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…
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…
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…