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Recent Blog Posts
Can a Special Needs Trust Benefit My Disabled Adult Child?
Parents of children with disabling special needs must navigate a complex array of Illinois laws to ensure their children are taken care of as part of their estate plan. In addition to managing the financial resources a family can provide for their disabled loved one, government assistance may also be available to support a disabled adult. A family that can set up the right special needs trust can maximize their options for providing a stable, reliable source of income for their loved one that combines available government support with family assets.
How Do Special Needs Trusts Work?
A special needs trust is part of an overall estate plan that allows parents of children with disabilities to give their child money while still allowing the child to receive government benefits like social security. There are three kinds of special needs trust that vary slightly in certain respects. They are:
Tips for Choosing a Power of Attorney for Health Care or Property
Estate planning is one of those responsibilities that many people put off for as long as possible. However, proper estate planning is crucial to ensuring your wishes are followed if you become incapacitated or pass away. An important part of your estate planning process is choosing a power of attorney (POA). Your POA will have the authority to make decisions on your behalf if you are unable to make or express your wishes. It is important to choose someone you trust who can handle this vital responsibility.
The Main Types of Power of Attorney in Illinois
There are two main types of power of attorney. A power of attorney for health care gives someone else the authority to make medical decisions on your behalf. A health care POA will be expected to make decisions about the types of medical treatment you do and do not receive if you are incapacitated by illness or injury.
5 Steps to Take Before Selling Your Home
Most experts agree that it is a seller's market. Homes are in great demand, supply is low, and house prices are skyrocketing. If you are like many people, you may be interested in selling your home. However, selling your home is a major undertaking and it can be easy to make mistakes or overlook responsibilities. As you prepare to sell, consider the following suggestions.
Choose an Experienced Real Estate Agent
It is possible to sell your home without a realtor. However, there are many serious risks associated with "for sale by owner" transactions. Usually, these risks outweigh any potential cost savings associated with an FSBO sale. Real estate agents have access to large networks of potential buyers and ample experience with the home selling and buying process. Your agent can help you identify unqualified buyers and negotiate the best price possible.
Retain a Skilled Real Estate Lawyer
Should a No Contest Clause Be Included in a Will?
A last will and testament is a key component in any estate plan. Your will allows you to dictate how your property is distributed to heirs upon your death. It can also be used by parents of minor children to name a guardian should a tragedy occur and the parent dies before the children are adults.
The decisions made in a person's will are the testator's decisions to make. However, family members are not always pleased when they learn what a friend or family member's will contains. If a beneficiary doubts the authenticity of a will, they have the right to contest the will in court. A no-contest clause is a provision in a will that discourages beneficiaries from challenging the will in court.
No-Contest Clauses Are Used to Dissuade Heirs from Contesting the Will
There are many valid reasons to contest a will. For example, if an elderly woman suffering from dementia suddenly changes her will to disinherit her children and instead leaves her estate to someone she hardly knows, this is obviously very suspicious. The woman's family may challenge the will based on lack of testamentary capacity.
Red Flags When Signing a Commercial Lease
Business owners have countless issues to consider when starting or expanding a business. One major concern for many business owners and entrepreneurs is securing a place in which to operate the business. If you are a business owner looking for commercial real estate, it is important to take your time and fully evaluate your options.
Before you sign a commercial real estate lease, it is essential that you have the lease reviewed by a skilled real estate attorney. Your attorney may be able to help you negotiate more favorable terms, and ultimately save you and your business money. Furthermore, your attorney can help you spot red flags that may be signs a commercial lease agreement is not in your best interests.
The Landlord Suggests a Verbal Agreement Will Suffice
As a business owner, you probably already know the importance of getting any business relationship in writing. Unfortunately, even the savviest business owners have been ticked by smooth-talking landlords who assure them they have nothing to worry about. Make sure you get the lease in writing and have your attorney review the lease before signing.
Top Reasons to Include a Living Will in Your Illinois Estate Plans
Estate planning is important for anyone of any age or health. Unfortunately, life is nothing if not unpredictable and none of us know what day will be our last. Although it can be an uncomfortable topic to think about, planning for the possibility of incapacitation and death is crucial to protecting your loved ones and ensuring your final wishes are fulfilled. A living will is an advanced directive used to describe your decision regarding end-of-life care and other essential matters.
A Living Will Ensures Your Medical Wishes Will Be Followed
Most people are familiar with a last will and testament. A will is used to describe how property should be distributed to heirs after someone passes away. However, fewer understand the purpose of a living will. A living will is a document that spells out a person’s wishes regarding medical care at the end of their life. If a person is in a coma, suffers from dementia, or has other disabling medical conditions, he or she may not be able to communicate with doctors and loved ones. A living will is used to make medical decisions about end-of-life care in advance, so there is no question about the types of medical care an individual should receive.
Understanding Mechanics’ Liens on Residential Properties in Illinois
Illinois law permits contractors, construction professionals, and other parties to place a lien on a residential property for the purposes of collecting past-due payment. The Mechanics Lien Act ensures that contractors and other parties who work on a home are paid for their work. In other words, a mechanic’s lien is collateral for a debt. It is important for any homeowner to understand when a mechanic’s lien may be placed on their home and how to respond to this situation. It is especially crucial for individuals buying a home to understand how a mechanic’s lien can complicate the home-buying process.
What is a Mechanic’s Lien?
A lien is an action used to ensure the collection of a debt. Liens filed against a real estate property give the creditor interest in the property. This means that the property owner cannot sell or refinance the property until the debt is paid and the lien is lifted. The creditor may also be able to ask the court to compel the sale of the property so the creditor can receive payment from the sale proceeds.
How Is the Probate Process Handled if a Person Did Not Have a Will?
After a person dies, issues related to their estate will be handled through a legal process known as probate. If the person had a last will and testament, the executor of their estate will file their will in probate court, take a complete inventory of their assets, pay taxes and expenses on behalf of the estate, and distribute the estate’s assets to the person’s beneficiaries. However, in cases in which a person died without a will, their family members or other heirs may be unsure about how these matters will be addressed.
Intestate Succession
The probate process will usually be required whether a person had a will or not. In cases where the deceased person did not have a will, someone will need to be appointed as the representative of the estate. This may be a family member or another person who was close to the decedent, and they may ask to be appointed by the probate court that is handling the case. The estate representative will carry out the same duties as a person who was named as an executor in a will.
Understanding Different Types of Real Estate Construction Contracts
There are multiple different situations where construction may be performed on real estate property. Homeowners may plan to make improvements or renovations to their homes, or a person may plan to build a new home after a residential real estate purchase. Real estate developers may plan construction on commercial real estate property, either by making improvements to existing buildings or adding new buildings that can be leased to commercial tenants. Construction projects can be complicated, and the parties involved in these projects will need to make sure they understand their rights and obligations as they enter into construction contracts. By understanding the types of contracts that may be used in these projects, property owners, developers, and contractors can determine the best options that will protect their rights and interests.
What Are the Benefits of a Revocable Living Trust?
There are a variety of estate planning tools available to families that will allow them to protect their assets, use these assets to provide for themselves and their loved ones, and determine how matters should be handled after a person’s death. While most people are familiar with wills, they may not be fully aware of the role that trusts can play in an estate plan. Revocable living trusts can be especially beneficial, and understanding how these trusts may be used will ensure that a family will be fully prepared for the future.
What Is a Revocable Living Trust?
Trusts are legal instruments that will allow a person’s assets to be managed by a trustee, who will follow specific instructions for how assets should be distributed to a person’s beneficiaries. When a trust is created, ownership of assets will be transferred to the trust itself. This can ensure that certain assets will be protected, and it will also make sure these assets will be used correctly. If a trust is revocable, the person who created the trust can update its terms at any time.
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