Estate planning in Illinois can be difficult on its own, but it's even more so when you have an adult child who is an addict. While you want to provide for your child after you're gone, you naturally don't want to contribute to a damaging and life-threatening habit. As opioid addiction rates rise around the country, MarketWatch offers the following advice to elderly estate planners faced with addiction in their families.
As an adult child, you may take on the responsibility of caring for your aging parent or parents. Unfortunately, the time may come when, due to dementia, Alzheimer's or other such ailments, they can no longer care or make decisions for themselves. We at Zapolis & Associates PC understand the complexities associated with taking care of an elderly family member in Illinois, and have helped many adult children obtain the legal authority to ensure their parents' well-being.
At Zapolis & Associates, PC, we help many Illinois people with their estate planning needs. Usually, depending on what they wish to accomplish, they begin with a last will and testament, followed by one or more revocable or irrevocable trusts. But for some of our clients, creating separate trusts is not absolutely vital. Instead, they can set up one or more testamentary trusts as part of their will.
A valid estate plan expresses the wishes of the deceased in terms of property and assets. However, families in Illinois sometimes find fault with the contents of a will, and as a result they may choose to contest it. This is a time-consuming and expensive process, so before proceeding it's best to understand all that's involved.
If you receive great pleasure from giving back to your Illinois community, you may wish to consider setting up one or more charitable trusts to allow you to donate on a more structured basis. Charitable trusts can form the cornerstones of well thought out estate plans and can benefit you as much as they benefit the charities you choose.
As a reasonably well-to-do Illinois resident, you likely have your years of hard work and your sound money management to thank for the wealth you have accumulated. Naturally you want to pass on that wealth to your children and grandchildren, but you may hesitate to do so by means of your will and/or the common types of trusts with which most people are familiar.