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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 However, often, those beneficiaries are outdated, or through no fault of your own, they carry with them significant risk. Outdated Beneficiary Designations Having beneficiary names listed on policies and accounts who no longer are current to your wishes … Continue reading Beneficiary: It’s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

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