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Asset Protection for Your Home

July 13, 2021      by: tlaw

It is often shocking to discover how vulnerable your most valuable asset is to being lost. Yet, a few simple, inexpensive asset protection steps can protect your home.

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Are Your Assets Protected?

June 20, 2021      by: tlaw

Asset protection is more important than ever before. Today, you have risks at every turn. Lawsuits, high cost of long-term care, auto and home accidents, or years of Probate. All too often, we settle and fail to consider the importance of comprehensive protection. In other cases, all we need is the best legal document to … Continue reading Are Your Assets Protected?

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6 Estate Planning Myths

May 4, 2021      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

Tom Tuohy on Beneficiary Risks

Beneficiary: It’s Time to Update Yours

April 16, 2021      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 However, often, those beneficiaries are outdated, or through no fault of your own, they carry with them significant risk. Outdated Beneficiary Designations Having beneficiary names listed on policies and accounts who no longer are current to your wishes … Continue reading Beneficiary: It’s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

Pets Should Not Be Overlooked in Your Living Trust

March 17, 2021      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

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

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?

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