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...
Month: May 2022
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...
How do you close a Trust?
You can’t close it if assets are still in it. THIS IS NOT A DO IT YOURSELF PROJECT. YOU NEED AN ATTORNEY TO DO IT RIGHT! First things first, make sure all of the assets are distributed and out of the trust. Next, let the beneficiaries know you are going to close...
Money and Children?
Farrah Fawcett loved her son. . But she didn’t give her son her entire $4.5 million inheritance all at once. 😲 . Wait, what? . That’s right - because she loved him, she planned her trust to the extreme care to make sure her son would be taken care of. . 👍 And that...
Am I responsible for my deceased parents’ debt?
Short answer: No, unless you were in joint debt. In other words, if your parents had $20,000 of credit card debt and your name was also on that account, then yes, you would have to continue paying that debt. Creditors can also go after your parents’ estate via...
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Peoria, IL 61602
416 Main Street Suite 700
Peoria, IL 61602
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