Posted on June 13, 2019 in Wills and Trusts

More than half of Americans do not have any estate planning documents in place at all. Those that do most often have a will and nothing more. However, there are many estate planning instruments above and beyond a last will which can be greatly beneficial. One of these instruments is a trust.

Some people shy away from trusts because they do know exactly how trusts work or how a trust can benefit them and their family. Others assume that only the wealthy require trusts to handle the distribution of assets after their death. Neither of these estate planning myths is true. Read on to learn about the basics of trusts and how a trust may be able to work for you.

How a Trust Works

In a last will and testament, an individual writes directions for how his or her property should be distributed to heirs upon his or her death. A trust can also address how property is passed down to beneficiaries, but in a different way. A trust establishes an agreement between a testator and a trustee. The testator is the person creating the trust and may also be referred to as a settlor or grantor. The trustee is tasked with managing the settlor’s assets and distributing those assets according to instructions contained in the trust. The trustee is a fiduciary with a legal obligation to follow the terms of the trust and avoid any self-dealing or conflicts of interest in managing assets contained in a trust.

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 Posted on June 11, 2019 in Family Law

When a baby is born, the biological mother is already established, but unless the mother is married, the child's father is not presumed to be a legal parent. Paternity is the legal relationship between a father and a child. In cases where paternity needs to be established, doing so benefits the child in many ways. For example, it can foster a positive relationship between the father and child. In addition, the child is entitled to receive certain benefits, such as child support and health or life insurance based on the father’s employment.

Voluntary Acknowledgment of Paternity and DNA Tests

Under Illinois law, if two people are not married or in a civil union, then a form can be signed to identify the father of a child. This is called Voluntary Acknowledgment of Paternity (VAP), and it will ensure that a father can be listed on the child’s birth certificate. The form can be filled out at the hospital or at a later time by obtaining it from a child support office, county clerk’s office, or online. To complete this process, both parents must read and understand their rights upon signing the form. The form is then filed with the Illinois Department of Healthcare and Family Services.

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 Posted on June 08, 2019 in Child Custody

Determining the allocation of parental responsibilities can be one of the most difficult aspects of divorce. Parents are not used to having to schedule a time to see their children. It is typically built into their schedule out of default. Making parenting decisions can be the portion of divorce that causes the most conflict. Emotions can run high, which can lead to an inaccurate representation of who you are as a parent. In order to avoid being overwhelmed by the legal process, it is important to be prepared when discussing parenting schedules.

Common Schedules

Although all parenting schedules can be adjusted to fit your family, there are four common divisions of parenting time that many families follow.

1. 50/50: Evident in the name, the 50/50 plan has the child spending equal time with both parents. Some families have the children spend a whole week with each parent while some prefer to alternate days. This schedule is best when both parents live nearby and both are actively involved in parenting. The 50/50 schedule can make it difficult for the child to feel grounded depending on the number of days spent in each household.
   

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 Posted on June 06, 2019 in Estate Planning

Although we generally consider marriage to be primarily a romantic relationship, when two people join their lives together, it is also a financial union. Many studies show that disagreements about finances are the top predictor of divorce. One of the best ways that engaged couples can avoid this pitfall is to be upfront, honest, and proactive about financial plans and concerns from the very beginning. If you are a newlywed or plan to “take the plunge” this summer, it is important to consider the estate planning steps you should take to safeguard your family’s financial future.

Create Your Last Will and Testament or Update Your Existing Will

In past blog posts, we have discussed some of the most ubiquitous misunderstandings about wills. Perhaps the greatest myth regarding wills is that they are only needed after a certain age. The reality is that an adult of any age will benefit from creating a will.

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 Posted on June 04, 2019 in Divorce

Summer vacation is what students look forward to all year. However, if a couple gets a divorce, there can be much uncertainty around this time of year for parents and children alike. Without school to fill children's daily schedules, an entirely different schedule within your parenting plan may be necessary.

What Is a Parenting Plan?

When a married couple with children gets divorced, they must create a parenting plan. This is a court order that specifies how children will be taken care of after a divorce. The parenting plan will explain the amount of time each parent gets to spend with a child, and how parents will make decisions about raising their children. In Illinois, the terms "custody" and "visitation" have been replaced by "parental responsibilities" and "parenting time." Instead of dividing legal and physical custody of children, parents may divide or share decision-making responsibilities, and each parent will typically be given parenting time with the children.

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 Posted on June 01, 2019 in Child Custody

Many people decide to relocate after a divorce in order to have a fresh start. Seeing their former spouse in town or going to places that you used to frequent throughout your marriage can make it difficult to move on and start over. While this does not require court approval for all divorcees, those with children will need to get this legally approved. This is mandated in Illinois in order to prevent the custodial parent from intentionally keeping their children away from their other biological parent. This can occur if the marriage did not end amicably; however, a bad marriage does not make someone a bad parent. Despite the cases where one parent is attempting to control the other, relocation can be done with the child’s best interests in mind.

What Is Considered Relocation in Illinois?

Moving and relocating are not one and the same. Relocating is moving a residence on a much larger scale. According to Illinois law 750 ILCS 5/600, there are a few specific parameters required to be classified as “relocation”:

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 Posted on May 31, 2019 in Estate Planning

Even though there are numerous benefits to creating a will, studies show that only about 60 percent of Americans have established a will, trust, power of attorney, or other estate plans. Many people use misinformed excuses to justify not having estate plans. They may incorrectly think “I am not rich, so I do not need a will” or “I can wait until I am older or in poor health to create estate planning documents.”

Estate planning does require a person to face some uncomfortable inevitabilities and can be tedious, so it is understandable that many procrastinate on this important undertaking. However, waiting too long to think about estate planning may mean that very personal decisions regarding your property, heirs, and even your medical care could be left up to others.

Why You Need an Estate Plan Even If You Are Young and in Good Health

Anyone who drives a car on public roads must have auto insurance according to Illinois law. However, it is safe to assume that many people would have auto insurance even if it was not required by law. They know that car accidents happen across the country every day and that it is better to be safe than sorry. Generally, people understand how insurance protects them much better than how estate planning protects them. However, the two concepts are not entirely different.

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 Posted on May 30, 2019 in Divorce

The decision to divorce is difficult for any married couple. Whether it is losing the person you love, not seeing your children as often, or adapting to a new lifestyle, everyone has valid fears when the divorce process begins. Another common concern is about personal finances after you and your spouse split. If your spouse makes a significant amount of money, or if you do not have a college degree, giving up that financial support may feel hopeless.

Division of Assets

Unless you signed a prenuptial agreement before getting married, Illinois has a process when it comes to property and debt in a divorce called equitable division. While this does not mean that each spouse gets an equal share of marital property, the division of assets is done based on what is fair, while taking certain factors into consideration. How assets are divided are based on the length of a marriage, how much each spouse contributed to the marriage, economic and health circumstances, and whether children are involved. When it comes to physical property, premarital assets are usually left with the owner, and marital assets are included in the equitable division process.

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 Posted on May 25, 2019 in Guardianships

We generally think about guardianship with regard to guardianship of children, however, this is not the only type of legal guardianship that exists. When a person cannot care for themselves due to a disability, old age, or a debilitating illness, a family member may take on the responsibility of caring for him or her. Sometimes, visiting the person several times a week and helping with certain errands and tasks is enough while other people need much more extensive assistance. For situations in which a person needs significant help, you may consider guardianship. Seeking guardianship of an adult may be the best way to ensure a disabled adult is receiving the care he or she needs, but the process is not always simple.

When Do Courts Grant Guardianship of Adults?

In Illinois, guardianship of a person over age 18 only takes place through the court system. Before a court will assign someone to be another person’s guardian, it must first confirm that the disabled or sick individual needs this level of assistance. The court will evaluate to what degree the disabled person is incapacitated by mental illness, cognitive decline, physical ailment, developmental disability, or another issue. In some situations, a drug or alcohol addiction may also be considered disabling enough to qualify a person for guardianship. The court will determine the level of incapacitation the disabled person experiences and the particular responsibilities that he or she cannot accomplish for himself or herself. Next, the court will determine what type of guardian should be selected.

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 Posted on May 25, 2019 in Adoption

Because divorce is so common, having a stepparent or becoming one has also become less of a rarity over time. Children whose parents divorce and remarry at a young age often see this as their norm. Because they grew with it, there is nothing outside of the ordinary about having more parental figures than just the people who are biologically related to you. This is not the case with children or teens whose parents get divorced when they are old enough to remember a life when their parents were married. A stepparent can seem like a foreign concept. The emotional transition can be just as difficult, if not more, as the legal process to becoming an “official” parent through adoption.

What Does the Legal Process Look Like?

An individual is considered a child’s “stepparent” once they marry the child’s biological parent. However, in the eyes of the court, this person has no legal rights with the child. Becoming a legal guardian of a child as a stepparent can be difficult. A child can only have two legal guardians, thus the other biological parent must give up their legal rights in order for the child to gain a new legal guardian. Stepparent adoptions are most common when the other biological parent has passed away. If this is the case, the only permission needed is the stepparent’s spouse. From there, the process is similar to other adoptions. Legal documents must be completed, interviews conducted, and a decision made about whether or not the stepparent is fit to adopt the child.

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