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Park Ridge, Illinois 60068

Park Ridge IL Medicaid and Estate Planning Legal Blog

Wednesday, November 28, 2018

Special Circumstances in Estate Planning

Can I control my estate after I die?

You can’t take it with you, they say. But can those who are reluctant to freely give it away control their estates from the grave?

Advanced estate planning attorneys have an arsenal of estate planning tools to help people accomplish any legally-acceptable estate planning vision.

But why would people not want to just freely give their assets away? What concerns would lead them to exert continued control over their assets, beneficiaries, and/or the distribution schedule?

These are just some factors that may cause people to hold back or are red flags to an anticipated estate administration:

  • One or more difficult adult children that could contest the will and deplete the estate’s assets by doing so
  • Financially irresponsible children that could blow their whole inheritance due to their spendthrift ways
  • Special needs children may require special needs trusts to insure they do not jeopardize receipt of government disability benefits and to provide a lifetime of care.

Read more . . .

Friday, October 26, 2018

How You Leave Money to Charities Might Matter

Are you making a common estate planning mistake?

There’s a common estate planning mistake that some people make which can cost their children or other beneficiaries money.

Estate planning for children can differ depending on the age of the children involved and whether the children have special needs. Very often, when planning for minor children, trusts are used.
Read more . . .

Saturday, September 29, 2018

Dying Without an Estate Plan with a Special Needs Child

Q: How can parents dying without an estate plan impact a special needs child?

Estate administration can be difficult in cases where people die without a will.

Even when people have been told for 30 years by a trusted estate planning attorney all the reasons why they should have a will (and maybe even trust), and even when they expressed an understanding of the need for these legal documents, people still often never get around to it. That’s what Aretha Franklin’s family attorney reportedly said was the reason the “Queen of Soul” died without a will.

Read more . . .

Tuesday, August 21, 2018

The Slayer Rule in Illinois

Q: Can someone inherit from someone they intentionally kill?

Very often, the first milestone in life that sends a couple to an Illinois estate planning attorney is parenthood (even though everyone over 18 should have an initial estate plan created).

Read more . . .

Tuesday, July 10, 2018

How to Disinherit a Relative

Q: How can I leave a relative out of my estate plan?

It's common when people seek advice from a skilled estate planning attorney, that they may have close relatives in their life that they don't want to inherit anything. The late pop icon, Michael Jackson, was apparently one of those people.

Fortunately, in almost all cases, you can completely disinherit almost anyone, whether the person is part of your life or estranged --although state rules differ on the ability and extent to which you may disinherit your current spouse.

Read more . . .

Monday, June 11, 2018

Protecting Elders from Nursing Home Abuse in Illinois

Q: What can be done to protect elders from abuse?

In Illinois, a comprehensive estate plan involves much more than a simple last will and testament.

In addition to a will, people may benefit from trust documents that may help them transfer certain assets and avoid probate.

Read more . . .

Friday, May 18, 2018

Estate Planning to Protect Your Assets for Your Adult Children

Q: How can I prevent my adult child from blowing their whole inheritance?

It's advisable to visit a Park Ridge estate planning attorney once you reach the age of 18– – regardless of your financial situation – – first to create a will that disposes of your property and assets upon death. Secondly and equally importantly, supporting estate documents like powers of attorney and health care proxies can protect you in the event you become disabled or incapacitated and unable to make your own financial and/or medical decisions.

While it's uncomfortable to think about, death or disability can strike even the young at any time and once a child turns 18, their parents can longer make those healthcare decisions on their behalf without having been granted the legal authority to do so.

Read more . . .

Tuesday, April 17, 2018

Charitable and Planned Giving in Illinois

Q: How can I donate money to a favorite charity or cause?

People like to say that life is short. Because that may be true since we can’t predict when we will die, it pays for all adults, regardless of their age, health, or net worth, to have a comprehensive estate plan prepared by an Illinois estate planning attorney.

Read more . . .

Wednesday, March 14, 2018

Beware of New Tax Scams

Q: How can I avoid tax scams?

Seeing an Illinois tax return preparation attorney rather than trusting the important job to a national tax return preparation chain or attempting to tackle it yourself has multiple benefits. Perhaps the most obvious one is the confidence that comes from having an attorney's legal background in tax law standing behind your return. 
This year more than ever, it's important to trust your tax return preparation to a professional who is up to speed on the many changes enacted by the late year passage of the tax reform bill.
Read more . . .

Monday, February 12, 2018

Illinois Power of Attorney vs. Guardianship

Q: What’s the difference between a power of attorney and a guardianship?

Are you one of those people who’ve avoided seeing an Illinois estate planning attorney because you don’t want to face the thought of dying? Well, if so, you are in good company. But the peace of mind that comes from putting your affairs in order and protecting your family’s financial security is worth facing the fear.

Most people have heard of a last will and testament, or even a trust agreement, which are legal documents that provide for how you want your real and personal property to be transferred to others after you die.

Read more . . .

Monday, January 22, 2018

The Impact of the New Federal Tax Reform on Property Tax Deduction

Q: Are Illinois pre-paid real property taxes over $10,000 fully deductible?

If you're considering buying a home for your family or your business, a skilled Illinois residential and commercial real estate attorney can help you with everything concerning what may be the largest and most important financial transaction of your life. In fact, you should consult an attorney before signing listing agreements or other contracts with the many different players that are involved in real estate transactions, so your interests can be adequately protected.

If you already own real estate, you might have been caught up in the recent frenzy over one part of the latest federal tax reform legislation--namely the new $10,000 cap on real property tax deductions.
Read more . . .

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Thomas J. Hansen, LTD. assists clients in Park Ridge, Cook County, IL as well as Niles, Des Plaines, Glenview, Norridge, and Rosemont.

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| Phone: 847-292-1800

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