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How a Special Needs Trust Can Benefit Your Disabled Loved One

 Posted on April 12, 2023 in Estate Planning

Calumet City Estate Planning LawyerWhether a person has a physical or mental disability, the need for financial support is often consistent. The cost of medical care, home healthcare, specialized equipment, housing, and everyday needs can quickly add up. If you have a family member with a disability, you may worry about his or her ability to cover these costs after you have passed away. A special needs trust is a trust used exactly for this purpose.

What is a Special Needs Trust?

A special needs trust is a fiduciary relationship involving a grantor, trustee, and beneficiary. The grantor, or person who creates the trust, adds funds to the trust and assigns a trustee to oversee the distribution of the funds. The funds are distributed to the disabled person who can use them to cover living expenses, medical needs, and any other costs that he or she encounters.

What makes a special needs trust different from other types of trusts is that trust assets are not counted against the disabled person when it comes to public assistance. Many disabled people receive Social Security or Medicaid to help them cover expenses. These programs are based on income. If your assets and income exceed a certain limit, you are ineligible for benefits. A special needs trust provides financial support to a disabled person without threatening their eligibility for public assistance. Because the trust assets are held by the trust and not the disabled person, the trust assets are not counted as income.

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Buying a Home Through a Short Sale: Understanding the Risks and Benefits

 Posted on March 07, 2023 in Residential Real Estate

Englewood Residential Real Estate LawyerInflation, unemployment, illness, and countless other factors can make it difficult for homeowners to make ends meet. Consequently, some owners end up selling their homes for less than the amount that is still due on their mortgage. This is referred to as a "short sale."

For homebuyers, a short sale can present a valuable opportunity. However, buying property through a short sale is not without risk.

Possible Advantages and Disadvantages of Buying a Home Through a Short Sale

The main reason that someone would consider buying a short-sale home is that it will likely be available for much less than the home's appraised value. This means that the buyer could get a great deal. Many investors purchase a home or parcel of land and "flip it" for profit. If done carefully, buying a short-sale home can be a lucrative investment.

However, it is important to remember that some short-sale homes have been neglected by their owners. Therefore, buyers should be aware of potential hidden costs, such as repairs and renovations. Buyers will also want to do a title search and make sure there are no undisclosed liens or other encumbrances on the property.

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Can I Keep a Home From Going Through Probate? 

 Posted on February 06, 2023 in Estate Planning

chicago estate planning lawyerAging parents often leave conversations about inheritance untouched. These conversations are difficult and can leave both parents and children feeling sad or confused. However, these conversations are also very important because they touch on serious topics that have the potential to significantly impact the lives of everyone involved. By avoiding conversations about estate planning and end-of-life wishes, parents may inadvertently set their children up for more pain and suffering in the future as they struggle to understand a parent’s wishes regarding their estate. 

For many, a parent’s home is the only inheritance that will be handed down upon the parent’s death. The lack of more complex or valuable property may lead some people to believe that creating an estate plan just for a home is not worth the time or effort it would take. But putting a home through the probate process can be very complex and can significantly diminish the overall value that inheritors stand to inherit from the home. If you are interested in helping your parents keep their home out of the probate process after they pass away, read on. 

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Recently Divorced? Remember to Change Your Estate Plan

 Posted on January 14, 2023 in Estate Planning

hyde park estate planning lawyerMajor changes in relationships often bring changes to other, equally important parts of life. Marriage, divorce, and death are some of the most significant life events and all three have the potential to change the way we organize our property and financial planning. While marriage and death are often planned for, divorce often is not. Furthermore, the highly emotional and bureaucratic nature of divorce makes it easy to forget to handle other practical financial concerns, especially if you are exhausted after dealing with ongoing legal issues. However, taking care of your estate plan, including the way you manage your real estate, is essential. Failing to do so can mean accidentally leaving your assets in the wrong hands, benefitting someone to whom you are no longer married. 

Property After Divorce

Illinois law requires marital property to be divided fairly. Couples often come up with creative solutions for dividing their property, compensating each other with cash, retirement plans, or real estate in exchange for assets they want. Of course, when divorce divides the ownership of an asset, the beneficiaries of any estate plan that manages that asset usually need to change as well. 

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How Can Land Trusts Be Used in an Estate Plan?

 Posted on December 09, 2022 in Estate Planning

Roseland Trusts and Wills LawyerIf you own real estate, there are a variety of concerns that you may need to address when creating an estate plan. You may be looking to ensure that ownership of real estate property can be transferred to others with minimal complications or expenses, or you may wish to protect your privacy and maintain anonymity. Land trusts can be an effective tool for doing so. These trusts can help you protect your property and keep it out of probate. They can also help you manage your assets, minimize taxes, and prepare for the future. By understanding how land trusts work, you can determine the best ways to use them as part of a comprehensive estate plan.

What Is a Land Trust? 

A land trust is a legal document that holds title to real estate for the benefit of another person or entity. The trust is managed by a trustee, who will hold the legal title to the property on behalf of the beneficiary or beneficiaries (the people who will ultimately receive the property). When you create a land trust, you will transfer ownership of your property from yourself to the trustee, who will then hold it on your behalf according to the terms and conditions set forth in the trust agreement. 

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What Are the Benefits of Using a Transfer on Death Deed? 

 Posted on November 17, 2022 in Estate Planning

Hyde Park estate planning lawyerIf you are like most people, decisions regarding end-of-life decisions and estate planning are not something you want to think about. However, making these decisions now can save your loved stress and expense in the future. Estate planning also provides something no amount of money can provide: peace of mind knowing your final wishes will be carried out according to your specifications.

Strategic estate planning can also reduce the legal complications associated with your passing. One way to simplify the estate planning process is to use a transfer on death (TOD) instrument.

Advantages of Using an Illinois Transfer on Death Deed for Property

A TOD deed or beneficiary deed is a legal document that allows you to transfer ownership of your property to another person upon your death. The process is similar to naming a beneficiary on a life insurance policy. TOD deeds are revocable. You can name one or more beneficiaries, and you can change the beneficiary at any time before your death.

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