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 However, often, those beneficiaries are outdated, or through no fault of your own, they carry with them significant risk. Outdated Beneficiary Designations Having beneficiary names listed on policies and accounts who no longer are current to your wishes … Continue reading Beneficiary: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