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Posted on in Estate Planning

Lombard estate planning attorneyOne of the greatest things about our country is that we have the freedom to define what family means to us. Some families consist of only one mother or father, others are the classic nuclear family, while still others contain step-parents and stepsiblings, half brothers or sisters, or even adopted members. If you have a large blended family, there are special considerations you should keep in mind when it comes to estate planning.

Remarrying With Children

The number of remarriages has been increasing over the last several decades. In 2013, 40 percent of unions included at least one spouse who had previously been married, and many of these unions involve children. One consideration for large or blended families to think about is how a person’s assets will be distributed in the event that he or she passes away. It is vitally important if you remarry that you change your primary beneficiary from your former spouse as soon as possible. Another common mistake happens when a parent names their new spouse as the primary beneficiary and names their biological children from another marriage as contingent beneficiaries expecting that they will all receive a portion of his or her estate upon death. What instead happens is that the primary beneficiary receives all the assets and becomes free to share or not share them with the children. One possible solution to this is to name multiple primary beneficiaries who each receive a percentage of your estate.

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Posted on in Estate Planning

Lombard estate planning lawyerThe reading of a deceased person’s will is often portrayed in movies and on television as a highly dramatic event. Usually, some conflict, plot point, or comic relief revolves around heirs being surprised about what they will be receiving as an inheritance. In some cases, the scene is meant to draw attention to someone being left out of the will. In real life, things are rarely so theatrical, though the feeling of being neglected or left out of a loved one’s will can be quite unpleasant and possibly offensive. Depending on the situation, such a person may wish to contest the will—especially if he or she believes that he or she was excluded by mistake or due to fraud of some kind.

Grounds of a Will Contest

If a loved one’s will left you with less of inheritance that you expected or none at all, contesting the will could be an option, but doing so is not likely to be easy. First, you must understand that a will contest must be based on legitimate grounds. A decision that you do not agree with is not enough. For a will contest to be successful, you will need to show that:

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Posted on in Estate Planning

DuPage County estate planning lawyerWhen someone asks you to be the executor of their last will and testament, you may feel both honored and also overwhelmed. What exactly does an executor do? Who can be an executor? Being an executor of someone’s will is a huge responsibility, but with some research and help, most are able to take on the challenge.

An Important Role

The overall job of an executor is to make sure a person's last wishes are granted with regards to the disposition of their property and possessions. He or she is responsible for paying the deceased's debts and creditors, and distributing any remaining money or property according to the deceased’s wishes. The law does not require an executor to be a lawyer or financial expert, however, it does require than an executor fulfill their duties with honesty and diligence. This responsibility is called "fiduciary duty," which means that the executor must act in good faith and in the best interests of the deceased person’s estate.

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Posted on in Estate Planning

Lombard estate planning attorneyThe Illinois Living Will Act states that every citizen has the basic right to control decisions about his or her health care. Unfortunately, however, there may come a point in a person’s life where he or she is not able to make such decisions on the spot. Advance medical directives, including living wills, can be used to document a person’s wishes regarding certain types of medical care in certain situations, removing the burden of making such decisions from family members and loved ones.

Those who advocate for living wills say that such instruments are crucial in protecting a patient’s rights. Living wills, in particular, address which types of death-delaying procedures the patient wishes to receive—or not receive—if he or she is ever diagnosed with a terminal condition and is unable to communicate his or her wishes at the time. A terminal condition is one that is incurable and will ultimately result in the patient’s death. Death delaying procedures are defined as treatments that will only serve to postpone the moment of death and commonly include:

  • Assisted ventilation and the application of artificial respirators;
  • Intravenous medication and nutrition;
  • Whole blood transfusions; and
  • Artificial kidney treatments, including dialysis.

A living will cannot direct medical personnel to withhold food or water to allow death to occur from starvation or dehydration.

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Lombard estate planning lawyerRecently, a previous post on this blog discussed the definition and some of the possible benefits of reverse mortgages. In that article, we talked about how reverse mortgages are often taken out by seniors to supplement their retirement income by borrowing against the equity they have built in their homes. In many situations, a reverse mortgage may be an appropriate option, but it is important to consider that reverse mortgages could also have some disadvantages—including an impact on the assets passed down to a person’s heirs.

Unforeseen Costs

The entire point of a reverse mortgage is to give an elderly person—62 is the minimum qualifying age—access to additional money during his or her lifetime. The amount a person can borrow in reverse mortgage is dependent on a number of factors including the type of reverse mortgage, the borrower’s age, the value of the home, and interest rates. Of course, in most cases, the lender will also apply a number of costs and fees, including an origination fee, costs at closing, and servicing fees for the life of the loan. Some lenders also charge for mortgage insurance premiums for certain reverse mortgages.

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