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ELDER LAW • ESTATE PLANNING • WILLS & TRUSTS • GUARDIANSHIP & PROBATE LITIGATION

Greetings from the Scottish Highlands!


Welcome to the May/June issue of the Elder Law Minute! As we transition into summer, we bring you several timely articles along with updates on what the Generation Law team has been up to. Our feature article, "Easing the Squeeze on the Sandwich Generation," offers valuable strategies to help those balancing responsibilities for both children and aging parents.  We are also honored to include a special contribution from attorney Adam Bossov on the 2024 Triennial Property Reassessments and the “Senior Freeze” for those who claim real estate tax exemptions in Cook County, Illinois.


Additionally, we provide an update on some related new Illinois laws coming out of the Illinois General Assembly (and some that did not). Finally, don’t miss our last piece on my wacky journey to complete my fourth extreme triathlon in the Scottish Highlands.



Warm regards,

MAY & JUNE'S NEWS TO KNOW

Easing the Squeeze on the Sandwich Generation

If I pay for my mom’s medication, will I still have enough to pay my daughter’s college tuition bill?


Will I be able to make my son’s Little League game after taking my dad to the doctor?


How do I find time to take care of myself?


For many Americans, these kinds of questions are the new normal.

READ MORE

2024 Property Taxation Update

The 2024 triennial property reassessments in Cook County have led to unpredictable and unfair results, with many of the property owners receiving inaccurate assessments. This article discusses the implications of these reassessments and the overall flaws in the assessment system. Additionally, it highlights the importance of the Senior Freeze Exemption for eligible seniors.

READ MORE
FIRM BRIEF

Ben and Melissa are Instrumental in Passing of New Financial Power of Attorney Law in Illinois


Ben Neiburger and Melissa Johnson are active members of the legislative committee of the Illinois Chapter of the National Academy of Elder Law Attorneys (NAELA) (Ben is the co-chair). From January, through the end of April this committee meets weekly to review, comment, advocate for or try to stop legislative bills. This year, we worked on 102 bills.


One of the bills we were most excited to work on was a change to the financial power of attorney statute. This is something Ben has worked on for two years, negotiating with 10 different lobbyists and the amazing sponsors in the Senate, former Senator Ann Gillespie and Senate President, Don Harmon. This law passed both the Illinois House and Senate on May 22, 2024. We fully expect the Governor to sign this bill.


Our clients have had many challenges having banks and financial institutions honor financial powers of attorney. This legislation makes it unlawful for a financial institution to refuse to honor a power of attorney when:

  • The power of attorney is not on a bank or financial institution form
  • There has been a lapse of time since the execution of the power of attorney (old powers of attorney are valid)
  • The power of attorney is not an original document
  • The document appoints a corporate entity


You can read the details of the bill here.



Several other bills that the committee worked on (but did not pass) included proposed laws regarding disabled person’s right to marry, a disabled persons supportive decision making rights, and the End of Life Options Act.


The End of Life Options Act is definitely worth the read and may be brought up again in the Veto session late this fall.

WHERE IN THE WORLD IS BEN?


Ten years ago, Ben and his spouse, Barbara, had a deep conversation about the fact that all Ben did was work and hang out with Barbara. After this conversation (“Ben, please find something else to do”), Ben started his journey in triathlon. His first was the Inaugural half Ironman race in Dublin, Ireland (1.2 mile swim, 56 mile bike, 13 mile run) in 2015.


After that, he was hooked on the sport, trying to go as fast as he could without reducing his eating and drinking hobbies.


On a dare from a triathlon friend in 2017, Ben entered a lottery to get a slot to compete in a full distance triathlon (2.4 mile swim, 112 mile bike, and a marathon – yes, in the same day) in Southern Chile, called Patagonman. This race was a part of a race series of “Xtri” races or “Extreme triathlons.” The water is colder and darker, there are lots of hills and mountains on the bike, and the runs are rugged. These are some of the hardest triathlons in the world.


Fortunately, or unfortunately, depending on how you look at it, Ben won his lottery slot. Since he paid $15 to get in the lottery, he decided to follow through on this investment and go to Chile to compete in this beast of a race for his 50th birthday in 2018. In honor of completing that race, Ben wrote a mini novel (15 pages) on his adventures there. You can read it here.


Having survived that race, on another bet, Ben entered the lottery for the most coveted extreme triathlon, Norseman. As luck would or would not have it, Ben got in to the race. This is a race where 6000 people apply for 200 slots. So, with those chances, another $15 investment, and several COVID year deferrals, Ben tackled this epic race. He wrote another mini novel (of course) about that race finishing in the bottom 10, but uninjured and mostly happy. Click here to read his story.


In 2023, Ben tackled the absolute hardest triathlon he has heard of, out in Park City, Utah, called “Starvation”. In addition to other hardships, this race had a 4200’ bike climb at mile 86 of the bike at an average 8% grade. His race report is still in draft form, recovering from the trail marathon effort at an average altitude of 9000’.


On June 15, 2024, Ben will Compete in his Fourth Extreme Triathlon, called Celtman.


True to form, as of the date of this newsletter, they are predicting snow for the race. The race includes a swim in a Loch (temperature in low 50s, with Jellyfish!), 121 miles of biking up and down 7000’, and then a trail marathon requiring a safety runner, waterproof clothes, and Scottish munros.


Following the race, Ben will stay in Scotland sampling as many distilleries as he can find. He will return to the office in July.

Trust Code Questions?


Have questions about the Illinois Trust Code, but not sure where to start?


We’re here to help. Send your questions to us directly at generationlaw.com/contact

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IMPORTANT DISCLAIMER: This email newsletter does not create an attorney-client relationship. It does not contain legal advice for you or anyone else (so don’t act on anything we say unless you speak with an attorney first). It does contain facts and stories we think you might be interested in. We tried to keep this short because we really like you.