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Most people help their children when their children need help, even when they are adults. Sometimes that means making “loans” to them. You should think about how to handle gifts or loans to children in a Will or Trust. Your family will thank you for it! Imagine that your son’s car breaks down, and he needs a car to get to work. Student loan debt and the cost of living puts your daughter behind on…
Trusts are very robust and handy estate planning tools. If you are not familiar with trusts, perhaps you should read some articles that explain what trusts are (See Trusts Compared to Corporations; The Benefits of Living Trusts; and Avoiding Probate is a Matter of Trust) Even if you are familiar with trusts, the difference between revocable trusts and irrevocable trusts may remain a mystery. In this article, I will explain the difference between revocable trusts…
Trusts are very robust and handy estate planning tools. If you are not familiar with trusts, perhaps you should read some articles that explain what trusts are (See Trusts Compared to Corporations; The Benefits of Living Trusts; and Avoiding Probate is a Matter of Trust) Even if you are familiar with trusts, the difference between revocable trusts and irrevocable trusts may remain a mystery. Both kinds of trusts, however, are considered “living…
Part I : An Introduction to Family Law Mediation Family Law disputes, whether they involve divorce, paternity cases, disputes over child support or parenting time, or post-divorce cases involving adjustments to prior court orders or agreements, are all the among the most stressful and deeply felt of all legal conflicts. The fact that these issues, by their very nature, involve family and intimate relationships, make them difficult for people to address, and often hard to…
Some significant changes affecting trusts have come to Illinois with the New Year. Effective January 1, 2020, the Illinois Trust Code replaced the Illinois Trusts and Trustees Act. One of the biggest areas of change involves the duty of a trustee to provide an accounting. One of the hallmarks of the fiduciary duty that applies to the trustees of a trust (and to other fiduciaries) is the duty to provide an accounting. This has always…
It’s no secret that having a family isn’t cheap. Expenses increase with each addition, and things you never thought were needed in your home suddenly become a necessity. The moment you realize you’re about to become a parent, you can start planning for the financial changes that will come with the new addition to your household. Take a Look at Your Finances You should look at your financial situation in two steps: How much more…
It’s no secret that having a family isn’t cheap. Expenses increase with each addition, and things you never thought were needed in your home suddenly become a necessity. The moment you realize you’re about to become a parent, you can start planning for the financial changes that will come with the new addition to your household. Take a Look at Your Finances You should look at your financial situation in two steps: How much more…
I’ve seen it time and time again. A client comes in who has added a son, or a daughter, or a grandchild, or a niece or nephew, or someone else to the client’s bank account… or that is the client’s plan. It seems like a good idea. It gives another person access to the bank account for the payment of bills and other obligations. If anything happens to the account holder, the other person added…
Fear of Estate Planning, as in doing a Will or Trust (or both) is a common malady. Everyone knows they should do something, but few people know exactly what that something is they should be doing. Fear of the unknown often keeps people from doing what they know they should do. That “something” we should begin doing starts with learning what we don’t know so that we know what we should be doing. There is…
These last few years have seen a flourish of changes, both large and small in the Illinois Marriage and Dissolution of Marriage Act (IMDMA).  The most recent changes to the IMDMA affecting the maintenance provisions are the result of recent changes to the tax code by the Trump Administration.  In the past, maintenance or alimony payments were deductible by the payor on his or her individual tax return and were included as income on the…