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Oak Lawn Elder Law | Transfer Your Home on Death by a Special Deed

The Illinois Residential Real Property Transfer on Death Instrument Act allows for transferring Illinois residential real estate at death without the need for probate. The Transfer on Death Instrument TODI must be executed with the same formalities as a will. In addition to regular real estate deed requirements, you must sign the TODI before two witnesses who must attest to the owner’s capacity.  A TODI can be revoked, but revocation must be recorded to be effective. During the owner’s lifetime, the designated beneficiary has no rights or interest in the property. So what does this mean for you?

If you do not want a trust, or can not afford a trust, this law allows you to speak with an attorney about a lower cost option to transfer your home outside of the probate process. An attorney can draft the proper deed and ensure that this act is properly complied with so that you can avoid probate for your home. This deed is a great option for Estate Planners, Clients, and Beneficiaries. It is important to know that this law is brand new. Your estate plan does not include this law. It becomes effective on Jan. 1, 2012. This is why it is important that you speak to an attorney often to ensure that your estate plan includes all of the tools that are currently available to you. Call my office to schedule an appointment to check on the state of your documents.

Law Office of Jonathan W. Cole
5013 W. 95th St.
Oak Lawn, IL 60453
(708) 529-7794
www.jwcolelaw.com

Oak Lawn Elder Law | Does a Community Spouse have to disclose their own assets?

The current status of Illinois Department of Human Services policy allows a community spouse to not disclose separately held assets if those assets have been held separately longer than the allowed look-back period. Unfortunately, if this election is made, the community spouse would not be allowed to keep all of his separate assets above the community spouse asset allowance. There is a a Connecticut case which allows a community spouse the right to sign a refusal to support the institutionalized spouse with would allow the disabled spouse to qualify for Medicaid. The supporting statute for this allowance was 42 U.S.C. 1396r-5(c)(3)(A). Although this method has not yet been challenged in Illinois, there is good reason to believe that it would be allowed here as well. If you need in home care or nursing home assistance and want to know how you are going to pay for it, call


Law Office of Jonathan W. Cole
5013 W. 95th St.
Oak Lawn, IL 60453
(708) 529-7794
www.jwcolelaw.com