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

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

Archive