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Are Holiday Gifts Subject to Federal Gift Tax?

Web Admin - Thursday, December 21, 2017
Barrington estate planning and tax lawyerThe holiday season is a time of giving, but as you celebrate this time with your family and friends, you may need to be aware of a certain omnipresent aspect of American life: taxes. While it will likely only apply to people who earn a high income or have large financial assets, it is still a good idea to understand the Federal gift tax and the impact it may have on the gifts you give and your estate.

What Is the Gift Tax?

When a person transfers property to someone else without receiving something of equal value in return, this is considered a gift by the Internal Revenue Service (IRS), and it may be subject to gift taxes. The person who gives the gift to someone else (known as the donor) is responsible for filing tax forms for the gift and paying the gift tax.

Gift Tax Exclusions

Certain types of gifts are excluded from taxes, including gifts given to one’s spouse, gifts given to a political organization, and tuition or medical expenses paid on someone’s behalf. For other gifts, an annual exclusion threshold applies. That threshold is $14,000 for 2017, and the threshold for 2018 will be $15,000.

The annual exclusion applies to gifts given to an individual person, so if a donor gives multiple people gifts of less than $14,000 each, they will not owe any gift taxes. For spouses, the exclusion is doubled, so a married couple can give a gift of up to $28,000 without owing gift taxes.

In addition to the annual exclusion, everyone is entitled to a lifetime exemption known as the basic tax exemption. For people who die in 2017, that exemption is $5,490,000, and in 2018, the exemption will increase to $5,600,000. The taxable amount of gifts greater than the annual gift tax exclusion threshold can be applied toward this lifetime exemption, and taxes will not be owed on these gifts. However, any amount of the basic exemption used during one’s lifetime will be deducted from the amount of their estate that is exempt from estate taxes upon their death.

Contact a Schaumburg Estate Planning Attorney

Determining how gift taxes will affect your finances and your estate can be a complex undertaking. If you want to make sure you are protecting yourself and providing for your family’s financial security, the skilled attorneys at Drost, Gilbert, Andrew & Apicella, LLC can work with you to ensure you have met your legal requirements and have the financial resources in place that your family needs. Contact our Rolling Meadows estate planning attorneys today at 847-934-6000 to schedule a personalized consultation.

About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.



Source:
https://www.irs.gov/businesses/small-businesses-self-employed/estate-and-gift-taxes

Establishing a Sole Proprietorship in Illinois – What Every Business Owner Should Know

Web Admin - Friday, December 15, 2017
Illinois employment law attorneysStarting a business can be a massive undertaking, and it all begins with deciding how you will structure it. For those considering a sole proprietorship, an in-depth understanding of the risks and process is crucial. Learn more, including how an attorney can provide the added protection and experienced assistance that is needed, from the following information.

Is Sole Proprietorship Right for Your Business? 

Before making a final determination on whether a sole proprietorship may be appropriate for your start-up company, consider all the elements of this business structure carefully. For example, one must understand that sole proprietorships are for businesses with only one owner. Partnerships and corporations must register their businesses in other ways. Second, know that there are more liability risks for sole proprietorships. If your business is in a high-risk industry, a sole proprietorship may not be the most appropriate business structure. Alternatively, if your business is at a low risk of experiencing a lawsuit, a sole proprietorship could offer you numerous benefits. 

First, sole proprietorships do not have to legally register as a business with the federal government, and that can save you a substantial amount in the startup of your business. Depending on your situation, the pass-through taxation of sole proprietorships may also serve as a benefit for your budding business. However, this is not always the case. Advice from an experienced attorney and a CPA is highly recommended for those considering this structure for their business. 

A Closer Look at the Risks of Sole Proprietorship

Starting a business is almost always risky, but those starting a sole proprietorship hold all the liability if their company goes under. That means you – the owner – would be liable for any debts that the company incurred. You would also be liable if an employee was injured on the job, or if they filed a legal complaint against your company. Thankfully, it is possible to take preventative action against many of these risks, as well as many others. 

Contact Our Crystal Lake Business Law Attorneys 

Whether you need assistance with deciding which business structure may be most appropriate for your company or want an in-depth analysis of the possible risks your business could face in the future, Drost, Gilbert, Andrew & Apicella, LLC can help. Committed to your best interests, our experienced Crystal Lake business law attorneys take a preventative approach to protecting your company’s financial future. Schedule a personalized consultation to get started. Call our offices at 847-934-6000 today.



Ken ApicellaAbout the Author: Attorney Ken Apicella is a founding partner of DGAA focusing in the areas of personal injury, employment, insurance coverage disputes, and civil litigation. Ken earned his J.D. from DePaul University College of Law in 1999. He has been named a SuperLawyers Rising Star and a Forty Illinois Attorneys Under Forty to Watch. Ken has written and lectured for the Illinois Institute for Continuing Legal Education and regularly serves as a moderator at Northwest Suburban Bar Association's Continuing Legal Education seminars.


Source:

https://www.illinois.gov/dceo/SmallBizAssistance/BeginHere/Pages/StepByStepGuide.aspx



Mass Shootings and a Victim’s Right to Pursue Compensation

Web Admin - Monday, December 04, 2017

Illinois personal injury lawyersAlthough the United States is home to just 5 percent of the world’s entire population, it is the location of 31 percent of all mass shootings. In fact, statistics indicate that at least one event occurs each month. Depending on the details of the situation, victims and surviving families may be owed compensation after a mass shooting. Learn more, and discover how an experienced attorney can assist with help from the following information. 


A Closer Look at Mass Shootings


Mass shootings can occur in any space, including private homes, but the majority (an estimated 73 percent) happen at business establishments. Schools, including colleges, come in a close second. When staff or management of these places act negligently, perhaps by not properly training their employees to handle a mass shooting or by not ensuring the fire exits are free and clear to ensure that their patrons have a safe and clear way to escape, they may be held liable.Sadly, when victims attempt to pursue compensation on their own, they are at a massive disadvantage – and not just because they are trying to cope with the grief of a loss or the upending of their life after an injury. Businesses often have teams of lawyers to represent them, and most schools are agents of the federal government, which dramatically complicates the process for pursuing compensation. Thankfully, victims do not have to face the process alone. 


How an Attorney Can Help You Pursue Compensation


Victims may not be required to have an attorney while pursuing compensation after a mass shooting, but the aid of one is highly encouraged. Able to protect your rights and best interests in a mass shooting lawsuit, an attorney can negotiate a fairer settlement for you and your loved ones while also increasing your odds of a positive outcome. Another major benefit for victims who hire an attorney is that they can handle all the legal aspects of the case. This can give the family more time to heal and grieve the losses and injuries they have experienced. 


Contact Our Rolling Meadows Personal Injury Lawyers


If you or someone you love has been a victim of a mass shooting, do not delay. Contact Drost, Gilbert, Andrew & Apicella, LLC for assistance. Dedicated and experienced, our Rolling Meadows personal injury lawyers personal injury lawyers can examine your case, explain your options, and aggressively pursue the most favorable outcome possible. Start by scheduling a personalized consultation. Call our offices at 847-934-6000 today.



Ken ApicellaAbout the Author: Attorney Ken Apicella is a founding partner of DGAA focusing in the areas of personal injury, employment, insurance coverage disputes, and civil litigation. Ken earned his J.D. from DePaul University College of Law in 1999. He has been named a SuperLawyers Rising Star and a Forty Illinois Attorneys Under Forty to Watch. Ken has written and lectured for the Illinois Institute for Continuing Legal Education and regularly serves as a moderator at Northwest Suburban Bar Association's Continuing Legal Education seminars.


Sources:https://www.reuters.com/article/us-lasvegas-shooting-lawsuit/hundreds-of-las-vegas-shooting-victims-file-lawsuits-in-california-court-idUSKBN1DK2OX

http://www.cnn.com/2016/06/13/health/mass-shootings-in-america-in-charts-and-graphs-trnd/index.html

What is Loss of Consortium in a Medical Malpractice Case?

Web Admin - Friday, November 24, 2017
Illinois medical malpractice lawyersMedical malpractice cases often contain several different types of compensation. Reimbursement for medical expenses, pain and suffering, and lost wages are some of the most commonly seen, but there are other, lesser-known types as well. Loss of consortium, a form of compensation that may be sought by a spouse or family member of a medical malpractice victim, is just one example. Learn more about the loss of consortium, including what it is and how you can determine if it may be an element in your family’s medical malpractice case. 

Defining Loss of Consortium 

At its core, loss of consortium pertains to the emotional, financial, and physical losses that spouses and/or family members experience after a medical malpractice injury. It encompasses both death and injury that may leave the victim without the sexual intimacy, emotional or financial support, or companionship that they had previously experienced, and might have otherwise continued to experience, had it not been for the negligence of the physician. 

Potential Complications in Loss of Consortium Cases 

Successfully navigating any medical malpractice case can be difficult, but those involving a loss of consortium can be especially complex. Much of this is due to the ambiguity of such claims (i.e. how do you place a dollar amount on the loss of intimacy or companionship?), but the burden of proof that victims must bear is a major contributing factor as well. Thankfully, victims and their families can ease the claim process and potentially increase their chances of a positive outcome in their case by seeking guidance and assistance from an experienced attorney. 

Are You Owed Compensation for Loss of Consortium? 

Determining if you may be eligible for compensation for a loss of consortium may seem like an easy task, but the families of victims often overlook the ways that an injury or death is and will impact their lives. For example, one may ask for compensation for their financial losses but fail to consider how the loss of companionship is impacting them in their day-to-day life. An attorney can help with this by asking a few simple but important questions. Should you be owed compensation for loss of consortium, they can represent you and your best interests. 

Contact Our Buffalo Grove Medical Malpractice Lawyers 

If you believe that you or your family has experienced a loss of consortium after a medical injury, contact Drost, Gilbert, Andrew & Apicella, LLC for assistance. Dedicated and experienced, our Buffalo Grove medical malpractice lawyers can examine your case, inform you of your options, and assist you throughout the entire claims process. No matter what the situation, we will aggressively pursue the most favorable outcome possible. Schedule your personalized consultation with us to get started. Call 847-934-6000.

Ken ApicellaAbout the Author: Attorney Ken Apicella is a founding partner of DGAA focusing in the areas of personal injury, employment, insurance coverage disputes, and civil litigation. Ken earned his J.D. from DePaul University College of Law in 1999. He has been named a SuperLawyers Rising Star and a Forty Illinois Attorneys Under Forty to Watch. Ken has written and lectured for the Illinois Institute for Continuing Legal Education and regularly serves as a moderator at Northwest Suburban Bar Association's Continuing Legal Education seminars.


Source:

http://www.news18.com/news/india/sc-brings-down-damages-in-road-accident-deaths-says-new-sums-more-reasonable-1565607.html




Deadly Car Crashes on the Rise, Data Says

Web Admin - Friday, November 03, 2017
Illinois auto accident lawyersWhile car crashes can often lead to injuries and property damage, victims typically do survive. However, statistics now suggest that auto accident deaths are on the rise. Worse yet, the rate of accident fatality has reached a nine-year high. If someone you love has been killed in a crash, the following information can help you understand what rights you may have, including the right to pursue full and fair compensation. You shall also learn how an experienced attorney can help.  

Deadly Crashes Hit a Nine-Year High 

Data compiled by the National Highway Traffic Safety Administration (NHTSA) shows that auto accident deaths rose by 5.6 percent over the past year. With 37,461 people killed during 2106, that places traffic fatalities at a nine-year high (in 2007, there were 41,259 killed). NHTSA says there are many contributing factors, including distracted driving, which has been a continuous problem over the last several years. However, it appears that pedestrian deaths, which rose by 9 percent, and drunk driving deaths, which rose by 1.7 percent, were also confounding factors. 

Understanding Your Rights 

If someone you loved was killed in an automobile crash, pedestrian accident, drunk driving crash, or some other type of traffic accident, you may be entitled to compensation. Sadly, the claims process to obtain that compensation is riddled with obstacles. When you are trying to recover from the loss of a family member, that is the last thing you need. To make matters even worse, insurance companies often delay or reduce payouts to try and get victims to settle for less. Some will even attempt to shift as much of the blame as possible over to the victim. If successful enough in doing this, they may even be able to outright deny a valid claim, leaving the family of the victim responsible for any final costs and expenses. Do not let this happen to you! Instead, employ the assistance of an experienced attorney. 

Contact Our Rolling Meadows Wrongful Death Lawyers 

At Drost, Gilbert, Andrew & Apicella, LLC, we aggressively protect the rights of victims, including their right to pursue full and fair compensation for any losses they may have experienced. Committed to your best interest, our Rolling Meadows wrongful death lawyers will stand by your side, every step of the way, and pursue the most favorable outcome possible. Get started by scheduling a personalized consultation. Call 847-934-6000 today. 


Ken ApicellaAbout the Author: Attorney Ken Apicella is a founding partner of DGAA focusing in the areas of personal injury, employment, insurance coverage disputes, and civil litigation. Ken earned his J.D. from DePaul University College of Law in 1999. He has been named a SuperLawyers Rising Star and a Forty Illinois Attorneys Under Forty to Watch. Ken has written and lectured for the Illinois Institute for Continuing Legal Education and regularly serves as a moderator at Northwest Suburban Bar Association's Continuing Legal Education seminars.


Source: https://www.usatoday.com/story/money/cars/2017/10/06/nhtsa-2016-deadly-crashes/739842001/


Worker’s Rights and Protections – Are You Entitled to a Meal Break?

Web Admin - Saturday, October 21, 2017

Illinois employee rights attorneyEmployers may know the laws that pertain to their business and the rights that their employees possess, but they are not always willing to reveal such information. For example, an employer might not explain to you that you may be entitled to time off work under the Family Medical Leave Act if your child, spouse, or parent becomes ill. Some may even know you are dealing with an illness in the family and refuse to tell you because it would hurt their bottom line. 

Rest breaks – particularly lunch breaks – are another area where employers are sometimes less than straightforward. They may imply that you are not entitled to one, or they may avoid your questions if you ask. Some will even go so far as to terminate an employee that asserts their rights, but they will usually try to find another reason to list in their files because they know it could land them in legal trouble. Learn more about your rights to rest breaks, and discover what an experienced attorney can do for you in your wrongful termination or unpaid wages case. 

Employee Meal Breaks in Illinois 

While there are several federal labor laws that protect employees from discrimination and harassment, those pertaining to meal breaks fall under each state’s jurisdiction. As such, an employee’s right to a meal break is governed by Illinois state law, which states that employees are entitled to a meal break after they work 7 ½ hours in a day. The break may be unpaid, but it must last at least 20 minutes. The employee cannot be required to perform work duties while on their break, and they cannot force an employee to stay on premises unless certain criteria apply. 

When Employers Fail to Provide Breaks 

Employers who violate state law by not providing meal breaks to eligible employees may be held liable for their actions by the state or through litigation. The latter typically stem from cases brought against the employer by former employees, who may be seeking lost wages or other damages. Employees may be eligible for additional compensation if they were wrongfully terminated for trying to assert their right to a rest period. 

Unfortunately, the legal process for pursuing damages is both complex and arduous. Employees are also at a distinct disadvantage in employment litigation matters. Much of this is due to the employer’s access to resources, including that of a legal professional to protect their business. Employees are encouraged to seek experienced legal assistance with their wrongful termination or rights violation case. 

Contact Our Schaumburg Employee Rights Attorney 

If you or someone you love has experienced a loss because of a violation of meal or rest periods, contact Drost, Gilbert, Andrew & Apicella, LLC for assistance. Dedicated and experienced, our Schaumburg employee rights attorneys can aggressively represent your case. No matter what the situation, we will pursue the most favorable outcome possible. Get started by scheduling a personalized consultation. Call 847-934-6000 today. 

Ken ApicellaAbout the Author: Attorney Ken Apicella is a founding partner of DGAA focusing in the areas of personal injury, employment, insurance coverage disputes, and civil litigation. Ken earned his J.D. from DePaul University College of Law in 1999. He has been named a SuperLawyers Rising Star and a Forty Illinois Attorneys Under Forty to Watch. Ken has written and lectured for the Illinois Institute for Continuing Legal Education and regularly serves as a moderator at Northwest Suburban Bar Association's Continuing Legal Education seminars.


Source: https://www.illinois.gov/idol/FAQs/Pages/meals-breaks-faq.aspx

Modern Family Estate Planning – Why Use a Living Trust?

Web Admin - Friday, October 20, 2017

Arlington Heights wills and trusts attorneyToday’s family looks much different than those from just 50 years ago. People no longer feel obligated to stay in a marriage that is not working, divorcees sometimes remarry, partners opt for cohabitation over remarriage, and there may be children from one marriage or both. While, in many ways, blended families are a positive thing – especially for kids – it does make estate planning much more complicated than it once was. A living trust can mitigate against many of these issues. Learn how with help from the following.


Potential Blended Family Pitfalls

People can cause some serious problems by either not having an estate plan or creating an ineffective one. The chief issue is that heirs could experience unnecessary financial difficulty while trying to muddle through the expensive and arduous probate process. Several other pitfalls must be addressed as well, however, especially in blended family estate planning. Consider some of the following possible examples:

- A father intended to leave everything to his children, but he failed to check his beneficiaries and update his estate plan. His home and other assets ended up going to his former wife. 

- A step-child expected to receive an inheritance, but the estate plan was unclear and state law does not provide for step-children. They receive nothing;

- A child inherits their father’s antique rifle, but it was promised to another child from a previous marriage;

- A husband dies and leaves his assets to his wife. When she passes away, she leaves everything to her children from a previous marriage. His children inherit nothing.

A Living Trust Can Mitigate the Risks

While it may be impossible to remove all risk of heirs fighting over an inheritance, there are several strategies that guarantors can use to mitigate against the possible damage of probate, tax consequences, family squabbles, debtors, and other common issues. The most effective tool is the living trust (revocable, irrevocable, marital, etc.). Each type works a little differently, but the primary goal is to ensure that the right person receives the right assets. Set up properly, a trust can also mitigate against spendthrift issues, ensure that even extended branches of family receive assets, and can even be specifically designated for certain expenses or needs (such as with college students, special needs children, or an ex-spouse who happens to be the other parent of your minor child). 

Why Plan Now?

No one wants to think about their death or the death of their spouse, and many dream of the death of their ex-spouse - which is why it can be easy to put off planning for it until you start to age. Sadly, not planning now can have severe consequences if an accident or incapacitation occurs to you, your spouse, or your ex-spouse. Avoid the consequences of ineffective and non-existent estate plans by contacting an experienced wills and trusts lawyer today.

At Drost, Gilbert, Andrew & Apicella, LLC, we work in your family’s best interests. Dedicated and experienced, our Arlington Heights wills and trusts attorneys wills and trusts attorneys can handle even the most complex of situations with skill. Call 847-934-6000 and schedule your personalized consultation today.


About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.



Sources:
https://www.fidelity.com/viewpoints/retirement/blended-familieshttps://www.nytimes.com/2017/01/13/your-money/estate-planning-early.html

Why Your College-Aged Child Needs a Durable Power of Attorney

Web Admin - Tuesday, October 10, 2017
Illinois wills and trusts attorneysParents spend nearly two decades raising their children into adults, but so few are ready to face the truth when adulthood arrives: a child, once cared for and protected by the parent, is now a legal adult. They have all the rights that the parent does, and that includes a right to privacy. Thus, like all other adults, college-aged children need a durable power of attorney. Learn more about the reasons why, and discover how an experienced estate planning lawyer can help you and your adult child get started. 

Privacy Laws and Your Adult Child 

The right to privacy as an American adult is Constitutionally protected, but there are also several federal laws that address what information should be considered private, and under what circumstances they can be released. For example, one’s financial information and health information are both protected by law. However, a family member may gain access if they are listed as the person’s durable power of attorney. In emergency situations, having this document in place could mean the difference between treatment and non-treatment – and possibly even life or death. As such, every adult should have health proxy and durable power of attorney. 

Durable Powers of Attorney for College Students 

While married people often have a sort of built-in sort of proxy (their spouse), and the decision-making power of a minor automatically goes to a parent or legal guardian, single persons and those in non-marital relationships may be at serious risk if they should ever become incapacitated. Parents are often the most logical choice, but college adults can choose anyone they like. However, parents may want to ensure their student understands the amount of weight a power of attorney may be asked to carry (life and death decisions, critical financial information, etc.). Furthermore, college students are encouraged to name a second power of attorney, just in case the first is either unable or unwilling to serve. 

Contact Our Rolling Meadows Wills and Trusts Lawyers 

The holidays are fast-approaching and many parents heading out for family days with their college-aged children, and that makes now the perfect time to initiate a durable power of attorney for your student. Contact Drost, Gilbert, Andrew & Apiecalla, LLC to get started. We can have forms, information, and details prepared so that you can have them sign during the visit. Schedule a personalized consultation with our Rolling Meadows wills and trusts lawyer to get started. Call 847-934-6000 today. 

About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.


Source: https://www.forbes.com/sites/deborahljacobs/2014/08/15/two-documents-every-18-year-old-should-sign/#773c9b306e33



Study Reveals New Possible Treatment for TBI Victims with Aggression Issues

Web Admin - Saturday, October 07, 2017

Illinois traumatic brain injury lawyerTraumatic brain injury (TBI) can result in all sorts of long-term complications, including mood swings and personality changes. Sometimes, those changes in demeanor are heartbreaking or sad. Other times, they can be frightening, either to the victim or to the people around them, because of the underlying aggression or rage. 

Much of this can be attributed to the changes that occur within the brain after injury, and it can last for the rest of the victim’s life. Sadly, such issues can cause even further damage to a victim’s life. They may be unable to maintain employment. Relationships may break down. They may even start to suffer from self-esteem and self-hatred issues, which only further perpetuates the cycle of aggression. Thankfully, science believes they may now have a pharmaceutical solution. 

More on the Possibility of Prescriptions 

The drug, which was originally developed in the 1960s, is an antiviral. Researchers developed the theory that it might help TBI victims after considering how it appears to decrease the cognitive issues experienced by Parkinson’s patients. They often take it to prevent certain illnesses and infections to which they are prone. However, it was not until recently that one doctor started treating patients with the medication – and one of them was a colleague. 

The effects of the drug appeared to be immediate, the study author and doctor using the treatment said in her preface to the publication. Even her colleague reported massive improvement. Further research would need to be done to determine if this effect is real or just a placebo, but the possibility of a treatment may give current victims hope. 

Dealing with the Effects of a TBI 

While patients can ask their doctors about the use of the antiviral medication, Amantadine, they may experience resistance. After all, one study is hardly enough to alter the way that traumatic brain injury is treated. Still, it is important for patients to talk to their doctors about issues they are experiencing after a brain injury – especially if they have an active personal injury claim, such as an auto accident claim. Failure to do so could lead to incomplete medical records, which could ultimately reduce a victim’s settlement. 

Contact Our Rolling Meadows Brain Injury Lawyers 

If you or someone you love has suffered a brain injury and negligence was the cause, contact Drost, Gilbert, Andrew & Apicella, LLC for help. Dedicated and experienced, our Rolling Meadows brain injury lawyers can provide you with an analysis of your case, protect your rights, and aggressively pursue the most compensation possible. To schedule your personalized consultation and ask how we can assist you, call 847-934-6000 today.


Ken ApicellaAbout the Author: Attorney Ken Apicella is a founding partner of DGAA focusing in the areas of personal injury, employment, insurance coverage disputes, and civil litigation. Ken earned his J.D. from DePaul University College of Law in 1999. He has been named a SuperLawyers Rising Star and a Forty Illinois Attorneys Under Forty to Watch. Ken has written and lectured for the Illinois Institute for Continuing Legal Education and regularly serves as a moderator at Northwest Suburban Bar Association's Continuing Legal Education seminars.



Source: https://www.sciencedaily.com/releases/2017/09/170911122630.htm 

Transferring a Home to an Adult Child – Why Putting Them on the Deed is Not an Option

Web Admin - Friday, October 06, 2017
Illinois wills and trusts attorneysAs parents age and their children grow up, they begin to face their own mortality. They realize they will not always be around, and that everything they own must be given to a loved one, a charity, or an adult child. Homes are one of the most commonly transferred items after death, but how you do it matters. Learn more about transferring your home to a child, including why simply “putting them on the deed” should never be an option. 

Dangers of Deed Transfers 

There are three basic ways to transfer the deed of your home: an ownership transfer deed, a will or living trust, or a transfer on death instrument. Of all the options, the first is your least desirable. Mostly, this is due to the tax implications that an heir may face, should you simply transfer the title over to their name. However, this is not the only concern when transferring a deed over to an adult child – nor is it the most concerning. 

Parents typically trust their children, but there have been instances in which children have sold the home, right out from underneath their parent, to gain a profit. Alternatively, if the child ends up in a lawsuit or falls behind on their income taxes, the house could have a lien placed on it. Because the deed is now in the child’s name, the parent (who may still be living in the home) is powerless. They cannot stop the seizure, remove the lien, or save their home. 

A Better Way to Transfer the Ownership of a Home 

Besides deed transfers, parents can use either a living trust or a transfer upon death instrument. How do you decide which is most appropriate for your needs or situation? The first step is to consider your situation. Is your adult child responsible? Can they maintain the deed on their own? Might they have a way to move the mortgage over to their name, or is their credit rating simply too low? All these questions – and more – can be answered by an experienced estate planning lawyer.   

Contact Our Arlington Heights Wills and Trusts Lawyers 

No one likes to think about passing away, which is why Drost, Gilbert, Andrew & Apicella, LLC work so hard to provide compassionate and experienced assistance. Committed to ensuring we exceed your expectations, our Arlington Heights wills and trusts lawyers can examine your situation, advise you of your options, and then assist you in developing creative estate planning solutions to fit your needs. Schedule a personalized consultation to learn more.

About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.


Source:

http://homeguides.sfgate.com/can-transfer-deed-house-kids-before-die-50431.html




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