Here in Illinois, we do have the right to create a will, however, we are not forced to do so. According to state law, the court will automatically distribute your property to your legal heirs if you are to die without having written a will. The court distributes your property by choosing a specific administrator to go through and settle your estate and handle your assets. The administrator does so by following guidelines described in Illinois law, and this is after all debts and expenses have already been paid.

It’s impossible to generalize exactly how your assets will be distributed; that depends on the individual situation. One specific law in Illinois regarding distribution of assets is that if there is a widow and one or more children remaining, the widow will receive one half of the estate and the children will receive and share the remaining half.

Here in Illinois, we have adopted independent administration for all estates. Because of this change, family privacy has been increased. It is also true that this new administration will reduce time required in the courts. The court is only required to be involved in the situation for opening and closing the estate. However, time could be increased if there happen to be disputes among the beneficiaries or with third parties.

In general, it is highly recommended that you create a will while you are able to. It is recommended so that you can voice your opinion in how your estate will be distributed and so that you can reap the tax benefits. If you think it is time to start considering drawing up your will, contact an experienced Illinois estate planning attorney to assist you and answer any questions you may have.

This federal and state joint program has minimum standards and expectations that can be a little tricky to understand.

To be able to use Medicaid for nursing home payments is important for many elderly because they need the help and care to have a good quality of life for their remaining years. To qualify for Medicaid, you have to be considered low-income and if you have certain assets it can actually prevent you from getting Medicaid assistance. Understanding there are options and ways to plan for your future need of Medicaid is an important resource for your future.

Medicaid planning is a way to get your assets, such as your personal home, made inaccessible to being considered your legal responsibility for paying the bills on. Having an attorney move around your assets to keep it away from the state can be a very difficult and complex process due to the passing of the Deficit Reduction Act of 2005 that made it harder to do any sort of Medicaid planning.

As you consider the rearrangement look at sheltering assets that can be counted against Medicaid, keeping your assets available for your loved ones and being able to provide for your spouse if you are married.

Planning for your future is important. Contact an estate planning attorney in the Illinois area who is experienced in this area.

Image Courtesy of Freedigitalphotos

First, estate planning can prevent surviving family members from fighting, or at least minimize any fighting that occurs. When you make a comprehensive estate plan, you give your family explicit directions about how you want your property distributed. While some family members may not like the choices that you made in executing a will or a trust, it is pretty difficult for them to argue with those choices. As a result, there is at least a decreased chance of family members fighting over what you leave behind when you express your wishes through estate planning.

Next, estate planning avoids probate and saves time and money. If you engage in careful estate planning, then there will be no need for probate. You can arrange that all of your property will pass to whomever you wish to have it following your death without the probate or a court ever intervening. Probate proceedings can be costly and lengthy. If you are able to avoid probate, however, it will be far more beneficial to your surviving family members.

Finally, estate planning can help you even prior to your death. Part of estate planning is typically executing documents such as a power of attorney and a living will. These estate planning documents tell your family how you wish certain situations to be handled prior to your death, such as whom you want to make decisions for you if you are unable to make decisions yourself.

For help devising the estate plan that is best for you and your family, contact a DuPage County estate planning attorney today.

David Wray, president of the Profit Sharing/401k Council of America, based in Chicago, told Bankrate that “there’s been a philosophical shift going on for several years from a ‘if you build it they will come’ mentality to a more paternalistic approach of offering (retirement) plans.” One example of this is the growth of numbers of companies that offer automatic enrollment in a 401k plan, which usually reduces the take-home paycheck by 3 percent. As Bankrate reports, “currently, the number of companies offering automatic enrollment is heading steady at about 30 percent, but as market conditions improve, that figure could climb to 50 percent.”

In this unstable market and given how quickly conditions can change for even the most time-tested means of retirement savings, it’s important to seek the advice of a qualified professional when looking to the future. Not all investments—even those in 401k’s—are guaranteed, and the process of planning is best gone through with an experienced team on your side. If you or someone you know is interested in retirement planning, don’t go through it alone. Contact a Chicago-area estate planning attorney today.

Image courtesy of FreeDigitalPhotos.net

San Diego Country residents, Victor Loh and his wife, Jannett Bidwell, created that bond with many elderly people as financial planners and insurance sales representatives. They conned 17 people into investing money in bogus investments the couple could easily transfer out and use on things like expensive cars, horses and trips. These lump sums were savings from people who were looking into investing in their future but instead were schemed out of their hard earnings.

December 27, 2012, Loh was convicted to six years and four months in state prison for lying to the 17 people out of their $4.25 million that went back all the way to 2008. By him pleading guilty to all four counts, he will now have to pay a restitution of the total amount. His wife, Bidwell, will be sentenced later this year hopefully on June 26, 2013.

Choosing an estate planner who can help you with not only your retirement but your estate after death is crucial. You want someone you can trust and who has the experience for the undertaking. An Illinois experienced estate planning attorney is your best bet to insuring the future of your assets.

Image courtesy of http://www.freedigitalphotos.net

Many believe that the court will decide what to do with both property and children if a will is not in place. However, the survey revealed that more than half of the pastors misunderstand the court’s role in property division, and 1 in 5 misunderstand what happens to children.

“Estate planning is really about good stewardship for your family,” says Warren Peek, president of the Southern Baptist Foundation. “Basic planning saves a lot of headaches and ensures that assets are not lost.”

Scott McConnell, the director of LifeWay Research—the company that conducted the survey—is quoted in this article about the survey results. Of the pastors surveyed, 70 percent have children over the age of 18, 35 percent have children under 18, and 12 percent have children who are both older and younger than 18. However, out of those with children under the age of 18, 58 percent do not have a will and 96 percent do not have a trust. McConnell claims that this can be concerning, especially considering that families with young children should be the ones thinking about these issues the most.

Estate planning is an important step to take in your life—especially if you have children or certain assets you don’t want to lose. Even though you can’t take it with you, drawing up a will or other estate documentation will help ensure your wishes are met. Our law firm covers DuPage County and other surrounding areas of Chicago. With over 30 years of legal and business experience, you can be assured we will do our utmost to safeguard your future.

Four key areas of planning an estate are:

1. Protecting your spouse
2. Protecting non-spouse beneficiaries
3. Preserving your business for the next generation
4. Leaving a legacy

For most people, their spouse is their primary concern and it is very common to leave all of their assets to the spouse. Often, children and/or other loved ones will be the secondary beneficiaries.

If you are a surviving spouse, the estate plan may be need modifications so that the estate can be evenly distributed among the children. The surviving spouse also has the opportunity to plan to ensure that the assets are available on a long-term basis to protect them from being accessed by others, like creditors or a child’s estranged parent.

If an owner of a family business is planning an estate, he or she has several options to consider for leaving the business including whether or not to leave the business to a family member or to sell it to an interested buyer. Other options include the amount of profit from the business and the ability of other family members to successfully run the business. Often, it is true that the family would be most protected if the business is sold and the proceeds were invested.

It is very uncommon for people nowadays to die without any descendants; however, this does not prevent anyone from leaving a legacy. Many people get involved in volunteer work, which may lead to donating property or money. Charitable contributions can also be made in a will or trust. Unlike leaving money to family members, which will happen regardless of having a will or not, a charitable gift can only be given through a testamentary document.

So if you have been considering setting up necessary documents for your passing, contact The Gierach Law Firm for estate planning help. These experienced attorneys located in Naperville, Illinois, can help you ensure that your family is well taken care of after you are gone.

These probate records showed that Winehouse did in fact pass away without a will. The value of her assets was listed at $6.7 million and her taxes and other debts reduced those assets in value by $4.66 million. Many were shocked at the announced value because they thought that she was worth a lot more money. The assets that go through the probate court are those that are listed solely in her name. If she had any asset such as accounts or trusts with another person’s name listed, these would avoid the probate process.

Because she had no will and no dependents all of the money passed to probate will go to her parents. Her father is listed as the estate administrator.

Having a will is important for anyone, no matter your financial status. You do not have to be a millionaire in order to protect your estate and to take care of the loved ones that you will be leaving behind. If you have a spouse or children, they will automatically have rights to any assets that you may have, however if you do not, there may be issues with how your assets are divided. If you have other family members or close friends that you want to receive anything, they cannot receive your gift if you do not have a will.

If you do not have a will, or if you need to modify your current will, it would behoove you to contact an Illinois estate planning attorney to make sure that your document is legally sound and that your wishes will be carried out.

Making a Will:

If you are 18 and sound of mind, you can make a valid will in many states. To make it official, the will must be in writing and signed by the owner of the will at the end of the document. It is also possible that someone else can sign the will for you if directed by you and in your presence. There also must be two signatures from witnesses on the will, also signed in your presence.

Wills are mainly used for distributing property, choosing a guardian for your children, and naming an executor to manage the validity of your will and to distribute your property after your death.

A codicil is an addition to your will. To change your will, you must make a new will that will replace or revoke the old one, which is a codicil. Many events can cause you to consider changing your will to better fit the new situation. Some of these events include: marriage, divorce, birth of adoption of a child, new property, or moving to a new state.

To fully understand all of the details of making a will, an estate planning lawyer can help you.

Dying Without a Will:

In many states, if you die without will, your assets will be divided among members of your immediate family. If you are married with no children, your entire estate will go to your spouse. If you have a spouse and at least one child or grandchild, who is also your spouse’s descendant, the first $60,000 of your estate other than home entitlements, and also one half of the remaining estate will go to your spouse and the other half will be divided between your children, grandchildren, and great-grandchildren.

If you would like to create a will to be sure your estate goes to the right people, contact an Illinois estate planning attorney. The Gierach Law Firm can help you with your estate planning needs.

Sometimes, a relative might be a degenerate gambler or an addict, in which case one might choose not to leave money for such a relative. Other times, the reasons might not so clear. Such is the case of Nigel Ruddy, who was the subject of the Trust Advisor story.

Ruddy was always very careful about his money, while his son was the complete opposite. He did his best to teach his son how to handle money wisely, but he was not very successful. Ruddy married a Persian woman, and the two lived happily together, until Ruddy died. Surprisingly, he left almost all of his property to his son, while the wife was left with 12,000 dollars and a permission to stay in their marital home until she dies.

The point in this is that people have different reasons for these decisions. Some experts are saying that Hollywood and the dramatic will readings in movies are having an effect on these occasions.

People should take into account that disinheriting one of your children might lead to lifelong jealousy and problems with the other siblings.

When you want to draft a will and other estate planning documents, you should contact a knowledgeable estate planning attorney, so that the documents are drafted up to standards. This is the safest way to guarantee your wishes are followed after you pass away. Do not hesitate, but contact our Illinois estate planning attorneys today.