Older people are vulnerable to financial abuse, whether by a family member, financial professional, or stranger. Understanding the threat of financial exploitation seniors face can help them avoid people who want to steal their money, identity, government benefits, or possessions. What Is Financial Abuse? Financial abuse of an elder can happen when another person or […]
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Probate is the formal legal process that administers the assets of a deceased person. The process is supervised by the probate court. Probate litigation in Illinois occurs when interested parties file lawsuits in the probate court seeking to address an issue in the probate process. What is Probate Litigation? Litigation is the process of resolving
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What is a Will? In Illinois, if someone dies with a Last Will and Testament, that will should be filed with the local county’s clerk’s office. A Last Will and Testament generally designates who will act as the estate’s representative or Executor. The will also designates legatees, or those individuals or entities, who receive either
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The question of how long probate takes in Illinois depends on the circumstances of the deceased person’s estate. Probate in Illinois can last less than a year, but it could also take several years or longer. How long probate takes will depend on factors such as the value and nature of the estate’s assets, the
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When a person dies, if they have assets, they will need to be distributed. Probate is necessary when a person’s assets are titled in such a way or are a certain amount, that a court needs to appoint an estate representative to collect and distribute them, under the court’s supervision. Probate may also be necessary
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Creating a well developed estate plan is the best way for a person to plan for a time during their lifetime, where they cannot manage their assets, and also to plan for the disposition of assets at death. Each person’s needs and wishes regarding their estate during both life and after death can be carried
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The Illinois Medical Assistance Program (“Medicaid”) is the health care program for individuals who do not have another form of insurance or whose insurance does not cover what they need. Medicaid covers medical costs that include doctor visits, prescriptions, and medical equipment. Medicaid also covers the costs of long-term care for many Illinois residents, including,
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With the 2023 increase of the amount that the Internal Revenue Service (IRS) will allow a person to gift free from gift tax reporting, from $16,000 per person to $17,000 per person, per tax year, there is greater opportunity for tax- free gifting. As a result, any person who gives away $17,000 or less annually
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A Guide To Special Needs Trusts Why Create a Special Needs Trust? A Special Needs Trust can be an important tool for a disabled individual who is, or may become eligible, for Supplemental Security Income or Medicaid but has excess assets preventing eligibility. Supplemental Security Income (SSI) is the Social Security program that grants income
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My Loved One Has Passed…Now What? Your loved one just died – now what? Unfortunately, many people will have to ask themselves this question at least once in their lives. After you have time to grieve the loss, you will need to take several practical steps to administer your loved one’s estate. Your first step
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