Posted on October 26, 2017 in Estate Planning

If you watch television at certain times of the day, you are likely to see occasional advertisements for reverse mortgages. These ads often run in similar timeslots as commercials for arthritis medication and electric scooters. It is clear that they are intended to reach a certain demographic-namely, seniors who are starting to consider the reality that they will not live forever. As with most television pitches, it understandable that the audience would be skeptical, but a reverse mortgage may be an option for certain individuals and families.

Reverse Mortgages Defined

Most people understand that a standard mortgage is a financial arrangement in which a lender provides a borrower with money to buy real estate, including a home. The property itself is the collateral used to secure the loan. The borrower makes regular installment payments until the amount borrowed and any accumulated interest is repaid.

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 Posted on October 25, 2017 in Child Support

When parents complete the divorce process, their final divorce decree will specify how parental responsibilities will be allocated, the parents’ schedule for parenting time with their children, and the amount of child support that one parent will pay to the other. But while this is meant to be a permanent agreement (or, if parents were unable to reach an agreement, a judgment by the court), the law recognizes that people’s circumstances change, and a divorce decree may need to be modified at some point in the future.

Following the implementation of Illinois’ updated child support law, which went into effect in July 2017, parents may wonder if their divorce decree should be updated to reflect the new methods for calculating the amount of child support payments. However, before petitioning the court, they should understand when these types of modifications are allowed.

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 Posted on October 24, 2017 in Divorce

For years, scientists have known that children of divorced parents are more likely to get divorced as adults. People have speculated that this was because children spend time with their divorced parents during their formative years and therefore grow up to have a similar lifestyle. However, a new study suggests that genetics may play a role in whether children grow up to get divorced or not.

The study was conducted by Virginia Commonwealth University and published in the journal Psychological Science. It examined data regarding divorce in adopted children and children who grew up around their biological parents. The study’s findings showed that children who did not grow up knowing their biological parents and siblings still had a tendency to match their biological family’s decisions regarding divorce. The adopted children were less likely to have similar histories of divorce as their adoptive parents. This could mean that many of the choices we make about our relationships as adults are influenced by our DNA. When it comes to divorce, nature may be a stronger factor than nurture.

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 Posted on October 20, 2017 in Estate Planning

Older men and women are often among the most vulnerable members of our society. Children, of course, are also vulnerable, but as a whole, we have been historically more likely to aggressively protect children than adults and seniors. Unfortunately, this means that is relatively easy for elder men and women to be exploited-often by those who have been entrusted with guardianship or other responsibilities. With proper estate planning that includes contingency clauses and protections, it may be possible to reduce the likelihood of such abuse. A new federal law will also provide additional help in the battle against elder abuse and exploitation.

Bipartisan Efforts

The Elder Abuse Prevention and Protection Act was drafted by Representative Elizabeth Esty, a Democrat from Connecticut, and Representative Barbara Comstock, a Virginia Republican. The bipartisan measure passed the House and Senate and was signed into law by President Donald Trump earlier this month.

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 Posted on October 18, 2017 in Divorce

When a couple ends their marriage in divorce, the process of separating their lives from each other can be a lengthy, difficult process. Determining how to divide physical property, financial assets, and debts can be a complex matter, and when one or both spouses own a business, this process can become even more complicated.

Spouses who are business owners often have many of their mutual financial assets tied up in the business, making it difficult to divide these assets while keeping the business intact. Taking the following measures can help you ensure that your family-owned business will survive your divorce and that you will be able to maintain financial stability:

• Consider a prenuptial or postnuptial agreement - If you owned a business prior to your marriage, a prenuptial agreement can specify that you will retain ownership in the case of divorce. For a business that was formed after your marriage, a postnuptial agreement can define how ownership will be handled after divorce.

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 Posted on October 16, 2017 in Child Support

Until just a few months ago, Illinois courts calculated child support as a percentage of the income of the parent with fewer parental responsibilities-referred to in the past as the non-custodial parent. Since July 1, 2017, however, a new law has brought child support guidelines in Illinois up to date with modern trends and started improving the lives of all parties involved.

The Old Child Support Law

The previous law in Illinois has long been criticized for being inequitable, with not enough potential exemptions taken into account, and an alleged unfair burden on the non-custodial parent. Under the old guidelines, there were two primary factors in determining the amount of support to be paid: the income of the non-custodial parent and the number of children to be supported.

Critics found this unfair not only because not enough exemptions were taken but also because, in some situations, it effectively punished a supporting parent financially for spending time with his or her child. For example, if a father was the party paying support for two children, he would have paid 28 percent of his net income regardless of how much parenting time he enjoyed. If he had a substantial amount of parenting time, he would likely spend more money on the children while they were in his care, in addition to providing for basic needs like beds, bedding, and food. However, he would still be required to pay the same amount of child support as he would have with little to no parenting time.

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 Posted on October 12, 2017 in Powers of Attorney

Estate planning can be a difficult task for many individuals. Rare is the person who is excited about confronting his or her own mortality. The reality is that none of us will live forever, and estate planning affords us the opportunity to provide for our family members and loved ones well beyond our lifetime. Some elements of estate planning, however, are intended to take effect, if necessary, while you are still living so that your affairs can be properly managed, no matter what happens to you. Powers of Attorney are among the most important estate planning instruments, but they are often overlooked by those who are unfamiliar with their application.

Two Types

There are two different kinds of Powers of Attorney (POA): Power of Attorney for Property and Power of Attorney for Health Care. The two categories refer to the subject matter covered by the document, but both types give a trusted friend or family member the authority to make decisions for you in the event you are not able to make them for yourself. As their names imply, a POA for Property gives your chosen individual or entity-known as an agent-the power to make decisions regarding your finances, assets, and debts while a POA for Health Care appoints an agent to make medical and health-related decisions. By using POAs properly, you can help protect your family from uncertainty and unnecessary costs associated with guardianship proceedings.

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 Posted on October 10, 2017 in Divorce

When your marriage is ending, your life will likely be thrown into chaos as you and your spouse work to separate the many aspects of your lives which have become closely linked over the years of your partnership. During divorce, it is important to understand how your finances will be affected and plan for how you will manage your ongoing budget.

Consider the following tips to get on the right financial foot during divorce proceedings and after your divorce has been finalized:

1. Create a budget - You should make sure you have a full understanding of your income and expenses, including any spousal maintenance or child support payments you pay or receive after the divorce. Additionally, be sure you are accounting for rent, utilities, groceries, credit card bills, vehicle maintenance costs, insurance, and child care costs. Setting everything down in a budget and planning month to month management will ensure that unexpected costs do not arise and cause problems in the future.

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 Posted on October 10, 2017 in Estate Planning

When most people think about estate planning, they often focus the transfer of assets from one generation to the next. Wills and trusts-the most common vehicles for transferring such assets-represent a significant part of the estate planning process, but there are many other considerations that should be addressed. One of the most often overlooked aspects of estate planning is preparing yourself and your home to make life easier as you age, and doing so often takes time, money, and self-awareness regarding your current and possible limitations.

A Glaring Need

According to the Pew Research Center, an estimated 12 million Americans over the age of 65 live alone. A disproportionate 69 percent of that number-nearly 8.3 million-are women. While independence among senior citizens is often a desirable alternative to assisted living or nursing facilities, the reality is that a home that is suitable for a healthy, able-bodied adult may not be convenient or safe for an aging senior.

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 Posted on October 10, 2017 in Divorce

Divorce is extremely common, and sometimes, it can come at an inopportune time. Nowhere is this more apparent than in the case of military families, when essentially, there is no “good” time unless the person with a military career is essentially retired. To help military couples obtain a divorce in an amicable fashion without having to wait years, there are certain specific divorce laws that apply only to them.

Service and Timing Issues

The main issues in trying to obtain a divorce from an active duty military member are personal service and the possibility of default. A divorce can be filed in Illinois if one or both spouses either live in state permanently, or if one or both spouses are stationed in the state. However, in any contested divorce, the non-moving party must be served personally with a copy of the petition filed by their spouse. Otherwise the court, in theory, has no jurisdiction over them. In other words, without personal service, the military member would not have enough contact with the place where the court is for that court to have any power over him or her. If the divorce is not contested, personal service may be waived, but if it is contested, the rule is absolute. This means that the personal service requirement can make going forward with the divorce very difficult if the military member is overseas or in a war zone.

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