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The Holidays Could Be the Time to Talk With Your Family About Your Estate Plan
It is unbelievable that the winter holiday season is already upon us. By this time next week, you will probably be on your way to-or at least preparing for-Thanksgiving celebrations with your family members and loved ones. Just a few short weeks after that, families will be getting together for Christmas. If your family is spread out around the country, the holiday season might be the only time your whole family gets together throughout the entire year. With that in mind, it may be the only opportunity you have to discuss important topics like estate planning.
Being Prepared
There is no question about it: it can be tough to discuss your estate plans. Voluntarily confronting the idea of death can certainly be uncomfortable, but the conversation is important. Discussing your estate plan does not necessarily need to take hours, nor does it need to ruin the fun of the holidays. You have the power to control the conversation and to keep things positive by preparing in advance.
How Illinois Law Defines Different Types of Guardianship
When one thinks of being a guardian, the image of a parent taking care of a child often comes to mind. However, guardianships are not reserved solely for parents and their children. According to Illinois law, a guardian is a person, institution, or agency appointed by the Probate Court to manage the affairs of another, called the ward.
Because a person is considered an adult at the age of 18, they typically no longer have a legal guardian after their 18th birthday. However, like most laws, there are exceptions. There are four reasons why an adult would be assigned a legal guardian, all of which surround the adult’s health. The four qualifications for the need of a guardian are mental deterioration, physical incapacity, mental illness, and/or a developmental disability. Depending on the circumstances, there are several different types of guardianships allowed in Illinois.
Types of Guardianships
Moving Out of Your Family Home During Divorce
Illinois is an equal distribution state, which means when assets are split between two parties in a divorce, the judge determines what is a fair division. This does not mean assets are split 50/50, however, and numerous factors are considered, including:
- Length of the marriage.
- How much each spouse makes.
- Health and age.
- Standard of living.
If the home you and your spouse lived in was marital property, one person will typically be granted the family home. This is usually the spouse who has primary residential care of any children under the allocation of parental responsibilities (formerly called custody). For the other spouse, this means finding a new residence.
Here are some tips for moving from your family and home during a divorce:
Tell Your Children
Talking to your children about your divorce can be the most difficult part of the moving process. You and your spouse should give them enough time to process the idea of one parent leaving, but not so much that they see the unpleasant parts of your split. Reassure your children that although one parent is moving out of the house, they will be loved and supported no matter what.
Is an Incentive Trust Right for Your Estate Plan?
A trust is a fiduciary relationship in which an individual or entity called a trustee controls certain assets for the creator of the trust, called a grantor. An incentive trust arrangement is different from other trusts in that the trustee must follow specific rules set by the grantor regarding when the trust’s beneficiaries can receive funds from the trust. This legally-binding arrangement functions as a conditional inheritance, allowing grantors to encourage their intended beneficiaries to meet certain goals before being awarded their inheritance.
How Can an Incentive Trust Benefit My Family and Me?
Many individuals struggle to manage their finances responsibly. This is often especially true of individuals who acquire a large sum of money quickly, which can become a concerning dilemma for those who wish to leave money and other assets to heirs. For example, a grandparent may wish to leave money to his grandchildren but worry that they will squander their education in favor of frivolous spending. An incentive trust would allow this grandparent to ensure that his grandchildren only receive their inheritance, for example, after completing a higher education program.
Getting a Divorce With a Prenuptial Agreement
When signing a prenup agreement, it may feel like divorce is the inevitable conclusion, but if a couple gets divorced without one, the parties go to court to decide the division of assets if mutual decisions cannot be made. Signing a prenup before marriage addresses many issues a couple may face if divorce occurs, as long as no one tries to break the agreement.
What is a Prenuptial Agreement?
A prenup is an agreement two people make before they are married, which settles financial and other arrangements in case the marriage fails. A person might suggest getting a prenuptial agreement if:
- He or she makes significantly more than the other partner.
- Both are business owners or entrepreneurs.
- One person has a high amount of debt.
- They have been married before and/or have children.
Spousal Maintenance Changes in 2019
Change is once again coming to the Illinois Marriage and Dissolution of Marriage Act (IMDMA), and this time it is taking aim at the calculation method for spousal maintenance, formerly known as alimony. Spousal maintenance is governed by Section 504 of the IMDMA and is the contribution that one party (the “Payor”) gives to the other party (the “Payee”) based upon a calculation which is currently dependent upon the GROSS* incomes of the parties.
In order to determine if spousal maintenance is appropriate, the court will first make a determination using the facts of the case and applying them to various factors that they deem to be relevant. If the court decides that maintenance is appropriate, they will then move forward and determine the guideline calculation.
Generally, guideline maintenance is awarded if the parties’ combined GROSS annual income is less than $500,000.00, and the Payor has no obligation to pay child support, maintenance, or both from a prior relationship.
Getting Divorced from an Unfaithful Spouse
Even for those who have never experienced such a situation, it is almost impossible to imagine a deeper pain or sense of betrayal than that which comes from being cheated on by a spouse. While each couple may have their own definition of what constitutes cheating, an unfaithful spouse’s behavior can have a devastating impact on the marital relationship. In many situations, cheating is a symptom of much larger problems but is often the one that prompts the “cheated-on” spouse to finally take action to either fix the relationship or to end it permanently. If your spouse has been cheating and you are ready to file for divorce, there are some important things to keep in mind about your spouse’s behavior and how it might or might not impact the divorce process.
Marital Infidelity Is Not Grounds for Divorce
In 2016, Illinois lawmakers eliminated all of the fault-based grounds for divorce in the state. Since that time, a divorce can only be granted in Illinois on the no-fault grounds of irreconcilable differences. Cheating can certainly create irreconcilable differences but will not be recognized as the official reason for your divorce.
Reviewing Your Will After Your Divorce
If you have recently gone through a divorce, you probably experienced a number of challenges and obstacles. Even if in the best situations, it can be very stressful to negotiate the various aspects of a divorce agreement, including the division of marital assets and spousal maintenance. Couples with minor children often have even more to worry about. Now that your divorce is finalized, however, it is probably time to take another look at your estate plan, as the new dynamic of your life should be reflected in your will and other planning documents.
Your Ex is Out by Law
A will is, in most cases, a very durable instrument that will withstand a variety of life changes and other contractual obligations. One of the few exceptions, however, is that a divorce or dissolution of marriage, by law, essentially eliminates your ex-spouse from any will created before the marriage ended. According the Illinois Probate Act of 1975, a will executed prior to the dissolution of marriage “takes effect in the same manner as if the former spouse had died before the testator.”
Remarriage with Children: Your Role as a Stepparent
America is a nation built on second chances. Consider, for a moment, the number of high-profile incidents or embarrassments involving celebrities or public figures, and how many have gone on to even greater success and fame afterward. For many, love and marriage is not terribly different. Despite a failed first marriage, more couples than ever are willing to walk down the aisle again in the hopes of finding the permanent happiness that has, so far, eluded them. Remarriage, however, can be extremely challenging, as many couples beginning second or third marriages are bringing with them children from previous relationships. Finding the right balance between parent and friend is often difficult for new stepparents, but there are some things you should keep in mind to make the transition a little more comfortable for everyone involved.
Be Prepared
As you fell in love with your new spouse, you knew that he or she already had children. Thus, the process of becoming a healthy blended family probably began long before thoughts of marriage ever crossed your mind. During the dating process, it can be very easy to try to ignore your partner’s children and the potential impact on your relationship, but doing so is not very conducive to a future together. It is important, however, to start slow and not to impose yourself on an existing family dynamic in such a way that will be overly upsetting. Understand that you will probably feel like something of an outsider for a little while, because, in reality, that is just what you are. Over time, though, you will probably feel more included and more a part of the family than you ever thought possible.
Practicing Self Care During and After Your Divorce
Divorce can be a financially draining process, but it can also take an emotional toll. It takes a long time for a couple to build a life together, and no matter how many problems you and your spouse have, divorce is the end of that relationship. No matter who initiates the divorce, the emotional and physical separation is tough on both parties. Here are some tips for taking care of yourself while going through a divorce and after the divorce process has been completed:
- Follow a Routine - Having consistency during this time of uncertainty will help you carry on. Even though your marriage is officially ending, it is important to keep living your life and participating in activities you enjoy. Do not stop going to your book club or getting drinks with friends after work on Fridays. The only thing that has changed is your relationship status.
- Stay Healthy - If you do not already exercise regularly, now is the perfect time to start. Physical activity improves your mood and keeps your body strong. Even if it is just a walk around the block, keeping your blood flowing can help lift your spirits. Do not forget to keep feeding your body good things, too. There is nothing wrong with comfort food, but do not let cheesy and greasy foods become the majority of what you are eating.
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