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The Illinois Statutory Short Form Power of attorney for Property Law

ยง3-4. Explanation of powers granted in the statutory short form power of attorney for property. This Section defines each category of powers listed in the statutory short form power of attorney for property and the effect of granting powers to an agent.

When the title of any of the following categories is retained (not struck out) in a statutory property power form, the effect will be to grant the agent all of the principal's rights, powers and discretions with respect to the types of property and transactions covered by the retained category, subject to any limitations on the granted powers that appear on the face of the form.

The agent will have authority to exercise each granted power for and in the name of the principal with respect to all of the principal's interests in every type of property or transaction covered by the granted power at the time of exercise, whether the principal's interests are direct or indirect, whole or fractional, legal, equitable or contractual, as a joint tenant or tenant in common or held in any other form; but the agent will not have power under any of the statutory categories (a) through (o) to make gifts of the principal's property, to exercise powers to appoint to others or to change any beneficiary whom the principal has designated to take the principal's interests at death under any will, trust, joint tenancy, beneficiary form or contractual arrangement.

Special Needs Trusts

There are two types of special needs trusts: (1) a special needs trust that is funded with the disabled person's own assets--OBRA '93 Payback Trust; and (2) a special needs trust funded with assets from someone other than the disabled person such as a parent or other family member - Third Party Special Needs Trust.

THIRD PARTY SPECIAL NEEDS TRUST

A special needs trust is a discretionary trust set up for the benefit of an individual who has a disability that substantially impairs that individual's ability to provide for his or her own care. The purpose of this trust is to maximize private resources available to a person with special needs to provide for his or her own care, and also to insure that the disabled person remains qualified, or is able to qualify in the future, for federal, state and local government benefits. Currently, in Illinois as many other states, such trusts are exempt from consideration as an available resource to the disabled person and are insulated from reimbursement claims by the state when the disabled person dies.

Small Estate Affidavit

  • Are total personal assets under $100,000? If estate personal assets are $100,000 or less than you can pass the asset on using a small estate affidavit. This affidavit cannot be used for real estate.
  • If there is a will, file the will with the Circuit Clerk and obtain a certified copy of the will and attach it to the small estate affidavit.
  • If there is no will, then you will list each heir.

Special Needs Trust Expenditures

Including but not limited to the following:

ADDITIONAL PHYSICIAN VISITS OVER THE MEDICAID LIMIT

APPLICANCES

BICYCLE FITNESS EQUIPMENT PERSONAL TRAINER

BOTTLED WATER

BUS OR TRAIN PASS CAB TRIPS

Powers Of Attorney And Planning For Potential Disability

By: Carol A. Nolan, Attorney at Law
620 W. Roosevelt Rd., C-1
Wheaton, IL 60187
(630) 668-6600

As the population grows older, legal issues of mental incompetence are taking on greater significance. Planning for possible disability and the continued management of assets is one concept of estate planning. There are three disability strategies for management of assets: Powers of Attorney for Healthcare and Property, Guardianship through the probate court, and Revocable Living Trusts. This article will discuss Powers of Attorney for Healthcare and for Property.

The Illinois Probate Act, 755 ILCS 45/2 et seq, Durable Powers of Attorney (hereinafter referred to as the "Act"), recognizes "that each individual has the right to appoint an agent to deal with property or make personal and health care decisions for the individual, but that this right cannot be fully effective unless the principal may empower the agent to act throughout the principal's lifetime, including during periods of disability, and be sure that third parties will honor the agent's authority at all times." The Illinois General Assembly enacted the Power of Attorney Act to address this need.

Do Not Apply For Medicaid Until You Call Me

Please schedule an appointment with me to review your Medicaid application. Applications are confusing and when reviewed by an attorney, may be approved sooner.

Martindale Hubbel Preeminent Rating DuPage County Bar Association AVVO Illinois State Bar Association National Academy of Elder Law Attorneys
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