DGAA bLAWg

What Is the "Prudent Investor Rule" in the Illinois Trust Code?

Web Admin - Thursday, January 23, 2020
Inverness estate planning attorney Illinois Trust CodeThe Illinois Trust Code (ITC) went into effect on January 1, 2020, replacing the former Illinois Trusts and Trustees Act and implementing a number of changes that affect trust makers, trustees, and beneficiaries. One notable adjustment is known as the “prudent investor rule,” and it affects a trustee’s ability to make investment decisions regarding the assets in a trust. Before any investment actions are taken by a trustee, it is important to review and understand the rights and responsibilities defined in the ITC.

Understanding the Prudent Investor Rule


Trustees are responsible for investing and managing the assets of a trust, and they have the duty to act prudently when making investments. This includes considering the purpose and terms of the trust, the distribution requirements, and other relevant information. Under the ITC, a trustee may also consider the environmental and social impact of investment decisions, as well as the governance policies of entities where assets are invested. Before making an investment, a trustee should consider:

- The economic conditions that may affect the investment
- The possibility of inflation or deflation
- The anticipated tax costs and consequences of the investment
- How a specific investment can affect the overall portfolio
- The anticipated total return
- The duty to sustain only feasible and suitable costs
- The need for liquidity, regular income, and preservation of capital

The ITC does allow a trustee to examine whether a trust asset has a relationship to the purpose of the trust, or to one or more of the beneficiaries, in order to help determine what to do with the asset. For example, if a trustee believes that real estate property held in a trust is of no value to the trust itself or the beneficiaries, he or she may suggest that the property be sold. A trustee is not eligible to become a beneficiary for the purpose of protecting his or her good faith in connection to the trust.

Contact a Mount Prospect Trust Attorney


The ITC has put a wide variety of rule changes in place. For trustees who manage the assets of a trust, it is imperative to understand how the prudent investor rule affects the decisions they make. To protect against liability or any other legal issues, all trust makers and trustees should seek legal counsel to determine how the ITC will affect them. At  Drost, Gilbert, Andrew & Apicella, LLC, our knowledgeable South Barrington estate planning lawyers can help you understand your rights and responsibilities and address any concerns you may have as a trust maker, trustee, or beneficiary. To schedule a free consultation, contact our office today at 847-934-6000. 

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:
http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=4001&ChapterID=61

What Should Be Included in a Living Will?

Web Admin - Thursday, August 15, 2019
Schaumburg living will lawyerWills are part of the estate planning process, an area of law that is sometimes underused or is not completed before emergency strikes. Generally, wills come into effect after a person passes. They outline how an individual’s estate and assets will be divided, who will carry out their last wishes, and who will take on the responsibility of caring for their minor children. Living wills are also meant to plan for emergencies, but they work in a different time frame and serve a different purpose.

Why Create a Living Will? 


Living wills are created to address what should happen in the case of a terminal illness or life-threatening injury. This type of will comes into effect when someone cannot make medical decisions for themselves, has a terminal condition, or is in a vegetative state. In other words, a living will is effective during a person’s lifetime, not afterward. Because such traumatic events are unpredictable, many individuals will formulate a living will which allows them to make decisions about the medical treatments they do or do not want to receive, and they can make these choices when they are still mentally and physically capable of doing so. These legal choices and directions are also known as advance medical directives, and they tell physicians and family members what to do in emergency situations.

What Can a Living Will Decide?


Living wills outline what type or level of care a person would like in the instance of medical emergencies. These options typically include:

- Use all treatments available to try and save their life;

- Try all treatments, but stop them if they do not work within a certain time period;

- Only utilize treatments that do not cause discomfort or pain; or

- Only provide care to help ease the pain, but no treatments that are intended to save or prolong the person’s life.

While almost every type of treatment can be addressed in a living will, there are a few specific treatments that are included in most living wills because they greatly impact a person’s quality of life. Individuals often decide whether or not they would like to allow tube feeding, life support, and/or cardiopulmonary resuscitation (CPR). Those who do not wish CPR to be used can also sign a Do Not Resuscitate (DNR) order and add this to their living will. This will ensure that no artificial means of resuscitation will be used, even if it would be necessary to live. A power of attorney is another legal document that can be tied to a living will. This grants a person the permission to carry out the legal decisions that they have outlined when they are unable to make these decisions for themselves.

Contact an Arlington Heights Attorney


Creating a living will should not be left for times when you are facing health difficulties. Instead, it should be done while you are physically and emotionally capable of doing so. Estate planning may seem like an area of law that should be left for the future, but medical emergencies can never be predicted. At Drost, Gilbert, Andrew & Apicella, LLC, our lawyers have experience with all areas of estate planning, and we can help you keep your present and future best interests a priority. If you are considering creating a living will, contact our Palatine, IL estate planning attorneys at 847-934-6000 to schedule a free 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.


Sources: 
https://www.investopedia.com/terms/l/livingwill.asp
https://www.drugs.com/cg/living-will.html
https://work.chron.com/power-attorney-do-9474.html

5 Tips For Non-Traditional Families When Creating an Estate Plan

Web Admin - Friday, June 28, 2019
Barrington estate planning lawyer same sex couplesToday’s families come in many forms. In fact, there are fewer “traditional” families than ever in which two opposite-sex parents are married for the first time and have children together. Since divorce is common, and couples often choose to live together and have children without getting married, many families include step-parents and step-children. In addition, the legalization of same-sex marriage has resulted in complex family arrangements involving biological children and adoptive children. Regardless of how a family is configured, it is important to plan for the future and ensure that all family members’ needs will be met. For non-traditional families, it is important to consider the following during the estate planning process:

1. Update your will - Your last will and testament specifies how you want your assets to be distributed to your heirs after your death and any other last wishes. You will want to be sure that your will addresses your partner, your children, your step-children, and any other family members.

2. Create a trust - In addition to your will, a trust can provide more control and flexibility for how you would like your assets to be distributed to your beneficiaries. A living trust can be changed or modified if necessary, and it can also be used to provide for your and your partner’s needs during your life.

3. Use power of attorney - While married spouses have the right to make decisions for each other, this is not always true for unmarried couples. A power of attorney agreement can be used to ensure that partners will be able to make medical or financial decisions for each other if one of them becomes incapacitated.

4. Consider a prenuptial or postnuptial agreement - When you get remarried, your new spouse will typically be entitled to receive half of your estate following your death. A prenup or postnup can ensure that certain assets will be set aside for any children you may have from a previous marriage or relationship.

5. Address plans for retirement - If you have any retirement funds saved in an account such as a 401(k) or IRA, you will want to be sure to name beneficiaries who will receive these funds following your death. You can name your spouse or partner as a beneficiary, as well as any children or step-children.

Contact a Kenilworth Estate Planning Attorney


When creating a comprehensive estate plan, you will want to be sure all of your family members will be provided for. Determining how to do so when you are in a non-traditional family can be a complex matter, and an experienced attorney can help you address issues involving same-sex partners, children from previous marriages, adoptive children, or other family members. Contact our Riverwoods estate planning lawyer today at 847-934-6000 to schedule a free 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.


Sources:
https://digitalcommons.law.seattleu.edu/cgi/viewcontent.cgi?article=1773&context=sulr

What Types of Charitable Trusts Can I Use in My Estate Plan?

Web Admin - Friday, May 31, 2019
Kenilworth charitable trusts attorneyA trust is a legal agreement created by the owner of assets or property that designates an individual (a trustee) to manage the assets and distribute them to the beneficiaries named in the trust. Assets can be distributed either during the life of the person who creates the trust (known as the grantor) or after their death. In many cases, a grantor chooses to pass their assets to relatives or close friends; however, some may also wish to support a cause they believe in by naming a charity as a beneficiary. In these cases, charitable trusts can be used, and they typically fall into one of two categories: charitable lead trusts and charitable remainder trusts.

Charitable Lead Trusts


This type of charitable trust has a time limit tied to the funding that is provided to one or more charities. Once the time period ends, the rest of the assets are given to non-charitable beneficiaries. The process begins with an initial donation to fund the trust. Charitable lead trusts do not require a minimum or maximum charitable payment amount, and a grantor may prefer to make a cash contribution to be eligible for immediate tax deductions. The payments will then be sent to at least one charity of the grantor’s choosing. This must be done at least once a year for a specific number of years or for the remainder of the lifespan of the grantor. Once the trust’s term has ended, the rest of the funds are given to the beneficiaries chosen by the grantor.

Charitable Remainder Trusts


Many will choose charitable remainder trusts because they can provide regular income for the grantor or their beneficiaries in addition to donating assets to charity. This type of trust is almost the exact opposite of a lead trust, with assets being distributed to beneficiaries during the term of the trust, and any remaining assets being donated to charity after the grantor’s death. 

The first step in creating a charitable remainder trust is making a partially tax-deductible donation. This can include cash, stocks, real estate, or private business interests. During the term of the trust or the remainder of the grantor’s life, assets held in the trust may be distributed to beneficiaries, such as the grantor’s loved ones or even the grantor themselves. Beneficiaries can receive income only once per year or as frequently as every month. After the grantor’s death, the selected charity or charities will receive the remainder of the assets. 

Contact an Arlington Heights Charitable Trusts Lawyer


Estate planning is an extremely complicated process that requires extensive attention to detail. While charitable trusts can provide a number of benefits, it is important to ensure that the correct steps are followed when creating this type of trust. At Drost, Gilbert, Andrew & Apicella, LLC, we can help you determine which trusts will be best for you and your beneficiaries. Contact a Long Grove estate planning attorney at 847-934-6000 for a free 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.


Sources: 
https://www.fidelitycharitable.org/philanthropy/charitable-lead-trusts.shtml
https://www.fidelitycharitable.org/philanthropy/charitable-remainder-trusts.shtml 


Treatment of Same-Sex Spouses and Civil Union Partners Under Illinois Probate Law

Web Admin - Wednesday, November 21, 2018
Rolling Meadows same sex couple estate planning lawyerThe state of Illinois has recognized civil unions of same-sex couples since 2011 and same-sex marriage since 2014. But it was not until 2015, when the U.S. Supreme Court issued its ruling in the case of Obergefell v. Hodges, that all states were required to allow and recognize same-sex marriages. These changes over the past decade have had a major impact on estate planning for same-sex couples.

Differences Between Illinois’ Civil Union Act and Marriage Fairness Act


The 2011 Illinois Religious Freedom Protection and Civil Union Act (750 ILCS 75) declares that a party to a civil union “is entitled to the same legal obligations, responsibilities, protections, and benefits” that the law of Illinois affords to spouses. This law did not, however, mention children of civil union partners or other family members.

The 2014 Religious Freedom and Marriage Fairness Act (750 ILCS 80) more forcefully declares that its purpose is to provide same-sex and different-sex couples and their children “equal access to the status, benefits, protections, rights, and responsibilities of civil marriage.” It goes on to say that parties to a marriage and their children “shall have all the same benefits, protections, and responsibilities under law.”   

Conversion of a Civil Union to a Marriage in Illinois


Civil unions were not automatically converted to marriages when the 2014 law was passed. Rather, the Civil Union Act was modified in 2014 to allow the voluntary conversion of a civil union to a marriage at no cost. Through May 2015, a couple could have their civil union redesignated as a marriage just by applying to a county clerk. The effective date of the marriage would be the same as the effective date of the earlier civil union. 

As of June 2015, parties to a preexisting civil union must apply for a marriage certificate and have the marriage solemnized and registered as a marriage. The effective date of that marriage would be the date the marriage was solemnized.

Impact of a Civil Union vs. Marriage on Estate Planning


Spousal inheritance rights are the same in Illinois, whether you are legally in a same-sex civil union, same-sex marriage, or different-sex marriage. Still, if you entered into a civil union, you may want to convert that to a marriage, just to ensure that your relationship is recognized as a legal marriage nationwide and internationally. For example, when partners are citizens of different countries, an actual marriage certificate will generally be needed in order for the spousal relationship to be recognized for immigration purposes. In addition, the same-sex marriage law specifically references “children” and “family” of the couple.

Also, if you entered into a civil union at some point, and the relationship broke up, you should be sure that the civil union was legally dissolved; the process is the same as for the dissolution of a marriage in Illinois. If the civil union was not legally dissolved, or converted to a marriage followed by a divorce, one partner could still claim the right to inherit from the other.

Inheritance and Related Rights of Same-Sex Married Couples Recognized Nationally


Same-sex couples gained numerous inheritance-related benefits as a result of nationwide legalization of same-sex marriage, such as:

- The couple no longer has to worry about moving from a state where same-sex marriage was recognized to a state where it was not.

- If one spouse dies without a written will or trust, the other will now automatically inherit under the laws of their state of residence.

- When one spouse dies, the other can claim the marital deduction for federal gift and estate tax purposes.

- When one spouse dies, leaving the other as beneficiary of a qualified retirement account, the surviving spouse can roll over those assets into their personal retirement account, allowing for optimal asset protection and income tax planning. 

- As a living individual in 2018, you can make inter vivos gifts of up to $15,000 per person per year with no tax implications. However, you can gift as much as you want to your spouse. 

- Spouses can make medical decisions for one another without requiring a power of attorney for health care.

Consult a Palatine Same-Sex Marriage Estate Planning Lawyer


Whether you are married to a same-sex or different-sex spouse, particularly if you have children, you should really have an estate plan, including basic documents such as advanced healthcare directives and powers of attorney. Talk to an experienced Schaumburg estate planning attorney at Drost, Gilbert, Andrew & Apicella, LLC. We can help you develop a will, trust, and other legal plans that will provide emotional and financial security for you and your family for the long-term. Contact us at 847-934-6000 for a free 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.


Sources:
http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=3294&ChapterID=59
http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=3525&ChapterID=59

Why Top 15% Income Households Need to Start Estate Planning Now

Web Admin - Wednesday, October 24, 2018
Schaumburg estate planning lawyer wealth protectionYou do not have to be Jeff Bezos or Elon Musk to need an estate plan. You do not even need to be earning $1.4 million a year, which is the average annual income of the top 1% of Illinois households. However, if you are fortunate enough to be in the top 15%, you will likely amass enough assets to need an estate plan. For perspective, a 2017 household income over $140,000 per year puts you in the top 15% of U.S. households; over $170K puts you in the top 10%, over $225K in the top 5%, and over $431K in the top 1%. If you fall into these ranges, here are three reasons why you should start an estate plan: 

1. You may think it is too early to be worrying about an estate plan. It is not. 


If you belong to the Baby Boomer generation, you are now age 54 to 72. Gen Xers are age 39 to 53. You may be in great health today, but you cannot predict what will happen tomorrow. You do not want to leave your family in chaos, trying to figure out what to do in the event of a sudden illness or death. Peace of mind is a gift you give yourself and them when you make the time to create an estate plan.

2. You may think your estate is not big enough to require “planning.” It may be bigger than you realize.


Have you totaled up your assets lately? Your home, vehicles, whole life insurance, retirement accounts, other investments, and personal property may add up to more than you realize. You may think that you will use up your entire retirement savings during your lifetime, but many people will not. If you have invested wisely, you may be able to live off the earnings and hardly touch the principal. Also, your primary home, vacation home, or other assets (artwork, jewelry, gold coins) may appreciate in value more than you expect. With an estate plan, you can make sure your assets are distributed according to your wishes.

3. You may think that a simple will that divides your estate equally among your children is enough. But have you allowed for the unexpected?


An experienced estate planner will point out the types of unexpected events that can occur and the important contingencies that you should cover in your plan, such as: 

- What if one of your heirs becomes disabled or cannot be trusted with money due to an addiction? You may want to place your money in a trust with scheduled distributions, with a trustee who has the authority to distribute more or less money if circumstances warrant.

- What if someone does not want the asset you want to give them? For example, you may want to make sure your lake cottage stays in the family, with each child owning an equal share. But what if one of them moves far away or cannot afford the maintenance costs? Also, when it passes to the next generation, what happens if one child has three offspring and another has just one? Is it fair for one grandchild to have a 50% say in future decisions while the other three grandchildren split the remaining 50%? An experienced estate attorney will anticipate and know how to solve for such problems. 

- What if you outlive your presumed heirs? Do you have siblings or other relatives you would like to provide for?

- What if your final estate is likely to be substantially larger than you think your heirs need? Are there any charitable causes you would like to support, perhaps only if your final estate exceeds a certain amount?

Consult a Kenilworth Estate Planning Lawyer


These are just three of the reasons that an income earner who is in the top 15% should be starting their estate plan now. For more information, contact the experienced Inverness estate planning attorneys at Drost, Gilbert, Andrew & Apicella, LLC. We will help you develop a savvy estate plan that will provide emotional and financial security for you and your family. Contact us at 847-934-6000.

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://dqydj.com/united-states-household-income-brackets-percentiles/
https://money.usnews.com/money/retirement/baby-boomers/articles/2018-07-05/6-common-myths-about-estate-planning
https://www.kiplinger.com/article/retirement/T021-C032-S014-10-surprisingly-common-estate-planning-mistakes.html

The Illinois Will Probate Process: Settling an Estate

Web Admin - Friday, September 21, 2018
Arlington Heights estate planning probate lawyerThe passing of assets from one generation to the next is a long-standing tradition, typically governed by a written will. When a person with a large estate dies, a legal process called probate ensures that the terms of the will are properly carried out. The process of probating a will in Illinois is controlled by the Illinois Probate Act and the rules of the circuit court in the decedent’s county of residence.

When an Illinois Will Must Go Through Probate


An Illinois estate must be probated when its total value exceeds $100,000 (excluding jointly-held properties and accounts with named beneficiaries, which transfer automatically upon death).

The Process to Probate a Will in Illinois


1. Petition for Probate - The first step is to file a Petition for Probate with the circuit court. This petition includes the will itself, the current estimated value of the estate, the names and addresses of heirs, and other information necessary to begin settling the estate. The executor named in the will or their appointed attorney must file this petition within 30 days of the decedent’s death and send copies to all heirs.

2. Hearing to Open Probate - The court will conduct a short hearing to officially validate the will and admit the will to probate. At the hearing, heirs may enter their objections to any part of the petition, such as the validity of the will itself, the person(s) designated to administer the estate, or the person(s) designated to act as personal fiduciaries for any underage or disabled heirs. The court will approve the executor and issue letters testamentary that authorize the executor to act on behalf of the estate.

3. Inventory of Assets - The executor has the responsibility to locate and secure all assets of the estate. A written inventory must be made, listing all bank and investment accounts, real estate, and personal property of significant value. Appraisals may be necessary to establish date of death” values for each piece of real and personal property.

4. Payment of Debts and Taxes - The executor must notify all creditors of the decedent and pay outstanding bills, including property taxes and any other expenses necessary to protect the assets of the estate. The estate must remain open for at least six months to ensure that all creditors are identified and paid. The executor must also file final state and federal tax returns for the decedent.

5. Petition for Distribution of the Estate - Upon conclusion of the prior steps, the executor must provide an accounting of their work on the estate, including all receipts and disbursements. The executor will then ask the court for permission to distribute the remainder of the estate according to the terms of the will. (When there is no question that the estate contains more than sufficient funds to pay off all debts, some distribution of assets may occur before the final accounting.) 

Consult a Palatine Estate Planning Lawyer


Ensure that your hard-earned assets are distributed to your heirs according to your wishes. An experienced Barrington estate planning attorney at Drost, Gilbert, Andrew & Apicella, LLC can help you develop an estate plan that will meet your specific goals and, after your death, ensure that your will is probated efficiently. Contact us at 847-934-6000.

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:
http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2104&ChapterID=60
http://www.cookcountycourt.org/ABOUTTHECOURT/CountyDepartment/ProbateDivision/Part12RulesoftheCircuitCourt.aspx

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

Important Considerations When Drafting Your Will

Web Admin - Thursday, April 23, 2015

drafting your will in Illinois, Palatine estate planning lawyerThe passing away of Chicago Cubs’ legend Ernie Banks was a sad day for baseball fans everywhere. Unfortunately, his death sparked a controversy within his own family after his longtime caretaker claimed that he had executed a will. Recently, a court upheld the validity of the will. Here, we focus on some of the reasons why this occurred and the steps all individuals should take to best protect their will from a challenge.

Banks’ Will

Following the death of Banks, his widow claimed that he did not have a will. However, his caretaker came forward and claimed that Banks had created and signed a will three months prior to his death. The will gave all of his assets to the caretaker. Banks’ widow argued that he was not of sound mind and that the caretaker coerced him into executing the will. In order to prove the validity of the will, two paralegals testified that they witnessed Banks sign it. Further, the paralegals testified that Banks appeared fine and even mentioned during the notarization that he was not leaving anything to his family. The court ruled that the will was valid, though an appeal is likely.

Executing Valid Wills

A person who executes a will is known as the testator. For a will to be valid under Illinois law, it must be in writing and signed by the testator. Further, the signing of the will must be witnessed by two people and it must be notarized. Additionally, the testator must be of “sound mind and memory” at the time the will is created and signed. At the signing, a testator may want to document that he or she has the mental capacity to execute the will. This may include obtaining the opinion of a doctor that establishes the testator’s capacity.

It is important for the testator to state clearly his or her wishes as to the disposition of the property. The testator may want to include his or her reasoning for the way in which their assets will be distributed. In the case of Banks’ will, he affirmatively stated he was leaving all of his assets with his caretaker. Further, he included a statement that he intentionally was leaving nothing to his family. This was an important provision because it made clear that an omission had not occurred. In other words, it signaled that Banks had not simply forgotten about his family.

Many people find it difficult to discuss end of life situations. However, this can be helpful in ensuring that there will not be any challenges to a testator’s will after the testator dies. Speaking with the people included, and those excluded who may have an expectation to be included, in the will can help make sure there are no surprises when the testator dies. If Banks had disclosed to his widow the existence of his will and they had had a discussion regarding it and the reasons he was not leaving her anything, her challenge would have been even less likely to succeed.

If you would like more information or help creating your will, you should speak with an experienced Illinois estate planning attorney. Drost, Gilbert, Andrew & Apicella, LLC proudly represents clients throughout the northwest suburbs, including Inverness, Palatine, and Long Grove.

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.

Changes to the Illinois Health Care Power of Attorney

Web Admin - Friday, January 23, 2015

healthcare power of attorney in Illinois, Palatine estate planning attorneysHealth care powers of attorney are some of the most serious estate planning decisions that people will have to make throughout the course of their lives. Most estate planning decisions relate to structuring assets and ensuring that children and relatives are properly cared for. Health care powers of attorney are different. They are legal documents that allow people to determine how they want their loved ones to make health care decisions on their behalf in the case that they are unable to themselves. These sorts of documents are regulated by the state, and the Illinois legislature recently updated the law that governs health care powers of attorney used in the state, adding new notice requirements and changing the calculus for end of life decision making.

New Notice Requirements

One of the biggest changes that the update made was a complete revision of the notice that precedes the actual health care power of attorney form. The new form breaks the notice provision down into nine headings that have questions beneath them. These headings include:

  • - What Are the Things I Want My Health Care Agent to Know?
  • - What Kind of Decisions Can My Agent Make?
  • - Whom Should I Choose to Be My Health Care Agent?
  • - What If My Agent Is Not Available or Not Willing to Make Health Care Decisions for Me?
  • - Will Happen If I Do Not Choose a Health Care Agent?
  • - What If There Is No One Available Whom I Trust to Be My Agent?
  • - What Do I Do With This Form Once I Complete It?
  • - What If I Change My Mind?
  • - What If I Do Not Want to Use This Form?

Each of these sections include questions and answers that allow the power of attorney form to be filled out in different blocks.

Changes to End of Life Decision-Making

The law also made some important changes in the way that it frames end-of-life decisions. The biggest change in this manner is the fact that the new power of attorney form now distinguishes quality of life from quantity of life. Essentially the new form provides a check box for people to decide whether it is more important for them to have a life they can live fully or whether they would be willing to extend their lives for a hope at making a recovery. The goal of this new distinction is to help people better express what sorts of values their health care should be trying to accomplish.

Estate planning is a complex field that covers everything from health care decisions to future tax liabilities. If you have questions about this new health care power of attorney or some other aspect of estate planning, contact an Illinois estate planning lawyer today. The law firm of Drost, Gilbert, Andrew & Apicella, LLC serves clients in many northwest suburban locations, such as Long Grove, Riverwoods, Palatine, Arlington Heights, and Barrington.

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.


Recent Posts


Tags

personal injury lawyer Illinois traffic laws appealing an insurance claim Crystal Lake criminal defense attorney Detainer Actions pay when paid contract liability claims Illinois employment attorneys Chicago biking tips Inverness DUI lawyer pet bites Palatine business attorney underfunded trust power of attorney for healthcare Arlington Heights wills and trusts lawyers Illinois workplace discrimination attorney Rolling Meadows employment law attorneys Barrington employment law firm Mount Prospect elder law attorney denial of life insurance car crash Illinois corporate lawyer Class A misdemeanor advance healthcare directive life insurance policy trust payments Liquor Control Act comparative negligence personal injury law firm internet Illinois Wage Payment and Collection Act trucking accidents in terrorem provision license reinstatement Illinois insurance claim dispute lawyer rumble strips Schaumburg construction accident lawyer Barrington medical malpractice lawyers holiday statistics Palatine law firm Illinois personal injury lawyer IRELA investment property estate planning, death tax, succession plans, business estate plans, Barrington estate planning lawyers Rolling Meadows criminal lawyer suspended license Palatine personal injury lawyer denied insurance claims Rolling Meadows drug defense attorney criminal record PTSD Crystal Lake employment lawyer Schaumburg insurance lawyers Illinois red light cameras employment law Arlington Heights tax lawyer Barrington criminal lawyer Palatine employment law lawyer deed transfer Chicago insurance law firm wage theft real estate attorneys natural gas explosion minimum wage health insurance dispute DUI defense Joliet general practice lawyers Arlington Heights criminal lawyer CAM Arlington Heights injury attorney employment lawyer Buffalo Grove car accident lawyer insurance negligence Chicago attorney license suspension Palatine probate lawyer personal injury attorney Illinois wills and trusts hiring employees Forcible Entry Arlington Heights wills and trusts lawyer Deer Park personal injury lawyer Rolling Meadows Buffalo Grove injury lawyer slip and fall Rolling Meadows probate lawyer Illinois estate planning law firm South Barrington real estate lawyer probate Retaliatory Discharge real estate surgical mistakes digital assets workers comp Long Grove wills and trusts attorneys personal injury accidents Des Plaines tax law firm rent to own real estate contracts Illinois speeding lawyer Rolling Meadows accident lawyer privacy laws Rolling Meadows real estate attorney Schaumburg elder law lawyer probate fees Rolling Meadows DUI lawyer golf accidents Illinois employment lawyer Illinois lawyer insurance agent negligence taxes Policy Cancellation Illinois insurance lawyer Des Plaines accident attorney drunk driving statistics Rolling Meadows car accident lawyers estate planning Palatine employment attorney Illinois employment law attorney medical marijuana modern family estate planning insurance claim dispute attorney Palatine employment lawyer Chicago corporate attorney Buffalo Grove personal injury attorney Schaumburg estate attorney estate planning for college students Chicago trucking accident attorney home inspection lawyer loss of consortium Des Plaines personal injury lawyers Crystal Lake business law attorneys Illinois mortgages Employment Discrimination Law new real estate form medical research changes to mortgage law Barrington estate planning lawyer financial advisors drug possession Barrington estate planning attorney Mt Prospect Attorney insurance claim delay Fourth of July spinal cord injuries workers compensation benefits liability employment law, Illinois employment laws Palatine trusts lawyer back injuries food poisoning Do Not Resuscitate Barrington injury attorney Illinois insurance dispute lawyers trucking accident lawyers DMV Arlington Heights accident attorney Illinois trucking safety Des Plaines real estate attorney Rolling Meadows insurance dispute lawyers Inverness insurance attorney meal breaks life insurance lawyer Barrington business law firm Illinois traffic accident lawyer motorcycle accident unpaid assessment Palatine corporate attorney DUI penalities hands free device wills and trusts Illinois employment law attorneys Barrington boating accident attorney Rolling Meadows employment attorney car crash injuries jet ski accidents Crystal Lake will lawyer car accident drug crime brain injury Illinois employment law job lawyers medical malpractice compensation product liability fatal car accidents Des Plaines pet law attorney automated cars criminal law commercial real estate social media after death Rolling Meadows criminal attorney Chicago traffic lawyer condo trustee Illinois personal injury gift tax exemption, estate planning, estate planning strategies, Illinois estate planning, South Barrington estate planning attorneys elder abuse agent senior citizens Rolling Meadows medical malpractice lawyers dealing with problem employees Rolling Meadows insurance lawyer underinsured motorist Kenilworth estate planning attorneys boating under the influence Schaumburg personal injury attorney business litigation Crystal Lake accident attorney Illinois employee rights attorney. Illinois Workers’ Compensation Commission Des Plaines insurance attorney driving Inverness civil lawyer DGAA landlord tenant law cell phone tower data rollover accidents first degree murder boating DUI living wills Deer Park real estate law firm Illinois driving without license capital gains tax ObamaCare defective products estate planning trusts Schaumburg personal injury lawyers wrongful termination pregnant women estate plan traffic tickets Crystal Lake bike accident lawyer Palatine civil litigation lawyer Illinois estate planning attorney Schaumburg real estate lawyer Mount Prospect wills and trusts lawyers car crashes car collision college kids Crystal Lake insurance lawyer insurance claim denials personal injury claim ken apicella Family Medical Leave Act Arlington Heights employment law attorneys foreclosure installment contracts auto accidents breach of contract Arlington Heights Traffic Lawyer Illinois registered agent liens Arlington Heights TBI attorney Inverness traffic law firm Schaumburg civil litigation attorney Rolling Meadows personal injury attorney Arlington Heights insurance attorney Schaumburg criminal attorney Inverness probate lawyer Barrington criminal defense lawyer employment attorney insurance claims Illinois medical malpractice attorney natural gas workers compensation Illinois Illinois criminal defense attorney Illinois Sales Representative Act Crystal Lake employment law attorney Schaumburg wrongful death attorney Rolling Meadows corporate lawyer distracted driving accident victims Attorney Ken Apicella preventing accidents Illinois car accident attorney Rolling Meadows estate planning attorney Chicago car accident lawyer Buffalo Grove criminal defense lawyer ACA Illinois small business Chicago estate planning Schaumburg estate planning lawyer medical malpractice, missed diagnosis, delayed diagnosis, medical mistake, Deer Creek medical malpractice lawyers drunk driving Landlord Tenant Ordinance insurance dispute, insurance dispute lawyers, insurance claim denial, insurance claim delays, Rolling Meadows insurance dispute attorneys Crystal Lake pet attorney Palatine construction attorney Barrington personal injury attorney jet ski institutional trustee subcontractor Buffalo Grove employment lawyer Illinois workers compensation attorney Des Plaines Deer Park criminal attorney car accident lawyer Schaumburg Attorney personal injury, auto accident injuries, delayed injuries, serious injuries, Des Plaines personal injury attorneys Inverness elder law lawyer field sobriety test distracted driving accidents probate claims construction accidents, personal injury, wrongful death, Arlington Heights personal injury attorneys, workers' compensation probate claims process comp time IRS Buffalo Grove real estate attorney trench injuries Barrington workers compensation attorney vacation home Arlington Heights car accident lawyer low-ball insurance settlement Palatine criminal defense lawyer Illinois living will products liability dram shop law healthcare claims creditors employee discrimination anesthesia errors trauma after an accident Illinois probate lawyer digital evidence loopholes employment contract, employment law, employment at-will, Deer Park employment law attorneys, contract, criminal defense Barrington Illinois estate planning lawyer FSLA traffic accidents TBI elder law Barrington attorney Chicago estate planning lawyer no contest clauses paid sick leave bicycle accidents Rolling Meadows tax attorney Illinois business lawyer insurance dispute attorney Rolling Meadows employment law attorney Mount Prospect real estate lawyer Thanksgiving Schaumburg drug defense lawyer Des Plaines civil attorney mass shooting cell phone Crystal lake insurance dispute attorney BUI Schaumburg injury lawyer Chicago insurance claim attorneys traffic laws Whistleblower Claims pizza emoji blood alcohol content federal regulations for LLCs overtime pay Inverness real estate lawyer Chicago employment lawyer Palatine drug lawyer employee misclassification marijuana crimes attorney Inverness estate planning lawyer IRA trust transfer Buffalo Grove personal injury lawyer Transfer on Death Instrument special needs trust accidental death benefits Illinois attorney commercial leasing Des Plaines personal injury attorney Illinois Probate Act of 1975 Illinois Trust Code Illinois traffic attorneys Chicago will attorney, social media platforms, Illinois estate planning lawyer, Illinois insurance claim dispute lawyers drug crimes work unions pedestrian accident Illinois insurance attorney Buffalo Grove probate lawyer Kenilworth estate planning lawyer Buffalo Grove law firm insurance disputes whistleblower protections employment law, meal breaks, rest breaks, hotel employees, Des Plaines employment law attorneys residential real estate murder traffic violations involuntary manslaughter Illinois job attorney Illinois workplace lawyer Rolling Meadows personal injury lawyers Inverness corporate attorney healthcare probate process Crystal Lake medical malpractice law firm power of attorney defective products lawyer right to work traffic violations defense uninsured motorist Arlington Heights trucking lawyer sole proprietorship car accidents Deer Park medical malpractice attorney Schaumburg medical malpractice lawyer Crystal Lake injury attorney spinal cord injury fault based insurance Palatine corporate law attorneys Buffalo Grove insurance claim dispute lawyers Schaumburg employment attorney forming a corporation in Illinois Rolling Meadows boating crash lawyer vacation home fines construction contracts slip and fall accidents Illinois defective products attorney Illinois workers compensation lawyer insurance attorney privacy fiduciary rule delay icy parking lots Rolling Meadows marijuana attorney car accident lawyers Arlington Heights estate planning attorney Chicago will attorney civil rights violation Federal Food Drug and Cosmetic Act Crystal Lake personal injury attorney Crystal Lake car accident lawyer Barrington Traffic Lawyer real estate lawyer Rolling Meadows personal injury lawyer LLCs traumatic brain injuries condo association coronavirus real estate leasing DUI attorney Barrington personal injury lawyer GM ignition switches Rolling Meadows Attorney Arlington Heights wills and trusts attorneys Illinois DUI attorney Deer Park workers compensation lawyer dog bites Long Grove estate planning attorneys Illinois motorcycle accident lawyer rollover car crashes Palatine estate planning lawyer denied insurance claim problem employees Deer Park accident attorney School Visitation Rights Act wrongful termination, employment law, whistleblower protections, Illinois employment laws, discrimination in the workplace license revocation traffic crimes unpaid overtime Arlington Heights Attorney Riverwoods estate planning lawyer disability benefits insurance denial appeals Inverness accident lawyer Illinois boating accident lawyer Des Plaines DUI attorney insurance claim Schaumburg corporate attorney estate planning, digital assets, Revised Uniform Fiduciary Access to Digital Assets Act, Illinois digital assets, Illinois estate planning, deadly crashes medical malpractice claims employees employee rights Rolling Meadows Traffic Lawyer Palatine civil attorney child safety Illinois real estate lawyer Illinois insurance claim attorney Rolling Meadows traffic law firm FMLA caregiver Palatine Attorney Barrington civil litigation attorney Arlington Heights pedestrian accidents Rolling Meadows traffic attorney Crystal Lake traffic attorney workplace sexual harassment insurance denials Crystal Lake employment attorney wills Illinois personal injury attorney blended families Illinois medical malpractice lawyers Palatine insurance lawyer Arlington Heights car crash attorneys swimming pools Colin H. Gilbert real estate closing murder defense controlled substance criminal Schaumburg traffic lawyer consent to a search Illinois pet lawyer hit and run accident real estate contract Schaumburg criminal law attorney Food and Drug Administration's Food Safety Modernization Act Illinois wrongful termination lawyer Des Plaines medical malpractice attorney operating agreements Arlington Heights employment attorney DNR insurance adjusters Crystal Lake civil litigation lawyer Illinois business law atorneys unfunded trust compensatory time eluding a police officer estate tax head on collisions Illinois employment law firm Palatine traffic lawyer Buffalo Grove medical malpractice lawyers underage DUI revenge porn reckless homicide Rolling Meadows litigation lawyer Schaumburg estate planning attorney pedestrian accidents Long Grove estate planning attorney Illinois law pet law Arlington Heights real estate lawyer Illinois jet ski accident lawyer Illinois pedestrian accident attorney homestead rights Barrington drug crime attorney Self-Directed IRA Accounts Schaumburg personal injury lawyer Illinois Transfer on Death Instrument federal crimes Illinois employment laws DUI life insurance claims small business wrongful death medication errors Illinois traffic ticket lawyer Inverness injury lawyer Illinois elder law attorney personal injury marijuana Des Plaines criminal attorney Illinois construction accident attorney Illinois bicycle safety Exclusions Palatine punch death Crystal Lake medical malpractice lawyer Illinois Human Rights Act Barrington employment law attorney Crystal Lake tax lawyer Deer Park traffic lawyer clemency startup company employment contract motorcycle accident lawyer Illinois medical malpractice case civil litigation attorney Buffalo Grove traffic lawyers traffic deaths Illinois tax attorney texting and driving Palatine traffic accidents nursing home negligence living trust vs will Barrington employment attorney bicycle dooring accidents license expungement Illinois collections attorney Kenilworth estate planning attorney IRA benefits Illinois real estate Schaumburg corporate law rest breaks insurance claim denial Palatine elder law attorney Inverness personal injury attorney Des Plaines real estate lawyer sexual harassment owner responsibility Schaumburg employment law attorneys Rolling Meadows insurance dispute lawyers, insurance dispute Des Plaines collections attorney Crystal Lake personal injury lawyer estate planning attorney Buffalo Grove traffic attorney Crystal Lake estate planning lawyer Deer Park traffic accident attorney living trust drugs Long Grove real estate attorney Arlington Heights medical malpractice lawyer Deer Park DUI lawyer severance agreements independent contractor traffic offenses Arlington Heights personal injury attorney digital information Illinois traffic attorney estate attorney Illinois medical malpractice claim Schaumburg probate attorney real estate attorney guardianship attorney Illinois civil litigation lawyer Crystal Lake pedestrian accident lawyer Illinois estate planning Inverness real estate attorney Illinois will lawyer Rolling Meadows business lawyer trusts dynasty trusts Affordable Care Act Deer Park employment law attorney Illinois personal injury lawyers insurance agents BAC construction accidents Arlington Heights personal injury lawyer Palatine real estate lawyer landlord bad faith insurance claims real estate zoning pedestrian-automobile accident Illinois rollover accident lawyers Arlington Heights wills and trusts attorney premises liability cell phone accidents Barrington real estate lawyer Illinois LLC creation living trust benefits preventable medical errors bike accident traumatic brain injury Des Plaines injury law firm contracts fiduciary rule drug crimes lawyer truck collisions foreclosed rental property Des Plaines Traffic Lawyer Barrington litigation attorney Buffalo Grove corporate attorney overtime violations Des Plaines claims law firm medical malpractice insurance disputes, Illinois insurance disputes, Illinois insurance dispute attorneys, denied insurance claims, Arlington Heights insurance dispute attorneys breathalyzer test Fair Labor Standards Act Home Remodeling Repair Act Crystal Lake car accident attorney manufacturing Legal Info civil litigation Crystal Lake medical malpractice attorneys Des Plaines motorcycle accident attorney murder charges POA Des Plaines personal injury lawyer crossover accidents Long Grove estate planning Chicago lawyer pain and suffering speeding Arlington Heights traffic attorney insurance dispute Schaumburg car accident attorney Home Sale Contingencies Illinois insurance disputes BAIID Illinois wills and trusts attorneys Illinois trusts attorney Des Plaines drug crimes lawyer Chicago employment attorney llinois Real Estate Lawyers Association digital assets, digital fiduciary, estate planning, digital content, Long Grove estate planning lawyers mortgage estate planning lawyer Arlington Heights lawyer caretaker rights Colin Gilbert Deer Park motorcycle accident lawyer sexual images Super Mario personal injury claims Des Plaines drug lawyer Rolling Meadows insurance attorney Illinois injury lawyer Illinois insurance claims lawyers Crystal Lake law firm Jay Andrew South Barrington real estate attorney Crystal Lake traffic lawyer life insurance texting while driving digital media accounts, estate planning, Arlington Heights estate planning attorney, income distribution deducation filing a medical malpractice claim commercial leases irrevocable trust Long Grove real estate lawyer Palatine workers compensation lawyer unauthorized overtime Illinois Smoke Detector Act insurance claim dispute attorney fees boating accidents Palatine injury attorney probate lawyer gift taxes tax attorney Illinois home inspection pedestrian injuries, pedestrian fatality

Archive