Share Your Experience

five star review
X
Blog
Lombard Office
630-426-0196
Chicago South Loop
312-528-3290
Recent blog posts

Lombard living trusts attorneyWhen you are beginning to prepare an estate plan, it is important to remember that you are not just planning for the time after your death. An estate plan is necessary for more than just the rich—though that designation can be quite misleading. An estate plan is an outline set up by anyone—including those in lower- and middle-class income sectors—that determines what will happen to one’s assets and property. For those who may tend toward the higher end of the socioeconomic spectrum, it may be in your best interest to establish a living trust, which is a tool that can be used to manage your assets while you are still alive. Among other benefits, living trusts can useful in protecting certain assets and maintaining eligibility for government financial aid programs such as Medicare and Medicaid.

Two Types of Living Trusts

There are two main types of living trusts: irrevocable and revocable. The vast majority of living trusts are revocable, meaning that they can be amended or revoked at any time by the creator. When you create a living trust, the assets you select are transferred to the trust and ownership is in the trust’s name rather than in the name of an individual. Your designated trustee then administers the trust, meaning that the trustee makes decisions for the leveraging, sale, or gift of any assets in the trust. Most people name themselves the trustee of their own living trusts, meaning that there is essentially no difference in the way that one administers his or her own assets—only that they are now technically owned under the umbrella of the trust.

...

Lombard family law attorneyAs a divorced parent, you have probably had to work through a number of difficult discussions with your child. You may have been the one to break the news of your divorce to him or her and, in the time since, you may have answered dozens—if not hundreds—of questions about the future. Now, as you consider getting remarried, you will need to address difficult topics with your child once again.

Every Family Is Different

Your approach to talking with your child about remarriage will depend on a number of factors, including how long it has been since your divorce, the role of the other parent in the child’s life, and your child’s age and maturity. The relationship between your child and your new partner is also a major consideration. For example, if your child was very young at the time of your divorce and has come to see your new partner as a member of the family already, the conversation may much easier in many regards. By contrast, if you only recently got divorced and your child is extremely close with your ex-spouse, your child may not be prepared to accept a new stepparent so willingly just yet.

...

DuPage County estate planning attorneyThe time after the death of a loved one is almost always difficult, even if the death was preceded by a lengthy illness or years of health problems. When you are dealing with the grief and other emotions associated with loss, it can be especially troubling to learn that your loved one’s will was recently changed to benefit a particular beneficiary in a way that seems suspicious. If you have a reason to believe that the beneficiary—or anyone else—tricked or forced your loved one into amending his or her will, you may have the grounds to contest the will based on undue influence.

The Importance of Voluntary Testaments

Every person has the right to decide how his or her assets will be distributed on the person’s death. It is very important, however, for those decisions to be voluntary. A person who has been deceived or coerced into making certain choices about his or her property is not making them voluntarily. He or she is being manipulated.

...

Lombard family law attorneyIf you are a parent who is in the midst of a divorce, you probably have many questions about the future. “Where will I live?” “Will I be able to make enough money?” “What will happen to my kids?” As you probably know, the laws regarding child custody have undergone substantial changes in the last few years. The changes were designed to reduce competitiveness and friction between divorcing or unmarried parents and to encourage cooperative parenting. But what if your former partner is uninterested in taking responsibility for your child? Or, what if it scares you to leave your children with him or her? Fortunately, it is still possible for you to seek an amended version of what used to be called “sole custody” of your child.

New Names for Legal Custody and Physical Custody

At the beginning of 2016, sweeping reforms to the Illinois Marriage and Dissolution of Marriage Act (IMDMA) took effect. The updates largely eliminated the term “child custody” and replaced it with the more nebulous phrase “allocation of parental responsibilities.” Under the amended law, parental responsibilities are divided into two primary areas. “Significant decision-making authority” replaced the previous concept of legal custody, and “parenting time” replaced the old idea of physical custody. Sole and joint custody were two different types of legal custody arrangements as they were established to clarify which parent or parents had the responsibility to make important decisions about the child’s life.

...

Lombard estate planning attorneysWhen you consider what life will be like for your loved ones when you are not around to care for them, you may have serious concerns about family members who rely on you for the most care. You may have a child, a sibling, or even a cousin with a disability or other special needs. These needs may leave the person unable to adequately look after themselves. If you have been caring for a person with special needs, your death could lead to serious challenges for him or her, and your best option may be to create a special needs trust in the name of your loved one.

A Powerful Tool

Also known as a supplemental needs trust, a special needs trust is an instrument that places assets under the care of trustee to be utilized to help provide for a person with special needs. The most unique aspect of a special needs trust is that the funds contained in the trust are not considered to be “available assets” for the disabled individual, which means they cannot impact the person’s eligibility for Medicaid, Supplemental Security Income (SSI) and other income-based government programs.

...

Lombard family law attorneyWhen you are navigating the process of divorce, you and your spouse must be open and honest about your individual finances and those you share as a couple. Without both parties being forthcoming, you will not ever be able to divide your marital property as prescribed by Illinois law. Even the court will not be able to make such decisions without all of the necessary information.

Unfortunately, is not uncommon for one spouse to hide property and revenue streams in an effort to keep them away from the asset division process. While it may be possible to track down these assets before a judgment is entered, sometimes the property will remain hidden until the divorce has been finalized. If you have recently gotten divorced and you just found out that your ex was being deceptive during the process, you can still take action to remedy the situation.

Getting Your Divorce Reopened

...

Lombard estate planning attorneysPeople can get uncomfortable when discussing the role finances play in how successful or fulfilling a marriage will be. However, the simple fact is that money is consistently found to be the number one cause of stress in marriages. Studies have even shown that couples arguing over finances is the top predictor of divorce. Marriage is a financial partnership as much as it is a romantic partnership. If you are tying the knot this summer or have recently wed, read on to learn the steps newlyweds should take to protect their financial future.

Update Beneficiary Designations

Getting married can be quite the challenging and chaotic undertaking. Between choosing the venue, inviting guests, hosting the reception, and finding places for all those wedding gifts, some newlywed couples forget that there are certain financial steps they should take as well. Many unmarried individuals have their parents chosen as beneficiaries on things like life insurance policies and retirement accounts. When those individuals get married, they will need to change the beneficiary to their new spouse—presuming they wish to do so, of course. If the beneficiary designation is not modified and a tragic accident occurs, the surviving spouse will not receive any of that life insurance policy's payout. After getting married, each spouse should review financial accounts such as 401ks, brokerage accounts, IRAs, and bank accounts and update beneficiary designations as needed.

...

Lombard fathers rights attorneysMany studies have shown that children do best with both parents in their life. Of course, this is not true for situations involving abuse or domestic violence, but generally, removing one parent from a child’s life is damaging to the well-being of that child. Fortunately, many parents who get divorced or who never marry are able to work out a shared parenting arrangement which includes both parents as full participants in their children’s’ lives. Unfortunately, a new study shows that Illinois fathers are at the bottom of the list when it comes to how much time they spend with their children.

Study Analyzes Shared Parenting Schedules Across the Country

The study, which was piloted by a software company that makes apps for divorced and separated parents, involved a compilation of data regarding the most common parenting time arrangements in each of the fifty states. Through a survey of legal professionals and judicial standards across the country, the researchers were able to calculate the average amount of time parents spend with their children. The study only included cases in which both parents wanted custody of their children, and there were no extenuating circumstances, such as long-distance separation or criminal convictions.

...

Lombard estate planning lawyersThe passing of a loved one is almost always a terrible ordeal to endure. When a relative passes without a will, the process of managing the deceased person’s final affairs only adds to the difficulty. A person who dies without a will is considered to have died “intestate.” Illinois intestacy laws determine how a person’s property and debt are distributed after their death when a valid will is not present.

Laws of Intestate Succession When No Valid Will Exists

The rules regarding how a deceased person’s property should be divided are largely dependent on the deceased person’s surviving relatives. When a single person with no children passes away, his or her estate will go to his or her parents or siblings. If that person does not have living parents or siblings, their estate will go to nieces and nephews or more distant relatives. If an unmarried person with children passes away, their estate will go to their children. If a married person passes away, their spouse will usually receive the part of the estate which is considered marital property. Unfortunately, unmarried couples do not have any legal right to their partner’s property if that partner passes away without a will.

...

Lombard divorce attorneysIdeally, every divorcing couple would be cooperative and amicable during the divorce proceedings and the time leading up to it. However, this is not how a large number of divorces go. Spouses are often at least partially resentful of each other or harbor negative feelings about their soon-to-be-ex. In most instances, these hostile feelings only result in a few sideways glances or muttered insults between the spouses. In more extreme circumstances, one spouse may try to “get even” or hurt the other spouse through excessive spending or squandering marital property. This wastefulness is called “dissipation of assets,” and Illinois courts take the matter very seriously.

What Exactly Does "Dissipation of Assets" Mean?

The concept of dissipation can be hard to understand. The formal definition of dissipation comes from the Illinois Supreme Court. Dissipation formally refers to “the use of marital property for the sole benefit of one of the spouses for a purpose unrelated to the marriage at a time that the marriage is undergoing an irretrievable breakdown.” In order to know if your spouse is guilty of dissipation, you need to determine what property has been misspent. Generally, marital property includes any property or income which was accumulated by either spouse during the marriage. So, if a spouse wasted money from a bank account which was used for shared expenses like bills and household expenses, he may be guilty of dissipation.

...

Lombard family law attorneysMost of us are familiar with at least the basic concept of child custody. In most instances, we realize that the phrase refers to making arrangements for raising a child or children following a divorce or breakup between the parents. While it is possible for non-parents to gain custody of a child, the vast majority of child custody disputes are between a child’s biological parents.

In 2016, sweeping reforms to the family law statutes in Illinois eliminated the official use of the phrase “child custody.” The amendments introduced new terminology that was intended to be less divisive and more cooperative. For many years, parents sought to “win” custody of their children, rather than working together to find the best possible parenting arrangement. Today, the legal concept of child custody in Illinois is known as the allocation of parental responsibilities.

Two Primary Components

...

Lombard estate planning attorneysThe American Stress Institute has named divorce as the second-most stressful event a person can endure. Ending a marriage is considered even more stressful than losing your job or going to jail. Of course, the emotional toll that comes with ending a serious relationship is a big part of this stress, but the logistics and paperwork required to properly divorce can sometimes be even more stressful. This is one reason A. Traub & Associates is dedicated to helping clients adjust their estate plans after a divorce. In this final post of a four-part series about how divorce will affect your estate plan, we will discuss updating beneficiaries after a divorce.

Estate Planning Housekeeping for Those Getting Divorced

In the last few posts, we discussed updating wills, trusts, and powers of attorney after a divorce. In addition to these tasks, divorcing individuals should make sure to update documents that designate beneficiaries for things like insurance policies, pensions, and retirement plans. If you are like most people, you probably named your spouse as the primary beneficiary of many policies and accounts. Some individuals assume that when a person divorces, these beneficiary designations automatically change. However, this is not the case. If you are getting a divorce and do not want your soon-to-be-ex-spouse to be a beneficiary anymore, you are responsible for making these changes.

...

Lombard estate planning attorneyOver the last couple of weeks, posts on this blog have discussed how your estate plan could be affected by a divorce. The first post covered your will while the second post talked about the impact of a divorce on certain types of trusts. While wills and trusts are two of the most common estate planning tools, there are others that might need to be updated if you decide to get divorced, including powers of attorney for property or health care.

Powers of Attorney

A power of attorney refers to an arrangement in which a person—called the “principal”—gives legal authority to another person—called an “attorney in fact” or an “agent—to make decision on the principal’s behalf. A power of attorney can include a wide range of decision-making responsibilities, but there are two basic types. A power of attorney for property gives the agent the authority to make decisions regarding the principal’s assets, debts, and other property, while a power of attorney for health care allows the agent to act on the principal’s behalf in matters related to health and medical care.

...

Lombard divorce attorneysWhen a couple is getting divorced in Illinois, the law provides that all of the couple’s marital property should be divided in a manner that is fair and just. To determine a “fair and just” allocation of assets, the court will take many factors into account, including each spouse’s age, health, and employability, as well as their contributions to the marital estate. The court must also consider any claims made by either spouse against the other regarding dissipation of marital assets.

What Is Dissipation?

The Illinois Supreme Court established a definition for dissipation as “the use of marital property for the sole benefit of one of the spouses for a purpose unrelated to the marriage at a time that the marriage is undergoing an irretrievable breakdown.” Over the years, the state legislature has alternated between including and excluding non-marital property in its definition of dissipation. The most recent version of the law provides that only marital property can be dissipated.

...

Lombard estate planning attorneyIn Part 1 of this series of posts, we talked at length about how a divorce could impact the provisions and enforceability of a person’s will. A will, in many cases, is just one component of a comprehensive estate plan, which means that there are other estate planning instruments that could be affected by a divorce. For example, you may have established one or more trusts to protect and transfer your property to your chosen beneficiaries. The types of trusts that you have set up will determine how they are affected by your divorce.

Revocable Trusts

Illinois law provides that any provisions, appointments, or nominations made regarding a person’s spouse in the person’s will are automatically revoked when a judgment of divorce is issued. The law is similar in regard to trusts but with some important differences. The differences are caused by the nature of certain kinds of trusts and the rules that apply to them.

...

Lombard family law attorneySources report that former NBC news anchor Matt Lauer and wife Annette Roque are likely headed for divorce. The news is not surprising considering the events of last November when Lauer, along with several other high-profile men, were accused of sexual harassment in the workplace. Lauer was fired for the alleged inappropriate behavior. Now, it appears that his marriage may also be ending. In the course of his tenure at NBC, Lauer is estimated to have made upwards of $100 million. If the couple does end up divorcing, their extravagant wealth will undoubtedly complicate the process. When high net worth couples divorce, there is much more room for expensive mistakes to be made. If you are considering divorcing your spouse and have complex assets or high net worth, read on to learn common mistakes you should avoid.  

Mistake No. 1: Letting Emotions Guide Your Behavior

Of course, divorce is one of the most emotional things a person can endure. It is completely understandable that spouses feel sadness, regret, anger, resentment, or even vindictiveness. However, when you allow your emotions to be the only basis for your actions during a divorce, the results can be costly. For example, some men and women are so anxious to divorce a spouse they can no longer tolerate that they agree to terms that are not fair to them. It can be tempting to agree to whatever your soon-to-be-ex wants just to hurry along the divorce process, but doing this only increases the chances that you will not receive your fair share of marital property or support. For high net worth couples, this mistake can be extremely expensive.

...

Lombard estate planning attorneyMost people recognize the importance of having an estate plan in place just in case something unexpected happens. Depending on the size and nature of your estate, a comprehensive estate plan may include a will, various types of trusts, powers of attorney, a living will, and more. Sometimes, however, the unexpected “something” can take the form of a divorce. A divorce can dramatically impact your existing estate plan, so if your marriage will soon be ending, you will need to review and amend nearly every element of your estate plan.

Over the next couple blog posts, we will highlight several types of estate planning tools and how they might be affected by your divorce.

Your Will

...

DuPage County family law attorneyIf you are a parent and are unmarried, separated, or divorced, you probably already know that sharing parenting responsibilities is not always easy. When parents disagree about how their child should be raised, conflict can arise which is not in the best interest of the child. Incompatible parenting styles can create unnecessary tension and complication in your family. One of the best ways to avoid conflict when in a shared parenting scenario is to sit down with the other parent and create a parenting plan or parenting agreement. A parenting plan can clearly designate each parent’s role in making important decisions about the child’s life.

Significant Decision-Making

The term “significant decision-making” refers to “deciding issues of long-term importance in the life of a child.” The Illinois Marriage and Dissolution of Marriage Act outlines some decisions that are considered significant, including:

...

Lombard probate lawyersThe term “probate” refers to the legal proceedings which deal with a deceased person’s assets and debts. The probate courts are tasked with determining the validly of the decedent’s will, if he or she has one. If he or she did not have a will, the court will need to have much more involvement in the estate administration. There is a bit of confusion about probate, and many people are not sure what exactly it is. Read on to learn the answer to the most frequently asked questions regarding the probate process.

What Happens During Probate?

There are several things which typically happen during probate. If the decedent had created a will before he or she died, the judge will verify that it is a valid will. A will can be invalidated or thrown out if it is not signed by the testator (deceased person) and at least two witnesses, was forged, or if the testator created the will under undue influence. A will can also be invalidated if a newer will is discovered. Next, the judge will appoint an executor responsible for managing the estate. If the decedent had a will, the judge will appoint the individual named in the will. If there is no valid will, the judge will often appoint the next of kin as the executor. The executor is responsible for paying the deceased person’s final bills, notifying creditors of the decedent’s death, filing income taxes on behalf of the decedent, distributing assets to heirs according to the will, and more.

...

Lombard family law attorneysSince 2016, child custody has been formally known as the allocation of parental responsibilities in the state of Illinois. If you and your child’s other parent are involved in a dispute over how such responsibilities should be divided, you may have had several discussions with your child about the situation. In fact, your child may even very strong feelings about where he or she wants to live and how much time should be spent with each parent.

When you and the other parent cannot reach an agreement on your own, the court will be required to step in a make custody decisions for you. In doing so, the court will hear from both you and your former partner, but what about your child? Does he or she get the chance to be heard? The answer, in most cases, is yes, but the court is by no means obligated to give the child what he or she wants.

A Combination of Variables

...
Illinois State Bar Association DuPage County Bar Association Northwest Suburban Bar Association American Inns of Court DuPage Association of Woman Lawyers National Association of Woman Business Owners Illinois Association Criminal Defense Lawyers DuPage County Criminal Defense Lawyers Association
Back to Top