DGAA bLAWg

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



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



The Illinois Transfer on Death Instrument: What is It, and Why Do You Need It?

Web Admin - Monday, July 24, 2017

Arlington Heights wills and trusts attorneysOne of the more frustrating aspects of estate planning is the risk of probate. In fact, most estate owners will do anything they can to prevent it from happening. They know that it can lower the estate’s overall value, and they would prefer that those assets go to their beneficiaries. If one of the items they want to transfer upon death is real estate, owners can opt for the Illinois Transfer on Death Instrument (TODI). What is this estate planning document, and when should you use it? The following information explains, and it provides details on how to determine if it may be appropriate for your estate planning needs.

What is the Transfer on Death Instrument?

Covered under the Illinois Residential Real Property Transfer Act, TODI documents lets owners transfer real estate property to their beneficiaries upon death, without the risk of probate. It does this through a non-testamentary transfer. Able to be used by single and joint owners, these documents have many of the same requirements as will drafting (owner must be of sound mind and not under duress, document must be prepared by the owner or an attorney, etc.), but they do not necessarily replace a will for owners with expansive estates.

Meeting the Validity Requirements

A Transfer on Death Instrument may be signed either by a single owner, or jointly. Keep in mind that it does not have to be signed by all owners, but it does not remove joint tenancy if another owner has not signed it. A TODI must also comply with all deed requirements, and it must state that the property transfers upon the owner’s death (or owners’, if joint signed). Further, the document must be recorded in the county or counties in which the property is located. Should the owner ever want to revoke the TODI, they are permitted to do so. However, if the TODI is joint signed, both parties must revoke the transfer to be considered a valid revocation.

Should You Use One?

There are many complexities and nuances in estate planning, and any one of them could determine whether a TODI is right for your situation. As such, it is highly recommended that estate owners seek legal assistance with their estate planning needs. Contact Drost, Gilbert, Andrew & Apicella, LLC. Skilled and experienced, we can help you find the creative solution that is most suitable for your needs. Schedule a personalized consultation with our Arlington Heights wills and trusts lawyers to learn more. 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:http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=3382&ChapterID=60


Recent Posts


Tags

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

Archive