During the COVID-19 pandemic, many of us in Illinois are complying with the governor’s stay-at-home order. We are hunkered down in our homes – making only necessary trips for essential matters such as medical treatment, supplies, or perhaps taking a walk to breathe in in some fresh air and soak…
Probate is the process by which a court will supervise the administration of an estate when someone passes away. Many clients prefer to avoid probate because the process can be time-consuming and costly. This article will examine the various ways probate can be avoided. Joint Tenants with Rights of Survivorship.…
One of the most important, but most often overlooked estate planning documents, are the Powers of Attorney. Powers of Attorney fall into one of two categories: (1) Powers of Attorney for Property and (2) Powers of Attorney for Health Care. Essentially a Power of Attorney legally authorizes a trusted family…
In the past, creditor protection was afforded to your IRA and to the beneficiaries that would inherit your IRA, such as your children. However, in June of 2014, the United States Supreme Court ruled that an “Inherited IRA” is not protected from creditors of the beneficiaries. This major change in…
A Special Needs Trust (“SNT”) or Supplemental Needs Trust is a certain type of trust which can be used for goods and services that governmental programs will not cover. The SNT must have special language within the trust such as: “This trust shall be used to supplement and not supplant governmental…