When a loved one’s savings runs low, Medicaid becomes the primary way that many Illinois families provide nursing home care. Qualifying for this federal financial benefit is not as easy as spending down a savings account a month before applying. Under federal law, state Medicaid agencies review an applicant’s financial history. Understanding how this look-back…
Many people assume that any generous gift comes with a tax bill attached, either for the giver or the recipient. In reality, federal law lets most people give away substantial sums every year without owing a dime in gift tax or even filing paperwork. Understanding the annual exclusion and how it interacts with Illinois’s own…
Most people buy life insurance to protect their families, only to discover the policy can create a tax problem. If you own your policy outright, its full death benefit is added to your taxable estate when you die, even though the payout goes directly to your beneficiaries. Illinois residents must realize that the state’s low…
Being a trustee means managing someone’s estate after they die. But what does that really mean? The information you are provided may not clearly define the limits or expectations of your role. An experienced estate planning attorney can describe your legal and financial obligations as trustee, as well as the consequences for falling short. It’s…
When deciding how to pass on their estates when they die, most people consider their real estate holdings, retirement accounts, and vehicles. But what about their email inbox, social media accounts, Venmo records, and crypto wallets? Digital assets are commonplace now, so when working with an experienced estate planning attorney, a full accounting of your…
Most Illinois residents have an estate plan for a house, a bank account, or a life insurance policy, but few have planned for what happens to their Venmo balance, a cryptocurrency wallet, or a Facebook profile when they die. These digital assets can be difficult or impossible for loved ones to access and may therefore…
Most trusts have a defined termination date. Under the common law “rule against perpetuities,” a trust generally must terminate and distribute its assets within a set period after the death of everyone living when it was created, typically about 21 years. A dynasty trust is designed to get around that limit. An experienced estate planning…
Most people imagine that “Medicaid planning” means moving an elderly parent to a nursing home, yet there’s more to it. Medicaid planning is about protecting a family’s finances against the cost of long-term care, regardless of a person’s age. The same eligibility rules that apply to the elderly can damage the finances of someone who…
A car accident, a stroke, or other sudden illness can leave any adult unable to manage money or make medical decisions. Many people assume a spouse or adult child can step in, but that’s not how Illinois law works. Without the right documents, your family may face delays, disputes, or even a court proceeding during…
Owning rental or investment property carries real risk. If a tenant is injured, a dispute brews with a contractor, or a debt tied to one building goes unpaid, your personal assets, including your home, savings, and other investments, could be exposed if the property is titled in your name. An experienced business attorney can advise…
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