Executing an estate plan, especially if you’re an adult child who is assisting an elderly parent in the task, can be a complex matter. While some Illinois estate owners might want to keep things as simple as possible, others have a high net worth, multiple...
Peoria Estate Planning, Elder Law and Disability Blog
Is a Social Security hearing like going to state court?
The hearings are fairly informal. The only people likely to be there are the judge, a hearings office employee or a contractor recording the hearing using a laptop computer and software, the claimant, the claimant’s attorney, and anyone else the claimant has brought...
Illinois is tying Medicaid funding to staffing level for nursing homes!
Illinois nursing homes will undergo long-awaited rate reform this year. Gov. Pritzker signed a bill into law tying funding for nursing homes to staffing levels and the quality of care provided for seniors. Nearly 45,000 people in Illinois living in nursing homes rely...
Medicaid rules in Illinois are changing to help Community Spouses in Illinois !
In 2012, Illinois froze its rates for spouses of individuals who receive Medicaid-funded, long-term care at $2,739 per month, so those spouses are not receiving an annual bump in the calculation of potential Maximum Monthly Maintenance Needs Allowance (MMMNA). The...
Should name minor children as beneficiaries on a life insurance policy?
🤔 Should you list your minor children on your life insurance policy? . If you want to make sure your kids are covered through your life insurance, listing them as a beneficiary is not what we typically recommend. Why? . Because they get all the money in one big sum...
3 things you should know about a special needs trust
If you’re one of many parents in Illinois who cares for a child with mental or physical disabilities, there have no doubt been times in your life when you think ahead, and, perhaps, feel anxious or worried about meeting your child’s needs if something were to happen...
James Dean 😎 was raised by his aunt and uncle. . Not his dad. . But guess who got his entire estate (net worth equal to $2 million 💰💰💰 today)? . That’s right, his dad…not the rightful guardians. . He didn’t have any estate plan, so everything went straight to his...
You need to prepare before you see an attorney!
BEFORE you see an estate planning attorney, DO THIS FIRST: . Make your inventory list. 📃 . Include all of your assets, both physical and non-physical properties that you own. . Here’s a good starting point: . 🔸 Art 🔸 Jewelry 🔸 Cash 🔸 Real estate 🔸 Bank accounts...
Did you put your assets into the Trust you created?
🤔 How do you know what’s in your trust fund already? . Here’s a little trick: . Just look at the name on the asset. . Is YOUR name on the asset, or is the TRUST’S name on the asset? . Because if your name is still on it, then you can be certain that it’s not in the...
Challenging a Will is expensive and can take a long time!
⚠️ WARNING: Challenging a will is not cheap, AND it takes a long time. John Lennon’s first son, Julian, is a prime example of this: It took Julian 16 years of battling his father’s will, and he finally settled. What happened? John Lennon did set up a trust for his...
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416 Main Street Suite 700
Peoria, IL 61602
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