Serving Waukegan, Libertyville, Lake County, Gurnee & nearby areas of Illinois
We are frequently asked by elderly homeowners and their families whether there is anything they can do to prevent their house from being sold to pay for expensive long term care in an assisted living facility. In general, Medicaid will not pay for such care until it can be demonstrated that the patient is insolvent. Many people attempt to have their parents deed the house to them to try and keep the home and its value in the family. However, Medicaid has a 5 year look back rule and can void any transfer made during that period which appears to have been completed with the intention of de
Once you get past the emotional shock of the loss of a loved one, practical considerations take over. How do I wrap up my family member’s financial affairs and get their assets distributed to the survivors? Answers to these questions are rarely easy and you should seek an attorney to assist you.
Illinois law requires that the original will of a deceased person be filed within 30 days of the date of death with the Clerk of the Circuit Court in the county where the decedent resided at the time of their passing. Although legal proceedings exist to use a copy of a will in lieu of the original, failure to have the original will be costly and will negate one of the primary reasons for having a comprehensive estate plan, avoiding probate court.
We realize that there are many online services available which offer to help you create your own will. While it may be tempting to use them as many of these services are inexpensive, having an improper estate plan can be worse than having no estate plan at all. Some common problems with these do it yourself services:
We all lead hectic lives. We sometimes put off important things like creating a will and/or updating our existing plan. The fact is none of us really know when we might become disabled or die. One of the best and most responsible things you can do for your family and loved ones is have a proper estate plan in place. You should designate a guardian for any minor children. Choose someone you trust to handle your affairs when you are no longer able to do so. Decide which people and charitable organizations are more important to you and make sure that your assets are distributed to them t
If you don't properly and legally prepare your will and estate, your family may be left trying to sort out the details upon your death. This can be a time-consuming and very expensive undertaking and one that you can save them from by having everything in place beforehand. Find out more about legal will and estate planning in this presentation:
Death can come when we least expect it. Proper preparation will make things as seamless as possible for your family and loved ones. There is no such thing as starting the estate planning process too soon. Some of the things you will need to do and think about:
Identify your assets. Prepare a list of assets, including investments, real estate and business interests, insurance policies, annuities, and retirement savings. You must also think about your debts and how they will be addressed after you pass away.
The Illinois Supreme Court has recognized that the preparation of a deed is considered the practice of law. This means that non-attorneys are barred from preparing deeds on behalf of anyone other than themselves.