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Estate Plan and Living Trust fall checklist

Your Fall Planning Checklist

August 22, 2020      by: tlaw

There are certain times of the year and certain times in your life when you should take a step back and organize. Under ordinary circumstances, fall is one of those times.

Steps to Take After the Death of a Family Member

July 26, 2020      by: tlaw

Death can preoccupy us during the COVID-19 crisis. There can be some good in that if we finally take care of our estate plan. Having a current estate plan makes all the difference for our family when the time comes. And when we do what is necessary, we can get on with the business of … Continue reading Steps to Take After the Death of a Family Member

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6 Estate Planning Myths

June 12, 2020      by: tlaw

We are all guilty of putting something off to a later date. And if there is one thing that is very high on that list, it is taking care of our estate planning. Often, we just don’t want to think about our death and most of our lives; we don’t consider our mortality. But none … Continue reading 6 Estate Planning Myths

"Lawyer meets with client for Living Trust signing on Zoom"

How Zoom Helps You Take Care of What’s Important

May 10, 2020      by: tlaw

There is good that comes from every challenging situation. Often, we have to let go of our resistance and take advantage of new opportunities. Most noteworthy, Zoom meetings are one of those opportunities.

COVID-19 Living Trust for Your Peace of Mind

April 15, 2020      by: tlaw

Notice: In consideration of their front line work every day during this crisis, we are offering free Health Care and Financial Power of Attorney Documents to all Health Care Workers and First Responders. A complete Living Trust estate plan is offered for a 50% fee reduction. We can set up a remote signing in the comfort and safety of home.

Secure Act

How Does the New SECURE Act Affect You?

January 27, 2020      by: tlaw

On January 1, 2020, the SECURE Act became law. The new law will affect most retirement plan and IRA participants. SECURE Act Changes Affecting You Now The age limit is removed for contributions to traditional IRAs. Before the SECURE Act, you were required to stop making contributions at age 70½. However, now you can continue … Continue reading How Does the New SECURE Act Affect You?

Tom Tuohy on Beneficiary Risks

Beneficiary: It’s Time to Update Yours

October 14, 2019      by: tlaw

A beneficiary is easy to name on a life insurance policy, deferred compensation account, or estate plan. However, often, those beneficiaries are outdated, or through no fault of your own, they carry with them significant risk. Outdated Beneficiary Designations Having beneficiary names listed on policies and accounts who no longer are current to your wishes … Continue reading Beneficiary: It’s Time to Update Yours

Gun transfer on death or disability

Gun Transfers Following Death or Disability

September 11, 2019      by: tlaw

The recently passed new Illinois Trust Code. covers ownership transfers of guns upon disability or death. Gun Ownership upon Disability With the new statute, gun ownership upon disability is fraught with potential issues. Even if you currently possess a FOID card, you may become ineligible to possess your guns if you are: Prohibited from possessing … Continue reading Gun Transfers Following Death or Disability

Living Trust Estate Plan

Divorce, Blended Families and Your Living Trust

August 6, 2019      by: tlaw

If your marriage has ended in divorce, your spouse has died, or you have remarried and both spouses have children from a prior marriage, you must revisit your Living Trust or any other estate plan and update it along with all your beneficiary designations. Divorce Going through the process of ending your marriage can be … Continue reading Divorce, Blended Families and Your Living Trust

Trustees and Living Trusts

Trustee: Who to Choose and What They Do

May 12, 2019      by: tlaw

The Trustees Role What is a Trustee? A Trustee in a Living Trust has similar responsibilities as an Executor in a Will. A Living Trust is the most effective, cost-efficient and private estate plan, administered outside of Probate Court. In contrast, a Will requires Probate. Incidentally, Wills for Heroes provides an excellent service for First … Continue reading Trustee: Who to Choose and What They Do

Joint Tenancy

Joint Tenancy and its Perils

April 14, 2019      by: tlaw

Joint Tenancy – it is quick, convenient and tempting. It used to be called, “The Poor Mans Will.” And it is fraught with potential disaster. Consequently, aside from marital funds, you should be very cautious of ever using it to title assets. It is effortless to add someone’s name to a title. This is done … Continue reading Joint Tenancy and its Perils

Pets Should Not Be Overlooked in Your Living Trust

February 9, 2019      by: tlaw

Pets are Family We can all admit it. Our pets are part of our family. And they’ve earned it. What will happen to your pets when you are gone? It can be hard enough facing the reality that our time is limited, but our pets might very well outlive us.  Certainly, you should prepare and … Continue reading Pets Should Not Be Overlooked in Your Living Trust

Living Trust

Give Your Children the Living Trust Gift that Keeps on Giving

April 15, 2018      by: tlaw

You spend the better part of your life working and worrying about your children’s well being.  When it is your time to go, you can leave them with a legacy gift that secures their future.

Tuohy Law Offices

Recent Developments in Laws and the New Tax Law

February 19, 2018      by: tlaw

There are a number of developments in the new tax law and other laws to keep in mind as they may impact you and your family significantly.

Planning for 2018

7 Steps to Take Before 2018

December 13, 2017      by: tlaw

Don’t set aside planning for what is important for you and your families security before the end of the year.

Equifax Hack and Identity Theft

The Equifax Hack: Why You Are at Risk for the Rest of Your Life

September 28, 2017      by: tlaw

You are an identity theft risk forever. Chances are, you heard about the Equifax data breach. And the odds are even greater that you slipped into complacency about the issue. That is a big mistake. A Historical Breach of Financial Security The Equifax debacle has been called, “one of the most threatening financial data breaches … Continue reading The Equifax Hack: Why You Are at Risk for the Rest of Your Life

Legal Disability: Avoiding Court with a Living Trust

August 8, 2017      by: tlaw

Simply put, you can be declared legally disabled if someone petitions the court with the allegation that you are not fully able to manage your person or estate.

Probate, Living Trust

The Truth About Probate and Why You Should Avoid It.

July 9, 2017      by: tlaw

Probate: What it is. Why you should avoid it. Probate is the process of administering the estate of someone who has died or becomes incapacitated. It exists because no one can legally sign your name, even your spouse. According to the AARP, over $2 billion dollars is spent in Probate-related expenses, an average of 2-7% … Continue reading The Truth About Probate and Why You Should Avoid It.

Wi-Fi VPN

Cyber Security and Public Wi-Fi

May 14, 2017      by: tlaw

Public Wi-Fi may often be free, but it does not come without great risk. Over 50% of all adults have their personal information exposed to hackers every year.
One of the most common and serious threats to your personal and financial data occurs when you access free public Wi-Fi networks.

Living Trust in the Season of Giving and Planning

December 18, 2016      by: tlaw

Here we are again. It is hard to believe how quickly time passes. Snow on the ground and another Holiday Season. Ask yourself two questions: Are we giving enough? Have you planned for when you are gone and protected your family with a Living Trust?

Nursing Home Abuse and Neglect

March 6, 2016      by: tlaw

Nearly 2 million Americans live in long-term health care facilities. With the aging of the baby boomers, this figure will rise by 40% in the next decade. A recently released nursing home report by Families for Better Care, the first comprehensive state of state review of nursing home care and nursing home abuse, found that … Continue reading Nursing Home Abuse and Neglect

The Difference Between a Will and a Trust

February 25, 2016      by: tlaw

Often people believe their affairs are in order, especially if they are organized and intentional in their everyday lives. However, in the event of a sudden occurrence, the organization of our lives has little effect on how our affairs will be handled when we no longer can do so. Understanding the difference between a Will … Continue reading The Difference Between a Will and a Trust

Tom Tuohy Personal Injury Lawyer Chicago Il

January 19, 2016      by: tlaw

Mr. Tuohy has been selected by the National Association of Distinguished Counsel as a Member of the “Nation’s Top One Percent” Chicago Injury Law Firm and Personal Injury Lawyer Chicago Il personal injury lawyer chicago Il Tuohy Law Offices is pleased to announce that founder Tom Tuohy has been recognized as a 2015 member of … Continue reading Tom Tuohy Personal Injury Lawyer Chicago Il