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Members of Spain, Spain & Varnet P.C. have either written or been
quoted in numerous articles related to estate planning. Richard Spain
has written articles in several journals, including one published
in The Practical Lawyer titled "Estate Planning for a Disabled
Beneficiary." Theresa Varnet has also written several articles
for journals and magazines, including a column that was regularly
published in Exceptional Parent magazine. Listed below are links to
several recent articles in which firm members have been quoted.
Links to Articles
Info about ordering Home Control
Links to Legislation
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Illinois
Tax Law Changes
Effective January 2009 |
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In 2003, Illinois enacted estate tax rules which, beginning January
1, 2009, do not parallel the federal fules for decedents dying after
December 31, 2008. On January 1, 2009, the federal estate tax exclusion
amount increases to $3.5 million. As part of the same legislation,
Congress phased out the credit that had been allowed for state estate
taxes (sometimes referred to as "death" taxes)....For
more, click link:
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Providing
for a Person
With Special Needs
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An irrevocable special-needs trust is the
best way to provide for a disabled or mentally retarded adult or child
who needs to retain government benefits. Done properly, such a trust
can ensure that the beneficiary will have the things that enrich his
or her life now and after you are gone and still qualify for essential
government benefits such as Social Security and health care.
Kiplinger's Retirement Report, November 2000 archived article for
purchase OR check with your public libary
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How to plan
a secure
future for children with
mental handicaps
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Looking serious under her thick fringe
of bangs, Susannah Eversman talks about her big plans for the future.
Maybe she'll attend college in California, she volunteers, or perhaps
tour with a rock band. But Susannah, 20, is also pretty happy with
the present. Born with Down syndrome, she lives with her family in
a substantial brick house in Naperville, Ill., has a serious boyfriend,
and works part-time at a job she loves, busing tables at a local restaurant.
Kiplinger's Personal Finance, April 1, 2000 archived article for purchase OR check with your public library
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When
Your Kids Will
Always Be Dependent
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How to assure care for disabled children
read
more...
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Creating Housing Choices for Disabled Beneficiaries by the Use
of
Supplemental Needs Trusts
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Article written by Theresa Varnet for the Summer 2002 issue of
the NAELA Quarterly.
Creating
Housing Choices....
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Home Control
through Estate and Financial Planning |
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A 60 page booklet on understanding government
benefits, preserving eligibility for government benefits through estate
planning, and planning for residential options for persons with developmental
disabilities, "HOME CONTROL" was originally commissioned
by and funded through a grant from the Illinois and Missouri Planning
Councils on Developmental Disabilities.
The 2004 revised edition is currently available. To request a copy
of "Home Control Through Estate and Financial Planning"
please send $15.00 to:
SPAIN, SPAIN & VARNET P.C.
33 N. Dearborn #2220
Chicago, IL 60602
(312) 220-9112
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Spain, Spain & Varnet P.C. rewrote this
section pertaining to health insurance to liberalize the standard
for continued coverage for children over the limiting age, typically
graduation from college/age 22, on their parents' medical insurance,
if the child has a disability which prevents the child from obtaining
gainful employment.
For full text of statute, see above
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755
ILCS 5/11a-18 |
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Spain, Spain & Varnet P.C. drafted this
new law which permits a guardian, under certain circumstances and
with court authorization, to create an estate plan on behalf of and
in the name of the ward.
For full text of statute, see above
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ILCS 5/15.1 |
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Spain, Spain & Varnet P.C. rewrote this
section on trusts for a beneficiary with a disability to include the
then new OBRA '93 federal legislation. That legislation authorizes
the creation of a special needs trust funded with assets belonging
to an individual under the age of 65 with a disability, as long as
the state receives any money remaining in the trust at the individual's
death up to the amount of Medicaid benefits received by the beneficiary.
The OBRA '93 legislation also authorizes certain other trusts and
transfers. These provisions are in addition to special needs trusts
created with funds from a third party, which trusts do not generally
require reimbursement to the state at the beneficiary's death.
Full
Text of Statute
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