Winnebago County Estate Planning Attorneys | Estate Planning Lawyers, Winnebago County IL

In this article we explain how Illinois courts handle the issue of college contribution including answering the following questions: can an Illinois Court order me to pay for college expenses for my child?, how will the Illinois Court decide whether or not to order college contribution?, how do I determine how much to pay in college expenses for my child in Illinois?, do I have to pay for previously incurred college expenses from before I started paying for college contribution in Illinois?, what expenses are included in college contribution in Illinois?, what types of schools are included for college contribution in Illinois?, what is the maximum amount I can be ordered to pay towards my child’s college payments in Illinois?, can an Illinois court modify the amount of college contribution?, is there anything that can terminate my obligation to pay for college in Illinois?, what are examples that will not terminate my obligation to pay for college in Illinois?, am I required to do anything in addition to paying college expenses for my child in Illinois?, if I’m paying for college based on an Illinois court order, do I get to see all of my child’s college records?, what happens if my child prevents me from seeing their grades in an Illinois child support case?, how does a 529 education account affect college contribution payments in Illinois?, who can I make my Illinois court ordered payments to?, and can my child sue me for college contribution in Illinois?

‍

Trusts are common tools used in estate planning, and other situations which require a third party to take control of an owner’s property to be distributed to a third party. While creation of trusts involve several unfamiliar legal terms, the basic idea of a trust is to allow someone else to hold onto your property for the benefit of a third person. For instance, you may have heard the term “trust fund baby” where wealthy parents have created a trust, managed by a bank or other financial professional, for their children to receive payments. Trusts are not only for the super wealthy, however. This article will discuss: 

• What is a trust? 
• Are there requirements that trusts be reduced to writing to be enforceable? 
• What are the requirements of a valid trust? 

• How is a trust created? 
• Are there any limitations to the creation of a trust? 
• How does Iowa treat trusts created in another state? 

‍

In this article, we discuss how to avoid beneficiary designation problems by making sure your various investment accounts and estate planning align. We will answer the following questions: Does a will take precedence over beneficiary designations on my investment accounts?, can beneficiary designation affect estate taxes?, can an investment account be pulled automatically into a trust or will upon death?, what’s the difference between per stirpes and per capita distribution?, and can I just name my trust as the beneficiary of all my accounts?

‍