or many, estate planning is something you do so that when you’ve reached your golden years you can rest easy knowing your assets will be handled properly after you pass on. None of us wants to think of the “plan” in estate planning as something that will come to fruition in the next few months. But we can’t ignore what’s going on around us, especially those in the high risk categories including the elderly and those with multiple comorbidities.
In this article we compare First Party special needs trusts and Third Part special needs trusts in Illinois. A trust is a legal bonding of three parties, including a donor who supplies trust funds, a trustee who holds and administers the trust funds, and a beneficiary who receives the benefits of funds. A special needs trust is designed to financially care and provide for a person with special needs without jeopardizing any assistance received from governmental programs.
Beyond their use for medical items or items directly related to disability, special needs trusts can be a versatile tool for handling a broad spectrum of costs a loved one might encounter. Because what is considered special needs is loosely defined and casts a wide net, most trusts consider everything other than what is covered by the trust beneficiary’s public benefits program. Since public benefit programs are only meant to pay for goods and services that are absolutely necessary, such as basic needs, critical care items, and often medical services, a special needs trust can be used for nearly any supplemental item that improves the beneficiary’s quality of life.
We offer free, paid & online consultation in nearly every area of law throughout Illinois and Iowa. We have a range of options to assist you with your legal needs.
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or many, estate planning is something you do so that when you’ve reached your golden years you can rest easy knowing your assets will be handled properly after you pass on. None of us wants to think of the “plan” in estate planning as something that will come to fruition in the next few months. But we can’t ignore what’s going on around us, especially those in the high risk categories including the elderly and those with multiple comorbidities.
A joint will is a single document jointly signed by two or more individuals, which combines the party’s last will and testament. With a joint will, the surviving party will inherit the entire estate, and after the death of the surviving party, the estate will be transferred to the children. Beyond just covering more than one person under one will the joint will also acts as a binding contract that prohibits the participants from making changes to the will after the others die.
Trust litigation occurs when the court is needed to resolve any disputes over your trust. Some of the most common causes of these disputes are around questions of the legality of the trust. This can include but are not limited to questioning the sound mind of the trustor/deceased at the time of writing the trust, accusations of fund misuse by the trustee, or suspicion of manipulation or coercion upon the trustor/deceased. If these conflicts reach the level where the family cannot agree, parties may seek legal representation to dispute the trust, which will begin trust litigation.
We offer free, paid & online consultation in nearly every area of law throughout Illinois and Iowa. We have a range of options to assist you with your legal needs.
We offer free, paid & online consultation in nearly every area of law throughout Illinois and Iowa. We have a range of options to assist you with your legal needs.
or many, estate planning is something you do so that when you’ve reached your golden years you can rest easy knowing your assets will be handled properly after you pass on. None of us wants to think of the “plan” in estate planning as something that will come to fruition in the next few months. But we can’t ignore what’s going on around us, especially those in the high risk categories including the elderly and those with multiple comorbidities.
A joint will is a single document jointly signed by two or more individuals, which combines the party’s last will and testament. With a joint will, the surviving party will inherit the entire estate, and after the death of the surviving party, the estate will be transferred to the children. Beyond just covering more than one person under one will the joint will also acts as a binding contract that prohibits the participants from making changes to the will after the others die.
Trust litigation occurs when the court is needed to resolve any disputes over your trust. Some of the most common causes of these disputes are around questions of the legality of the trust. This can include but are not limited to questioning the sound mind of the trustor/deceased at the time of writing the trust, accusations of fund misuse by the trustee, or suspicion of manipulation or coercion upon the trustor/deceased. If these conflicts reach the level where the family cannot agree, parties may seek legal representation to dispute the trust, which will begin trust litigation.
or many, estate planning is something you do so that when you’ve reached your golden years you can rest easy knowing your assets will be handled properly after you pass on. None of us wants to think of the “plan” in estate planning as something that will come to fruition in the next few months. But we can’t ignore what’s going on around us, especially those in the high risk categories including the elderly and those with multiple comorbidities.
A joint will is a single document jointly signed by two or more individuals, which combines the party’s last will and testament. With a joint will, the surviving party will inherit the entire estate, and after the death of the surviving party, the estate will be transferred to the children. Beyond just covering more than one person under one will the joint will also acts as a binding contract that prohibits the participants from making changes to the will after the others die.
Trust litigation occurs when the court is needed to resolve any disputes over your trust. Some of the most common causes of these disputes are around questions of the legality of the trust. This can include but are not limited to questioning the sound mind of the trustor/deceased at the time of writing the trust, accusations of fund misuse by the trustee, or suspicion of manipulation or coercion upon the trustor/deceased. If these conflicts reach the level where the family cannot agree, parties may seek legal representation to dispute the trust, which will begin trust litigation.
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