THE KNEE LAW FIRM LTD
  • Home
  • ABOUT KLF
    • BILL KNEE
    • THE KNEE LAW FIRM LTD
  • KLF Services
    • LONG-TERM CARE PLANNING
    • ESTATE PLANNING
    • REAL ESTATE
    • BUSINESS PLANNING & COUNSELING >
      • Small Business Relief Program
      • Begin with the end in mind
      • Business License and Permit Requirements
      • Small Business and The Personal Guarantee
  • EVENTS
    • Meg McCabe Installation
  • Contact us
  • Pay an Invoice
  • KLF Blog


​KLF Blogosphere

ARE YOU PART OF THE “SANDWICH GENERATION?” IF SO, HAVE A PLAN

8/10/2022

0 Comments

 
Picture
Anyone experiencing the challenge of simultaneously caring for children and aging parents is part of the “Sandwich Generation”. If this sounds familiar, please know you are not alone. You and a growing number of our population are experiencing significant anxiety and stress as you juggle schooling and activities for your kids, your own career and increased financial expectations, family dynamics, and daily caregiver duties for aging parents. Though this is a challenging time in your life, it doesn’t have to be as impossible as it may seem. Money management and estate planning are two critical elements in creating a mutually beneficial living experience for you and your loved ones. There are also some basic steps, personally and financially, that you can take to help get you through.

Personal Considerations
  • It may sound too easy, but simply prioritizing tasks can make a big difference. Especially for those of us in the Sandwich Generation, we often seem to have an overwhelming number of responsibilities each day. Prioritize between urgent and non-urgent tasks and identify what needs to be addressed first. 
  • Make time for self-care to avoid caregiver burnout. Again, it sounds almost too simple, but we often forget to do this. Focusing on basics like nutritious meals, adequate sleep, and exercise will benefit you and your loved ones.
  • Know your rights at your workplace. Programs like the Family Medical Leave Act (FMLA) offer job security to those taking a leave of absence for family medical reasons. While it is not a paid benefit, you will maintain access to your health insurance benefits for up to twelve weeks of time off. If you haven't done so yet, it might also help to explore working remotely so that you can be in the same location as those you care for.
  • Share your feelings about your burdens and get extra help when you need it. Communicating with and being open with your family members can better manage everyone's expectations. There are also community resources that can connect you with those dealing with the same issues, and where you can share information and offload burdens. And don’t hesitate to connect with a mental health professional. There are many available who have experience working with folks with similar stresses and concerns.

Financial Considerations
  • Make an honest evaluation of your available resources before determining a course of action. Are your parents able to pay for their care on their own, even within your/their own home? Do they carry long-term care insurance or whole life insurance policies with living benefits? Do you have other family members willing to contribute financially, or is a public assistance option viable?
  • Talk things through with your parents about their preferences and abilities to pay. Include any siblings you may have and figure out who can help provide care and whose home provides the best solution. If external help is a must, research local resource possibilities and costs. Most importantly, consult an elder law attorney to ensure all relevant legal document requirements are at hand if a sudden financial or medical decision presents itself.
  • Don’t overlook the needs of your own retirement that will protect your children's lifestyle and future. College funds need to be a priority, as is a 401(k) plan if your place of employment offers one. Consider the purchase of a term or whole life insurance policy to protect your family's future in the event a tragedy befalls you and your ability to care for your family. Start an emergency fund right away, as life is unpredictable. This fund can help cover incidental costs, unexpected medical bills, and a long-term hospital stay. Unexpected costs can throw your budget out of whack so try to be prepared ahead of time with some emergency cash on hand. 
  • If your sandwich generation status continues for a long time, re-evaluate your finances periodically. Goals will change, and updating your estate plan and possibly your parents' plan too may help you stay on track to meet your nuclear family's long-term goals. You may need to renovate your home as your parents age for both their comfort and safety.

While this may not be the easiest time of your life, it is survivable and is a situation where you can all thrive with adequate planning.  At The Knee Law Firm, Ltd we’re familiar with structuring these types of plans and work with many clients facing these same challenges.  We would be happy to discuss your situation and how we might help.

​

0 Comments

The Rich & Famous Can Make Estate-Planning Mistakes, Just Like Regular Folks

7/8/2022

0 Comments

 
Picture
Picture
You don't need to be rich and famous to need an effective Estate Plan. And all the money and fame in the world doesn’t always mean folks get the best estate-planning advice.

Create an Estate Plan.
Musician Prince never did, and because of that, even a prison inmate popped up to claim he deserved a share of Prince’s estate, worth hundreds of millions of dollars. The court battle drags on, five years after Prince’s sudden death. 

Billionaire Howard Hughes died without a will. Somebody found one later, but it was proved to be a fake. A court battle ensued. It took around 34 years to straighten out what should be done with his $1.5 billion.

Singer Aretha Franklin died without a will. Once again – are you seeing a theme here? – her $80 million estate ended up in court. 

Keep your Estate-Planning documents in a safe and obvious place.

Olympian athlete Florence Griffith Joyner may have had a will – somewhere – but nobody could find it. The matter ended up in court, once again, for years. The issue was whether Joyner intended her mother to live, rent-free, in the Joyners’ home.

If you’re getting a divorce, don’t delay your planning.

Despite that singer, Barry White and his second wife were in the process of separating at the time of his death, she ended up with his entire estate. His children from other marriages, and his live-in girlfriend at the time, all sued. The law says that until a divorce decree is signed, you are still married, and if you pass before that and your estate plan includes your soon-to-be ex, that person will get your property. 

Don’t try this at home.

Actor Philip Seymour Hoffman didn’t like the idea of his children becoming “trust-fund kids,” so he left everything to the mother of his children, to whom he was, unfortunately, not married. The result was a tax bill of millions of dollars. This could have been avoided if he had consulted an attorney with estate-planning expertise.

Don’t try this at home 2.0.

Supreme Court Justice Warren Burger typed up his own short will to dispose of his $1.8 million estate. He may have known Constitutional law, but not estate planning. His family paid a huge chunk of his riches in estate taxes that, once again, could have been avoided if Justice Berger had planned correctly.

If big changes happen in your life, let us know right away.

Actor Heath Ledger’s outdated will left everything to his parents and sisters, but after that will was written, he had a daughter with his girlfriend. It was only by the grace of Ledger’s family that they gave the girlfriend and daughter some of Ledger’s money. Don’t rely on your family to have to make those decisions for you.

Put promises in writing.

Marlon Brando’s housekeeper claimed he had promised that she would get his house when he died, but he hadn't put that in writing. She sued. Three years after Brando’s death, his estate settled with her for $125,000.00.


These are cautionary tales...and while your private affairs won’t necessarily end up in the newspapers...effective planning, with an Estate Planning attorney WILL prevent unnecessary expenses and legal entanglements down the road. We’d be happy to chat with you about a plan that will work for you and get the process started.

0 Comments

TOP Estate Planning MYTHS

6/24/2022

0 Comments

 
Picture
  • Having a will is the same as having an Estate Plan. 
    • FALSE - ​A will is just one essential piece of an effective Estate Plan.
  • Only wealthy people need Estate Planning.
    • ​FALSE - Regardless of income level, Estate Planning is important for everyone. An effective Estate Plan is not only designed to protect assets. It's designed to protect you, your family, your home, etc., and puts you in control of how decisions should be made if you are no longer able to make them for yourself or after you die.
  • Only people with children need Estate Planning.
    • ​FALSE - While child guardianship and providing for children financially is involved in the planning for some people, there are many considerations that go into Estate Planning beyond that.
  • Only people who own a home need Estate Planning.
    • ​FALSE - There are many considerations that go into Estate Planning beyond just those relating to how property and other assets are passed on.
  • The Estate Planning process is lengthy and complicated.
    • ​FALSE - While the timing can depend upon the complexity of your planning, the team at The Knee Law Firm, Ltd. works with clients to keep things on track from beginning to end in a matter of weeks.
  • Estate Planning is only helpful after you pass away.
    • ​FALSE - Effective estate planning allows you to make decisions on how to handle things while you are here, as well as for when you die. If you can no longer manage your affairs, or no longer wish to, your plan assigns someone who can step in. It's a way to protect you and your loved ones today and into the future.
  • You don’t need Estate Planning if you’re young & single.
    • ​FALSE - It's a good idea for anyone who is single (and over 18 years old) to assign trusted individuals to handle their property and healthcare decisions in the event they are unable to. Effective planning can do that, as well as so much more.
  • Estate Planning is too expensive and not worth it.
    • ​FALSE - Effective Estate Planning can actually SAVE your loved ones money AND stress by helping to avoid probate hassles and costs, and by providing a road map of your wishes.

​Connect with us to find out why an effective Estate Plan is important for everyone.

0 Comments

WHEN IS THE BEST TIME TO DO ESTATE PLANNING?

3/18/2022

0 Comments

 
Picture
WHEN IS THE BEST TIME TO DO ESTATE PLANNING?
​
Once you live on your own...get married...
have children...have grandchildren???
The simple answer is .... all of the above!
​
Unfortunately, too many folks don't think about Estate Planning until they or their loved one are under the stress of an illness, etc.
Instead, the Estate Planning process can be a positive, productive and stress-free experience, where you can take your time and be in control of decisions regarding your family, property, business, healthcare, etc. 

​At The Knee Law Firm, Ltd., we work with clients every day to customize plans designed to protect them and their loved ones, today and into the future.
​
For more information about our Estate Planning services, please visit our website or connect with us directly.
https://www.thekneelawfirm.com/estate-planning.html

​
0 Comments

Questions to Ask Yourself before writing a Will

6/14/2018

1 Comment

 

The last thing that you want to do is leave this world without a will. Your legacy is important, and you don’t want to leave your loved ones scrambling to sort out finances and split assets without direction. Without a will, your assets will also be split up according to the laws that govern the state in which you live. You will not have a say in where they go, and they may end up not going to the person which you want to have them. The best way to avoid a headache for your family and ensure your assets go to your loved ones is to draft a proper will with a wills and estates attorney that outlines all possible aspects and accounts for your desires. 

Make a plan

When you want to create a will, you need to go through your life and look at everyone that may be affected by your death and has a stake in your estate. This includes examples such as your spouse, ex-spouse, children, grandchildren, siblings, and parents, though friends and other loved ones do factor in as well. These are the people who will benefit as a result of you having a properly planned out will. 

Once you have taken these individuals into account, you must analyze your assets. This includes personal possessions, finances, real estate, and business ventures. 

The value of all of your assets, once you have taken out all of the taxes, legal fees, and funeral expenses that come with passing away, you then have an idea of how much you will have to leave to your loved ones. 

Should you put funds into a trust? 

A trust is an excellent solution to help financially support minors, support charities, as well as have safeguards in place for beneficiaries. When funds are held in a trust, they are held with rules and stipulations that the person who set up the trust puts in place. For example, a cottage can be put in a trust with multiple children put on the trust as beneficiaries, but a rule can stipulate that the property cannot be sold without agreement between all parties. A trust can be a great tool to help you ensure that your loved ones are taken care of. 

​What about minor children?

If you have minor children, then you need a will that stipulates who will become their legal guardian in the event of your death. If you have a spouse or an ex-spouse, then they will retain custody, but if you are a single parent, then you need to include in your will who takes over as their guardian. If you do not include this, then your death can be even more turbulent for your children. 

It sounds like a lot

Trying to create an Estate Plan on your own that considers everything, including the tax that your heirs may owe, is incredibly difficult. Hiring a lawyer to draft your documents and to ensure that everything is in order will take a weight off of your shoulders. Our estate planning team at The Knee Law Firm, Ltd., will be happy to meet with you to discuss how to start this important process.
1 Comment

What Happens if you Pass On Without a Will

3/23/2018

0 Comments

 
If the worst happens and you die without a will in place you are considered to have died "intestate." When you have a will in place then your estate, which includes your property, possessions, and other personal items, will be distributed according to the will. This is, of course, contingent on your debts being paid off as well as your funeral and burial costs. A will can be challenged in some cases and be made invalid by others, but for the most part, the instructions left in a will are followed. 

When there is no will in place, your property must still be distributed. Here are the rules for which this distribution works: 
  • Someone who is financially dependant on the deceased has the opportunity to make the first claim
  • After this claim, the first $200,000 goes to the deceased spouse if they decide to make a claim to their entitlement
  • The spouse may, instead, claim half of the net family property, depending on the value of the net family property in comparison to $200,000
  • Anything remaining after the spouse takes $200,000 or half the net value of the family property is divided between the spouse and all descendants (children, grandchildren, etc.)
  • If there is no spouse, then the estate goes to the deceased's children, in the case where one of the deceased's children has died, their share of the estate will transfer to the child's children (grandchildren)
  • If the deceased had no spouse, children, or grandchildren, then the estate is inherited by their parents equally
  • If the deceased has no spouse, children, grandchildren and their parents are deceased, then the estate goes to their brothers and sisters equally, in the case where the brothers and sisters have died, the estate goes to the deceased nieces and nephews 
  • In cases where an estate is inherited by a niece or nephew, if the niece or nephew is deceased, then their share of the estate will not go to their children
  • If no direct relatives are alive and there are only distant relatives to inherit property, then the rules become more complex 
  • If an heir was alive when the deceased passed away, but died before the estate was distributed, their heirs share their portion of the estate equally
  • Lastly, only blood relatives, which does include children born outside of marriage, half-blood relatives, and legally adopted children, can inherit shares in the estate

As you can see, the rules for distributing an estate if the deceased does not have a will can be very complicated. It can also lead to fighting between family members and destroyed relationships. 

While it may seem that death is far off and preparing for it is not a pressing matter, anything can happen at any time. Being reasonably prepared for the worst is always a smart idea, and creating a will is one of the most responsible things you can do to protect your family and legacy. 

The team at The Knee Law Firm, Ltd. can help you establish a legally binding will that can speak for you if the worst were to happen.
0 Comments

Know What to Put in your Will

2/9/2018

0 Comments

 
Estate planning can be a topic that some people would rather avoid. Dealing with your mortality is not something that most people want to do, but if something were to happen to you, and you did not have a will in place, then it can be a nightmare for those you leave behind. When penning your will there are a lot of things that must be considered, and you do not want to leave anything out that may slip your mind. Working with a family law attorney makes the process easy, as they have the knowledge needed to set up your will without any accidental omissions. Here are some of the most important things that you need to consider putting in your will. 

Choose Your Executor

An executor is someone that you either decide upon in advance to execute your will or someone who is appointed by a court to execute your will. An executor files the will with probate; notifies the banks, credit card companies and government agencies of the death; sets up any accounts for incoming funds and pay bills; files an inventory of the estate's assets with the court; maintains property; distributes assets; disposes of other property; and represent the estate in court. You need to talk to the executor you choose if you have selected a family member, and go over these responsibilities with them. It is also a good idea to have an alternate executor, so in case the primary executor cannot perform the duties there is a backup. 

Guardianship

If you are a parent, this is the most important reason why you need to create a will! In the will, you can name who your children will go to in the event of your death. Whether your will dictates they go to your spouse, or in the case of both of your deaths a close relative or sibling who has reached the age of majority, having this in writing is incredibly important for the lives of those you leave behind if you die. You can also choose someone to manage your children's property if you want to leave it to them when they come of age. 

Assets

Your assets, such as cars, property, and even special items such as a watch or specific piece of jewelry that just have to go to a particular person, need to be properly noted in a will. You have to describe the item in detail, for instance, the make and model of a car you are leaving, and the person's name that you are leaving the item to. Not every single item that you own needs to be included in the will, but be as specific as you need to avoid contention after your death. 

Store Your Will Safely

Whether you store it in a safety deposit box or keep it in a firebox at home, make sure that your will is protected and that those who need access to it can do so. This is crucial, as the last thing anyone needs is to be scrambling and searching for your will. 

The best thing that you can do when you are looking to create a will is to get legal advice on how to create it so that it cannot be contested in court. The team at The Knee Law Firm, Ltd. are ready to help you with estate planning. With our team you will have the security that you need and the confidence that if the worst were to happen, everything would be taken care of. 
0 Comments

Why You Need to have a Will

1/12/2018

0 Comments

 


If you want to legally protect your children, spouse, and assets, and make sure your things are handled and distributed properly after you have passed away, having a will is extremely important. Although wills can get very specific in what is determined after you have passed, here are some of the more general reasons why you need to get a will as soon as possible.

Decide who will take care of your children

If you have children who are under the age of 18 and you pass away suddenly while not having a will, the court will choose who gets to take care of your children among your family or an appointed guardian. Having a will allows you to choose who you would trust to raise your children.

Properly distribute your estate

Many fights have risen after a person in their family has passed away without a will. When you don’t determine how your estate will be distributed, it is basically a free-for-all for your surviving family members. Having a will is a legally-binding contract that lets you control how your estate is distributed so everyone is aware of what they are inheriting.

​Avoid an extended probate process

All estates must go through a probate process whether you have a will or not. If you have a will, the process will go a lot faster since the court will know how you want your estate divided. If you don’t have a will, it’s up to the judgement of the court to administer and distribute your estate without your consent, which may cause long delays.

Customize your will whenever you want

While you are alive, you can change your will if anything comes up like a birth, death, or divorce. You can also disinherit individuals out of your will if you need to because of a falling out with a beneficiary or family member. If you don’t have a will, your estate could find its way into the hands of somebody you don’t want to have it.

​Lower estate taxes

Having a will allows you to minimize your estate taxes and the value of what is distributed from your estate, whether to family members or charity, will lower the value of your estate when it’s time to pay estate taxes.

Donation and gifting options

If you have a favourite charity you have been donating to through your life, you can set up a way to donate or gift a portion of your estate after you have passed away. Gifts up to $13,000 are exempt from estate tax, which will increase the value of your estate meaning your heirs will get more out of your estate. Gift tax exclusions can change from year to year, so make sure you are always up to date on the laws and how it works.

If you are looking to write a will but don’t know where to start, let the experienced team at The Knee Law Firm, Ltd. be your guide. We can help you properly write a will to ensure that your estate is accounted for and distributed to the people you trust the most. 
0 Comments

    Archives

    August 2022
    July 2022
    June 2022
    March 2022
    June 2018
    May 2018
    March 2018
    February 2018
    January 2018

    Categories

    All
    Debt
    Divorce
    Elder Care
    Estate Planning
    Long Term Care Planning
    Long-Term Care Planning
    Real Estate
    Separation
    Trusts
    Wills

    RSS Feed

ESTATE PLANNING

Long-Term Care Planning

REAL ESTATE

BUSINESS PLANNING


​​​THE KNEE LAW FIRM  LTD
103 W. PROSPECT AVENUE, MOUNT PROSPECT, IL 60056
PH 847-807-5633        FAX 847-637-0487​
Copyright © 2022
  • Home
  • ABOUT KLF
    • BILL KNEE
    • THE KNEE LAW FIRM LTD
  • KLF Services
    • LONG-TERM CARE PLANNING
    • ESTATE PLANNING
    • REAL ESTATE
    • BUSINESS PLANNING & COUNSELING >
      • Small Business Relief Program
      • Begin with the end in mind
      • Business License and Permit Requirements
      • Small Business and The Personal Guarantee
  • EVENTS
    • Meg McCabe Installation
  • Contact us
  • Pay an Invoice
  • KLF Blog