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 However, often, those beneficiaries are outdated, or through no fault of your own, they carry with them significant risk. Outdated Beneficiary Designations Having beneficiary names listed on policies and accounts who no longer are current to your wishes … Continue reading Beneficiary: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

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.

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