 30, saying Nassif filed for legal separation after nine years of marriage. The couple also has three sons.
Despite the fact that celebrities are getting many divorces, lately they seem to have managed to concentrate on what is important in those situations. The papers have reported about Tom Cruise and Katie Holmes reaching a settlement in their case, because they both want what is best for their daughter Suri. Incidentally, Nassif and Maloof are approaching their case with the same mindset.
Social Security and Estate Planning Challenges
Essential to securing your future and the future of family that you might leave behind is planning your estate. Most financial planners say that the biggest surprises to those planning their estates, is whether or not a surviving spouse will lose income. If your spouse doesn't have enough to live on then all your plans can be reversed.
"One thing people don't plan for is the reduction of income if a spouse or partner dies," says certified financial planner Kathy Hankard, of Fiscal Fitness, in Verona, Wis. If a couple is both living off of social security benefits, the income of a household has decreased by as much as 35%. Oftentimes, the loss of a partner only results in a 10 % decrease in living expense. Surviving spouses can pick which benefits are greater but they still have their total benefits decreased from two benefits to one.
There are options available to those looking to avoid this potential pitfall. There is a strategy that involves delaying the payments of benefits in order to increase the potential income for any survivors. The higher-earning spouse can refrain from taking their benefits can translate into an 8% in credits for each year up until age 70. When that person dies, the survivor can start receiving a benefit of 100% of the deceased spouse's benefit with the credit and a cost of living adjustment.
A Few Things To Consider Before Writing Your Will
Writing a will can get complicated at times. This text will try and provide you with a few key aspects that will make writing your will easier, so you can get your affairs in order. Here are a few tips on how to proceed:
Get help!
You can find the forms online and try doing everything yourself, but here is the catch: how will you know if you did everything correctly or not? You may think your will is properly written and ready, but if it is not, it will be your family that has to try and clear up all the issues it caused. You might be able to build a company or do your taxes on your own, because you will know after a while if you did everything right, but you will not know with your will. Be smart and visit a DuPage County law firm, or if you want to write your will yourself, at least contact an educated DuPage County estate planning attorney to review your will.
Get your mindset right!
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