Category: Probate and Estate Planning

Trusts and Wills: Why You Need Both

Individuals should consider creating both a trust and a will to help ensure that all of their assets are protected and distributed in accordance with their wishes. While a will alone offers a number of benefits, the documentation becomes public information upon a person’s passing and a will is subject to probate, which can be extremely costly sometimes.

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What Happens to a Reverse Mortgage After Death?

When the owner of a home with a reverse mortgage dies, the heirs are on the hook for the full loan balance and any interest that’s accrued over the life of the loan term. The lender will expect a quick repayment regardless of whether the beneficiary plans to live in the home or not.

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Will a Living Trust Protect Your Assets From Nursing Home Costs?

Irrevocable living trusts can be used to protect a person’s assets against nursing home expenses under certain conditions. Since the property transferred is owned by the trust, assets in such a trust are not considered when applying for Medicaid, and assets are shielded from depletion when receiving long-term care.

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Using a Special Needs Trust for Medicaid Recipients

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…

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A Life Estate Deed Could Protect Your Home

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…

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Avoid These Risks When You Set Up A Living Trust

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.

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Is Probate Required When Property is Jointly Owned?

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.

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Are You Afraid of A Living Will?

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.

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