Posted on June 20, 2019 in Wills and Trusts

Every adult should have some type of estate plan in place. Even just a relatively simple will could provide a great deal of security and direction for surviving loved ones in the event of a tragedy. However, the reality is that more than half of Americans do not have an estate plan of any kind.

While there may be many reasons for this, arguably the most common is procrastination. Most people realize that an estate plan is a good idea, but it is not always something that is a high priority. As a result, people tend to wait until they approaching retirement age to begin the process. Those who wait, unfortunately, often find themselves the unwitting targets of scammers who are simply looking to make money as they prey on the fears and uncertainty of those looking for peace of mind.

What Are Trust Mills?

Estate planning scams can take many forms, and they are not limited to shady-looking, back-alley operations. Fully licensed attorneys have been known to take advantage of estate planning and administration situations in an attempt to collect unnecessary fees. Trust mills are another common source of estate planning scams that you should be aware of.

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 Posted on June 18, 2019 in Divorce

These days, it is more common for both parents in a household to hold a career while raising children together. However, having one parent stay at home to raise children is still a popular option for many families. This choice may be the personal preference of the homemaker, or a couple may find this option to be more financially feasible. Either way, for a stay-at-home parent, getting a divorce can be a difficult and nerve-wracking situation.

If you are a stay-at-home parent, you are likely the primary caregiver for your children. Although you may have had a career or job at one time, being a full-time stay-at-home parent has taken you out of the workplace. It may be necessary to go back to work after a divorce to support yourself and your children, but several post-divorce financial solutions may assist you with getting back on your feet financially.

Post-Divorce Financial Support

• Spousal Maintenance: Also referred to as alimony, spousal maintenance is the amount of money a higher-earning spouse may be obligated to pay the lesser-earning spouse after a divorce. A stay-at-home parent does not automatically get alimony, but a judge will make that decision based on factors such as the length of the marriage, the earning potential of each spouse, the spouses' accustomed standards of living, and the health and ages of both parties. Guidelines defined in Illinois law will be used to calculate how much spousal maintenance will be paid, and for how long.

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 Posted on June 15, 2019 in Adoption

The adoption process is quite lengthy and requires lots of preparation in order for you to be ready to immediately care for your new child. A home study is one step of many in the adoption process. The purpose of a home study is to ensure that you and your spouse are good potential parents who can provide a child with a safe and happy home. The home study is more than just a house inspection. The inspector will also spend time interviewing both parents to gauge their character and parenting ability. This part of the adoption process can be extremely nerve-wracking but is also the part of adoption that you have the most control over.

What Should I Bring to My Home Study?

Home studies vary depending on the type of adoption that you and your spouse decide is best. However, the primary goal and document requirements remain fairly consistent. Home studies often take longer than a single visit, sometimes taking months to fully complete. The best way to reduce the amount of time spent in the home inspection is to educate yourself on the process and have the necessary documents in hand. These can include:

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 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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