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Principled Advocacy For Families And Individuals With Disabilities And The Professionals Who Serve Them
Chicago Estate Planning And Guardianship Blog
Can you remove a trustee from their role?
There are a variety of reasons why individuals set up trusts. Many use them as an asset protection tool to avoid the probate process or minimize their tax obligations. Countless others do so to preserve their loved one's eligibility for government benefits such as...
Trusts can avoid the chance of someone challenging your wishes
You have the right to create your estate plan as you see fit. Yet, sometimes people may try to challenge your decision once you have died. Using a trust is one way of preventing them from doing so. If you have a child with special needs, you may decide they need more...
You might need to reduce your estate to lower tax on it
When you create wealth, you typically pay tax on it at the time. Yet, if you are not careful, you could end paying tax twice: once when you earn the income and again when you leave it to your family. You may need to reduce your estate's value to keep it beneath the...
3 reasons to revisit your estate plan when you retire
If you own your own home, have children or run your own business, you probably already have an estate plan. Many responsible adults recognize that estate planning protects not only themselves but the people they love. Other than failing to create an estate plan,...
5 mistakes to avoid when special needs estate planning
Failing to make an estate plan is a significant error for anyone, even more so when you have a child with special needs. Other people’s children will be able to work and survive regardless of whether their parents leave them anything. Your child may be unable to work...
What can you do if you are worried about a guardian?
If you have a family member with special needs, they may have a guardian to protect them. However, when a court awards such power to an individual, there is always a risk they abuse it. Guardians play a critical role. If a person cannot manage their personal and...
What is unique about special needs planning?
Every parent needs to ensure they have an estate plan to help transfer their assets to their children effectively. If you are the parent of a child with special needs, it is even more crucial. Special needs children need additional financial help Special needs...
How can families benefit from a pour over will?
While creating a trust for your children, perhaps one for a child with special needs, you want to be sure that your trust works you as intend. Even if you have already placed money in the trust, you might want to keep adding or even subtract assets from the trust when...
How does a living trust allow me to use or give away my assets?
A living trust generally provides instructions on how to manage your assets and property while you are still alive. After the trust’s execution, you and your beneficiaries may begin to derive income or other benefits from the assets and properties contained within...
Warning signs your aging loved one needs a guardianship soon
If your parents are past retirement age, you probably want nothing more than their health, dignity and security as they enjoy their golden years. Unfortunately, age can take away both health and independence, especially for those who develop cognitive symptoms due to...
