There are two (2) types of powers of attorney in Illinois. The first power of attorney is a power of attorney for property ("POA"). A POA for Property is a type of power of attorney where you appoint an Attorney-in-Fact to make financial decisions when you are unable to make your own financial decisions. Examples of circumstances where you might need a POA property. A car crash victim or a senior that is experiencing memory lapses or old age.
The second (2) type of power of attorney is power of attorney for healthcare. A power of attorney for healthcare is otherwise known as "POA Healthcare". A POA Healthcare is a legal document where you designate an agent to make health care choices for you in case of an incapacity. Without a POA Healthcare, your family, friends, or partner may not make healthcare choices for you in case of an emergency. More importantly, a POA for Healthcare describes whether you want feeding tubes or a DNR in your medical chart. A POA for Healthcare is a good idea because it also assists your agent to understand how you want your own healthcare choices made.
Sean Robertson is an tax attorney that concentrates in estate planning, estate and gift tax planning, asset protection law, and corporate law. Sean Robertson can be reached at (312) 498-6080 or (630) 364-2318 or RobertsonLawGroup@gmail.com.
Showing posts with label poa property. Show all posts
Showing posts with label poa property. Show all posts
Wednesday, May 19, 2010
Friday, April 16, 2010
What is a Living Trust and How Does It Work?
A living trust or otherwise known as a "Revocable Living Trust" is a written agreement that describes one's specific wishes regarding the distribution of property upon their incapacity or death. A living trust enables a person to create a fictional person, which was created under law. For example, Steve and Ann Smith draft a Living Trust, which distributes their property upon their death to their, four (4) children equally. Steve and Ann Smith own a home at 1234 Smith Circle, Naperville, Illinois 60605. Steve and Ann Smith draft a Quit Claim Deed, which transfers their home residence into the Living Trust of Steve Smith and Living Trust of Ann Smith (each have fifty (50) percent interest. Thus, this is an effective way to avoid probate court.
Sean Robertson, Attorney at Law
Robertson Law Group, LLC
312-498-6080 or 630-364-2318
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com
Sean Robertson, Attorney at Law
Robertson Law Group, LLC
312-498-6080 or 630-364-2318
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com
Power of Attorney and Seniors
This morning, I am meeting with a prospective client and his daughter and her husband. We are going to talk about a power of attorney. There are two (2) types of powers of attorney. The first type is a power of attorney for property or otherwise known as "POA Property". A POA Property is where the senior appoints a trusted person (likely daughter in this case) to be his power of attorney in case he has incapacity issues. Therefore, the daughter is empowered to make financial decisions for her dad such as payment of bills, real estate taxes, among many other bills. The second type of power of attorney is a power of attorney for healthcare or otherwise known as "POA Healthcare". A POA Healthcare is where the father appoints a trusted person (likely daughter again) to make healthcare decisions for him if he is unable to make these decisions.
Unfortunately, a power of attorney is often insufficient because if nursing home care (assisted living, etc.) is required, the nursing home will demand a guardianship hearing. The power of attorneys are relevant to any guardianship hearing, but a revocable living trust is really good option with the powers of attorney. Therefore, one can avoid the necessity of guardianship court. Guardianship court typically costs $1,500 in attorney's fees plus costs in a simple case. This is true for the Circuit Court of Cook County, Will County, and Dupage County.
Sean Robertson, Attorney at Law
Robertson Law Group, LLC
312-498-6080 or 630-364-2318
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com
Unfortunately, a power of attorney is often insufficient because if nursing home care (assisted living, etc.) is required, the nursing home will demand a guardianship hearing. The power of attorneys are relevant to any guardianship hearing, but a revocable living trust is really good option with the powers of attorney. Therefore, one can avoid the necessity of guardianship court. Guardianship court typically costs $1,500 in attorney's fees plus costs in a simple case. This is true for the Circuit Court of Cook County, Will County, and Dupage County.
Sean Robertson, Attorney at Law
Robertson Law Group, LLC
312-498-6080 or 630-364-2318
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com
Thursday, April 8, 2010
What is Estate Planning-Naperville and downtown Chicago
What is Estate Planning?
Estate planning is simply a legal concentration that plans for incapacity and death. Typically, this planning involves wills, pour over wills, living trusts, and powers of attorney for healthcare and property.
A will is simply a written document that disposes of one's property upon your death. A will is a on-death document meaning that it does not have any affect during your life. A pour over will is a type of will that combines with a living trust to make probate a simple process. A pour over will becomes a catchall strategy to assist an estate avoid the complexities of probate. For example, Sue deceased and had a beneficiary that deceased on her bank account and did not designate a successor beneficiary. Thus, a pour over will instructs an asset without a proper beneficiary designation to be transferred into your living trust.
A living trusts is a written instrument that plans for your incapacity and death. A living trust is "living" because it works during your lifetime and upon death. A living trust is designed to avoid guardianship court and probate court. Guardianship court is a court that hears claims of disabled persons. These claims are relevant when a disabled adult loses their capacity to make decisions. Powers of attorney for healthcare and property are important, but to avoid guardianship court, your assets must be titled in your revocable living trust's name.
Essentially, estate planning is the process of working with an individual or family and assisting them with a smooth transfer upon death, avoidance of usual family conflicts, and the planning of incapacity and death. Estate planning also is giving advice on how to properly structure your assets to apply for medicaid or assist you and your family in helping your grandchildren or children remain eligible for medicaid (state public assistance). Many special needs children need the financial assistance of the state of Illinois because the expense of taking care of a special needs child.
In conclusion, estate planning is important because incapacity and death issues destroy many families. In my experience, there is a price that people will or will not pay for their families. If your children or loved ones will get destroyed by your lack of planning, estate planning is a family value.
Sean Robertson, Esq.
Robertson Law Group, LLC
312-498-6080 (all offices) or 630-364-2318 (Naperville)
Locations in Naperville, Chicago Ridge, and downtown Chicago
RobertsonLawGroup@gmail.com
Estate planning is simply a legal concentration that plans for incapacity and death. Typically, this planning involves wills, pour over wills, living trusts, and powers of attorney for healthcare and property.
A will is simply a written document that disposes of one's property upon your death. A will is a on-death document meaning that it does not have any affect during your life. A pour over will is a type of will that combines with a living trust to make probate a simple process. A pour over will becomes a catchall strategy to assist an estate avoid the complexities of probate. For example, Sue deceased and had a beneficiary that deceased on her bank account and did not designate a successor beneficiary. Thus, a pour over will instructs an asset without a proper beneficiary designation to be transferred into your living trust.
A living trusts is a written instrument that plans for your incapacity and death. A living trust is "living" because it works during your lifetime and upon death. A living trust is designed to avoid guardianship court and probate court. Guardianship court is a court that hears claims of disabled persons. These claims are relevant when a disabled adult loses their capacity to make decisions. Powers of attorney for healthcare and property are important, but to avoid guardianship court, your assets must be titled in your revocable living trust's name.
Essentially, estate planning is the process of working with an individual or family and assisting them with a smooth transfer upon death, avoidance of usual family conflicts, and the planning of incapacity and death. Estate planning also is giving advice on how to properly structure your assets to apply for medicaid or assist you and your family in helping your grandchildren or children remain eligible for medicaid (state public assistance). Many special needs children need the financial assistance of the state of Illinois because the expense of taking care of a special needs child.
In conclusion, estate planning is important because incapacity and death issues destroy many families. In my experience, there is a price that people will or will not pay for their families. If your children or loved ones will get destroyed by your lack of planning, estate planning is a family value.
Sean Robertson, Esq.
Robertson Law Group, LLC
312-498-6080 (all offices) or 630-364-2318 (Naperville)
Locations in Naperville, Chicago Ridge, and downtown Chicago
RobertsonLawGroup@gmail.com
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