Converting a Chapter 13 bankruptcy to a Chapter 7 is sometimes a solution that better meets the financial needs of some consumers, but it may not be the best choice for everyone. Chapter 7 bankruptcy is often an attractive option for debtors as it wipes out most debt owed, while Chapter 13 requires a portion of the debt to…
Special needs trusts are designed to provide funds or other assets that benefit the disabled individual who is receiving Medicaid or SSI benefits without jeopardizing the recipient’s income eligibility. Often referred to as supplemental needs trusts, they can be used to provide services and amenities to recipients that improve their quality of life. Since public benefits programs are highly…
A life estate can ensure that property is passed to an individual’s intended heir(s) immediately after death. This allows the individual to reside in the home while creating different rights of possession for the homeowner and the intended heir(s). Setting up a life estate with an Illinois probate lawyer can avoid conflict over the property and make it easier…
A living trust is a reliable, flexible document that can be used to protect an individual’s financial assets prior to death. Putting a revocable trust in place protects real estate, cash assets, and other valuables and makes it possible to transfer these assets directly to an heir.
Leaving even a small inheritance to a disabled family member could cause government benefits to be reduced or eliminated, but a special needs trust can sidestep many of the restrictions involved so the disabled person can still benefit. An experienced estate planning attorney can help people create such a trust.
Certain jointly held properties will need to go through probate, while others can avoid it. Jointly owned property is a type of property owned by two or more individuals. Since there are several types of jointly owned properties and their characteristics determine whether or not they must go through probate, it’s important to understand their differences.
Bankruptcy could be a way to avoid liability in a civil judgment. However, this will depend on whether or not the underlying debt is dischargeable. While there isn’t a guarantee that you can get rid of the debt via a bankruptcy, individuals may be able to avoid the lien in some cases.
Living wills can provide important instructions in the event of life-sustaining treatment, but studies show that many people are reluctant to have these important legal documents drafted for them. Failing to include an advance directive in an estate plan can lead to confusion and unintended consequences.
Discussing an estate plan while parents are still competent can prevent disastrous consequences. Although it may be uncomfortable to have these types of conversations, reviewing an estate plan can help ensure everybody’s best interests are protected.
Having a valid will does not trigger or avoid probate. Whether probate is required depends on how the decedent held title to the property at the time of his or her death, the value of the estate, the type of property the decedent owned and the circumstances surrounding the creation of the will.
