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What is Estate Planning in a Divorce?
Estate planning, either by will, trust or other instrument, generally means giving what the client has, to a person or entity of the client’s choice, the timing of which the client would control, the manner of disposition the client would control and making arrangements for distribution pursuant to the instructions of the client. Strategic estate planning can preserve family relationships, provide for asset protection concerning third parties, attempt to avoid disputes or contests regarding estate administration or trust administration and can reduce certain taxes, fees and expenses. Those clients that may have a greater need for estate planning may include situations where there is a high net worth, or where clients are in a high risk profession, or clients that may own a business, or clients who live in a nontraditional or blended family, or clients that own commercial real estate or investment real estate, or clients that have loved ones with special needs, or clients that have minor children or clients who have favorite charities.
Either or both parents may be ordered to pay reasonable and necessary child support, without regard to marital fault or misconduct. If the official Illinois guidelines are not appropriate, the court considers the financial resources and needs of the child, the standard of living the child would have enjoyed if the marriage had endured, the physical, emotional, and educational needs of the child, and the financial resources, needs, and obligations of both the non-custodial and the custodial parent. Support payments may be ordered paid directly to the court.
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