http://www.illinoisestateplanningandelderlawblog.com/ Published by Wilson & Wilson en-us 2012-02-04T11:03:55-06:00 http://www.illinoisestateplanningandelderlawblog.com/2012/02/chicago_estate_planning_and_cl.html If you are caring for your mother or father, you may be able to claim your parent as a dependent on your income taxes. This would allow you to get an exemption for her or him. There are five tests... YouNameIt illinoisestateplanningandelderlawblog-1 2012-02-04T11:03:55-06:00 http://www.illinoisestateplanningandelderlawblog.com/2012/01/illinois_law_giving_assets_to.html When you give anyone property valued at more than $13,000 in any one year, you have to file a gift tax form. Also, under current law you can gift a total of $5 million over your lifetime without incurring a... Estate Planning illinoisestateplanningandelderlawblog-1 2012-01-28T10:47:42-06:00 http://www.illinoisestateplanningandelderlawblog.com/2012/01/chicago_law_components_of_a_go.html Many people believe that if they have a Will, their estate planning is complete, but there is much more to a solid estate plan. A good plan should be designed to avoid probate, save on estate taxes, protect assets if... Estate Planning illinoisestateplanningandelderlawblog-1 2012-01-18T12:23:12-06:00 http://www.illinoisestateplanningandelderlawblog.com/2012/01/chicago_law_updating_your_esta.html Once you have created an estate plan, it is important to keep it up to date. The following is a list of events which may trigger an estate plan update. Whether it is your first marriage or a later marriage,... Estate Planning illinoisestateplanningandelderlawblog-1 2012-01-14T11:17:42-06:00 http://www.illinoisestateplanningandelderlawblog.com/2012/01/chicago_estate_planning_letter.html There is a lot of information your heirs should know that does not necessarily fit into a Will, Trust or other components of an estate plan. The solution is a letter of instruction, which can provide your heirs with guidance... Estate Planning illinoisestateplanningandelderlawblog-1 2012-01-07T12:42:23-06:00 http://www.illinoisestateplanningandelderlawblog.com/2011/12/illinois_inherited_iras_and_di.html In Kelly Greene’s Wall Street Journal article regarding inherited IRAs, she points out that IRA owners must start taking required withdrawals from traditional IRAs by April 1 of the year after they turn 70 ½. If they are past that... Estate Planning illinoisestateplanningandelderlawblog-1 2011-12-27T17:32:16-06:00 http://www.illinoisestateplanningandelderlawblog.com/2011/12/chicago_estate_planning_and_sp.html Social Security also provides benefits to a worker’s spouse or ex-spouse and to a deceased worker’s surviving spouse. Spouses are entitled to benefits if the marriage lasted at least 10 years. A spouse is entitled to an amount equal to... Estate Planning illinoisestateplanningandelderlawblog-1 2011-12-17T12:13:47-06:00 http://www.illinoisestateplanningandelderlawblog.com/2011/12/chicago_estate_planning_vetera.html The Cost of Living adjustment for Veterans’ Compensation is a 3.6% increase in benefits, effective December 1, 2011 for benefits to be payable in January of 2012. This adjustment applies to the rates of compensation for veterans with service-connected disabilities... Estate Planning illinoisestateplanningandelderlawblog-1 2011-12-10T11:38:24-06:00 http://www.illinoisestateplanningandelderlawblog.com/2011/12/chicago_area_nursing_home_qual.html A recent analysis reveals that the largest for-profit facilities maintain staffing levels nearly one-third lower than non-profit and government-owned nursing homes, resulting in a significantly lower quality of care. The study, led by the University of California San Francisco (UCSF),... YouNameIt illinoisestateplanningandelderlawblog-1 2011-12-03T13:35:41-06:00 http://www.illinoisestateplanningandelderlawblog.com/2011/11/chicago_estate_planning_and_ex.html An executor is the person responsible for managing the administration of a deceased individual’s estate. The executor is named in the Will. If there is no Will, an administrator is appointed by the Court. You are not required to accept... Estate Planning illinoisestateplanningandelderlawblog-1 2011-11-15T17:23:07-06:00