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…
When a guardian has been appointed for a person with a disability (the “ward”) there are sometimes disagreements as to that person’s care. These disagreements are usually between the guardian and the other relatives of the ward. Sometimes a guardian may attempt to push the limits of their power by blocking…
When a guardian is appointed for a person with a disability (the “ward”), the guardian is required to follow certain guidelines. There are two types of guardianships in Illinois, and they each have different rules to follow. The first is “guardianship of the person.” The guardian of the person is…
Many times clients will call our firm and state that they need a Power of Attorney for their elderly relative because he/she has dementia or some other condition which causes diminished capacity. Unfortunately, depending on the current mental capacity of the relative, it may be too late for them to sign…
Children under the age of 18 cannot directly inherit more than a small amount of money. If you make no provisions in your Will, a court will appoint a property guardian to manage your child’s assets until he reaches 18. The property guardian may be a stranger who will add…
A holding by the U.S. Supreme Court in Kennedy v. Plan Administrator for DuPont Savings and Investment Plan, et al. makes clear the importance of keeping on top of estate planning matters. In that case, a divorced father did not take all of the steps necessary to change with is…
An individual takes on legal responsibilities when he agrees to be a trustee. If the trustee does not perform his duties properly, he could be personally liable. A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), referred to as…