I'm trying to find alternatives to my current 529 savings account. I want something tax free, but where I can take out I'm emergencies. I don't want to lose my SSI.
answered on May 15, 2023
It is great that you are looking for alternatives for savings that will not affect your SSI payments. A primary consideration is whether the alternative would be a countable resource or not. A CD is usually countable except when the terms of a timed deposit will prohibit early withdrawal... View More 
answered on Jan 27, 2023
First, call your lawyer and ask why he hasn't followed through. There may be some obstacle that's needs to be removed first, and he's working on it for you. Second, if your lawyer doesn't have a good reason for not following through, find another attorney. You can record... View More
Trying to fill out an Executors Deed. I have one executor but about 6 heirs/grantees. Do I just list each heir and their percentage and say individually? For example: John Doe (20%) individually, John Doe Jr. (20%) individually, etc. Should percentages not be included?
answered on Jan 23, 2023
An Executor's Deed or Administrator's Deed is generally utilized when the Representative is "selling" real estate to a third party.
On the other hand, when a representative is merely releasing the estate's interest in the property and confirming title in the heirs... View More
There is a guardian (co-guardians in this case), a will, and a trust. The ward dies, the will has no written instructions for disposition of remains. Who is the 1st person legally responsible for making decisions about the disposition?
The guardian, the guardian who also is executive... View More
answered on Nov 16, 2022
Powers of attorney and guardianships end at death. The only person with any legal authority is the executor of the will, who will have letters of office. That person has to see to it that bills are paid, including the funeral, cremation, etc.
We are moving to Illinois and buying a house with our son as we are in our 70's. We are taking title as joint tenancy with rights of survivorship. If we need to be in nursing home in the future and medicaid is paying, will they be able to do estate recovery on the house after we die with... View More
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answered on Nov 20, 2023
Your joint tenancy with right of survivorship strategy avoids estate recovery BUT could trigger a huge Medicaid penalty period. There are better ways to do this, usually involving an irrevocable trust with a reserved right of occupancy.
She lived in wisconsin.
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answered on Sep 6, 2023
After she passes, yes if you are still a beneficiary. Until then, no.
I paid the truck off and would like for our son to have it. My name is on the title too.
answered on Jul 13, 2023
You should look at the Illinois Secretary of State information relating to the transfer of jointly owned title from a decedent's estate. This link should help. https://www.ilsos.gov/publications/pdf_publications/vsd275.pdf
My dad gave me $215,000 to buy a house as a gift. The mortgage broker prepared a gift letter for me (19) to purchase this house in my sole name. I dislike my dad and he is toxic to my mental health. Down the road, I would like to kick him out of my house, since my name is on the mortgage and... View More
answered on Jul 10, 2023
You're going to need more than free advice on the internet. Consult with a local real estate attorney ASAP.
answered on May 25, 2023
You may have a claim against the bank for failing to properly ID the person withdrawing the assets. I recommend speaking with a lawyer to discuss your options.
There are two beneficiaries currently: daughter and granddaughter. Lawyer insists there needs to be third but the Grantor only wants the daughter and granddaughter on there.
answered on Oct 3, 2022
I think there is some confusion about what the attorney is likely asking.
Going only by your question, and having not seen the trust or the details, the grantor does need to add some information regarding additional beneficiaries. The missing blank which needs to be filled in is, what... View More
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answered on Sep 14, 2022
Tax laws and ERISA Qualification laws come to mind. Banking Statutes also cover Trust Regulation. Securities Law may often be indirectly determinative. There are probably many others. Obviously Anti-Trust Statutes. State Laws control most disputes, but Trusts often involve several possible... View More
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answered on Sep 14, 2022
Oh my, yes, there are a TON of federal statutes that impact trust planning, too many to list. You will find a great deal in the Internal Revenue Code and also Title 42. That is not necessarily a complete list, but it is where a great many exist, and it is a good start.
answered on Aug 22, 2022
Hi there,
No, the name of an estate bank account should include the name and title of the representative: "John Doe, executor/administrator of the Jane Doe Estate".
Thank you, and wish you the best of luck!
Order of Protection of was filed against daughter, who then turned around and filed Petition of Guardianship on the mother requesting order of protection. Mother had not seen daughter for over 3 yrs, as mother claimed daughter harassed her, and stole large amount of cash. Eventually the Protection... View More
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answered on Jul 21, 2022
Yes, the court will ignore this if they do not know about it. Somebody needs to alert either the guardian ad litem or intervene in the case.
Deceased has a will & trust, but there is no beneficiary designated in IRA (rollover and Roth). Deceased does have a spouse.
Couple questions:
1.) Who gets the payout?
2.) If it goes to estate, can the payout be directed to trust? Please note the Will has a... View More
answered on Jul 9, 2022
I’m so sorry to hear of your loss; I hope you’re hanging in there.
When someone has a trust, the purpose is to avoid probate. The way you avoid probate when you have a trust is to fund the trust by making sure the trust is listed as beneficiary (or owner) of assets. There are... View More
answered on Jul 7, 2022
I'm so sorry to hear of your mother's passing; I hope you're hanging in there.
Her estate may need to go through probate. Probate court proceedings are needed when 1) someone owns real estate or 2) other cumulative assets that don't name a joint owner or beneficiary... View More
answered on Apr 26, 2022
I'm so sorry to hear about this; fortunately and unfortunately, it sounds like your son is high functioning to the point he wants to drive his own car but doesn't have the capacity to understand what a car loan entails. In adult guardianships in Illinois, this is somewhat common.... View More
Since ‘14 I’ve received monthly payouts from a trust set up by my brother & his wife. No taxes/fees were charged to me. He died in ‘19; she in ‘20. The only correspondence I have received from the bank over the years are quarterly reports. Yesterday, 4/6/22, I received an email notice... View More
answered on Apr 7, 2022
It was very nice for your brother and his wife to leave you the money they did. It is even nicer that they filed and paid the tax for you. Yes, the taxes need to be paid. I cannot emphasize that enough. I would advise you to know who the trustee of the trust is so you can speak to that person.... View More
My dad purchased my grandmas home when she went into a nursing home and sold it to my husband and me. He died before being able to transfer the deed, how do we get the house in our name? He did not have a will and my mom and two siblings are still living. We also didn’t have a written agreement... View More
answered on Feb 23, 2022
In order to be enforceable, Illinois, and all other states, require that agreements for the purchase and sale of real estate be in writing. However, this is not insurmountable. First, did you pay your father for the property and can the transfer of funds be documented? More importantly, were... View More
$100,000 The bank is holding his account open until any funds due are settled. All money due or collected will be given to his daughter. Do we just list her as 100% on the small estate affidavit? or should I list myself as his father? I want to give all proceeds to her but don't know what my... View More
answered on Feb 7, 2022
Sir, I'm so sorry for your loss. I hope you're all hanging in there.
While you can be the affiant of the Small Estate Affidavit, the only heir of the estate is your granddaughter. Because the amount of money she'll likely receive is over $10,000.00, there will need to be a... View More
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