The ability to make a will involves the issue of mental capacity. In Illinois, there is a presumption that every adult is sane until the contrary is proven and the burden is upon him who asserts the lack of testamentary capacity. In other words, everyone is presumed to have the mental…
A personal representative is the individual who handles the matters of an estate as it makes its way through the probate process. If there is a will, the personal representative is the executor. If there is no will, the personal representative is the administrator. The personal representative has specific powers…
Like all other unique forms of real estate ownership, Co-Op Housing presents some interesting difficulties for those in the real estate market. The end of World War II marked the beginning of an acute housing shortage in the United States. Returning servicemen and woman, many of whom had lived with…
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 a time when advances in medicine are providing longer, more fulfilling lives for our family members with special needs, it is more important than ever to take advantage of all the financial planning tools available for their specific needs. The Illinois ABLE Act provides for a new tax-advantaged investment program that allows…
The Reverse Mortgage has gotten a bad reputation in the time since it was first created by the Federal Housing Administration in 1988. The mere mention of the Reverse Mortgage usually brings to mind foreclosed homes and declining financial health. In fact a Reverse Mortgage is simply an equity loan…
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…
George Boxill, Prince’s sound engineer, was set to release on April 28, 2017 the “Deliverance” album that included a total of 6 songs from the late performer. However, a U. S. District Judge in Minneapolis agreed with Prince’s estate and issued a temporary restraining order barring Boxhill from distributing any unreleased recordings, including the “Deliverance” EP.…
When clients think about Asset Protection Off-shore trusts or some elaborate scheme of trusts and other entities usually come to mind. However, there are several vehicles that are less complicated that a client can use that will probably suffice for her protection. Here are some strategies that are not complicated and…