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 However, often, those beneficiaries are outdated, or through no fault of your own, they carry with them significant risk. Outdated Beneficiary Designations Having beneficiary names listed on policies and accounts who no longer are current to your wishes … Continue reading Beneficiary: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