http://www.illinoisestateplanningandelderlawblog.com/ Published by Wilson & Wilson en-us 2010-03-06T09:47:37-06:00 http://www.illinoisestateplanningandelderlawblog.com/2010/03/warranty_deeds_and_quitclaim_d.html When a Seller assures a Buyer that he will stand behind the title to the property he is conveying, the Seller executes a Warranty Deed. With a Warranty Deed, the Seller discloses to the Buyer all of the encumbrances on... Real Estate illinoisestateplanningandelderlawblog-1 2010-03-06T09:47:37-06:00 http://www.illinoisestateplanningandelderlawblog.com/2010/02/illinois_estate_planning_and_d.html Authority to appoint the property of an original trust to a second trust is commonly referred to as decanting authority. The Federal Taxpayer Certainty and Relief Act of 2009 would provide this authority to a trustee and allow him to... Trusts illinoisestateplanningandelderlawblog-1 2010-02-19T16:06:19-06:00 http://www.illinoisestateplanningandelderlawblog.com/2010/02/portability_of_unused_estate_t.html Under current law, any estate tax exemption amount that a spouse does not use by the time of his death cannot be used by a surviving spouse and expires upon the first spouse’s death. Portability, as proposed in the Taxpayer... Estate Planning illinoisestateplanningandelderlawblog-1 2010-02-15T14:53:49-06:00 http://www.illinoisestateplanningandelderlawblog.com/2010/02/illinois_living_will_act.html The Illinois Living Will Act has been in effect since 1984. It is based on the common law doctrine of informed consent. This right gives individuals the authority to refuse medical treatment. It also gives individuals the ability to record... Estate Planning illinoisestateplanningandelderlawblog-1 2010-02-08T08:09:41-06:00 http://www.illinoisestateplanningandelderlawblog.com/2010/01/roth_ira_conversions_in_2010.html In 2010, the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) gets rid of the income ceiling that prevented individuals with modified adjusted gross income in excess of $100,000 from making a qualified rollover to a Roth IRA. After... Estate Planning illinoisestateplanningandelderlawblog-1 2010-01-26T16:32:01-06:00 http://www.illinoisestateplanningandelderlawblog.com/2010/01/illinois_powers_of_attorney_fo.html The Illinois Power of Attorney Act includes provisions for powers of attorney for healthcare. A power of attorney for healthcare allows an individual (Principal) to give another individual (Agent) authority to act on the Principal’s behalf as far as healthcare... Estate Planning illinoisestateplanningandelderlawblog-1 2010-01-18T16:44:04-06:00 http://www.illinoisestateplanningandelderlawblog.com/2010/01/illinois_estate_planning_and_p.html A durable power of attorney for property is executed by an individual when he is competent. The agent is given power to do things that the individual could do whether the individual is now competent or now incompetent. Because it... Estate Planning illinoisestateplanningandelderlawblog-1 2010-01-15T08:50:27-06:00 http://www.illinoisestateplanningandelderlawblog.com/2010/01/special_needs_child_and_estate.html In his article titled Estate Planning for a Family with a Special Needs Child, Sebastian V. Grassi, Jr. lists five estate planning options for parents of a special needs child: 1. Distributing assets directly to the special needs child; 2.... Trusts illinoisestateplanningandelderlawblog-1 2010-01-04T17:33:23-06:00 http://www.illinoisestateplanningandelderlawblog.com/2009/12/inheriting_a_roth_ira_and_your.html You can withdraw your original contributions to a Roth at any time. But you must wait five years to avoid paying the tax on earnings on regular contributions. If you inherit a Roth from your spouse, the taxable period ends... Estate Planning illinoisestateplanningandelderlawblog-1 2009-12-23T16:58:00-06:00 http://www.illinoisestateplanningandelderlawblog.com/2009/12/illinois_medicap_coverage_in_e.html The components of Medicare are: 1) Part A, mainly hospital coverage; 2) Part B, outpatient coverage; and 3) Part D, drug coverage. Medigap coverage pays the uncovered portions of most Medicare bills. There is also Medicare Advantage coverage which provides... Estate Planning illinoisestateplanningandelderlawblog-1 2009-12-18T08:02:11-06:00