Chicago Legal Question, Updates, News and Reminders

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Digital Assets and Your Estate Plan

July 8, 2024      by: tlaw

Cybercrimes are projected to increase by 15% annually and rise to an annual cost of $10.5 trillion in 2025.

Asset Protection for Your Home

June 6, 2024      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.

Cybercrime: 2024, how are you vulnerable?

May 18, 2024      by: tlaw

Cybercrimes are projected to increase by 15% annually and rise to an annual cost of $10.5 trillion in 2025.

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Series LLC Benefits

May 17, 2024      by: tlaw

A Series LLC is a form of a Limited Liability Company (LLC) that combines a corporation’s and a partnership’s features to form a separate business entity. This combination of features protects an LLC from personal liability for business debts of a corporation and the pass-through tax structure of a partnership or sole proprietorship.

The Corporate Transparency Act

May 4, 2024      by: tlaw

Beginning on January 1, 2024, the Corporate Transparency Act requires each entity that qualifies as a “reporting company” to file a report (BOI Report) with the Department of Treasury’s Financial Crimes Network (FinCEN), identifying information about each “beneficial owner”, and each “company applicant

Common Living Trust Myths: Debunking Misconceptions

April 26, 2024      by: tlaw

Creating a living trust is a significant decision for anyone looking to safeguard their assets and assure their legacy. However, navigating estate planning can be daunting, with misconceptions often muddying the waters. In Illinois, where estate tax laws add an extra layer of complexity, it’s essential to separate fact from fiction before you commit to … Continue reading Common Living Trust Myths: Debunking Misconceptions

What Is Estate Administration, and Why Should You Plan It?

April 12, 2024      by: tlaw

In the intricate tapestry of life, there eventually comes a point where one must contemplate the inevitable: what happens to our assets when we’re no longer alive? We understand that discussing posthumous affairs at Tuohy Law Offices can feel uncomfortable. However, for Illinois residents, understanding the estate administration process is not merely a matter of … Continue reading What Is Estate Administration, and Why Should You Plan It?

How Much Does a Living Trust Cost in Chicago?

March 22, 2024      by: tlaw

If you’re seeking a smooth and efficient transfer of your assets upon your passing, a living trust can be a strategic option to consider as part of your estate plan. But before you commit to drafting this legal document, you may wonder about the cost of the whole process. This blog dives into the costs … Continue reading How Much Does a Living Trust Cost in Chicago?

Illinois Living Trust: Secure Your Legacy with an Essential Guide

March 15, 2024      by: tlaw

An Illinois Living Trust can be an essential tool for your estate plan. This article provides a solid starting point to make this challenge more manageable, giving you a general overview of what you need to know and consider when creating a living trust in Illinois.

Illinois Estate Planning: The Basics You Need to Know

February 23, 2024      by: tlaw

Estate planning allows you to make informed decisions about your assets, beneficiaries, and end-of-life care, providing peace of mind for you and your loved ones after you pass. However, the process can be daunting, from crafting living wills and irrevocable trusts to understanding probate and estate tax. This comprehensive guide can be your starting point, … Continue reading Illinois Estate Planning: The Basics You Need to Know

Protecting Your Assets: What Are the 5 Components of Estate Planning?

February 9, 2024      by: tlaw

Securing your legacy and protecting loved ones begins with strategic estate planning. In Illinois, as in many states, specific laws and regulations govern the distribution of the deceased’s estate. Whether you have a complex portfolio or a simpler set of assets, understanding these legal nuances is essential to ensure your assets are managed and distributed … Continue reading Protecting Your Assets: What Are the 5 Components of Estate Planning?

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6 Estate Planning Myths

February 5, 2024      by: tlaw

When it comes to estate planning, there are several myths. And not knowing fact from myth can be very costly.

Joint Tenancy

Joint Tenancy and its Perils

January 14, 2024      by: tlaw

Joint Tenancy – it is quick, convenient, and tempting. It used to be called “The Poor Man’s 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.

Umbrella Insurance; Why You Need It.

November 26, 2023      by: tlaw

During the decades that the city hosted the retirement seminar, I added a brief discussion on umbrella insurance. Considering the importance of this insurance coverage and its low cost, I was always concerned about how few officers in the room had the coverage. This insurance coverage can be the difference between complete asset security and … Continue reading Umbrella Insurance; Why You Need It.

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Estate Plan Valid if You Move?

September 17, 2023      by: tlaw

If you move your legal residence, must you change your estate plan?

Americans move an average of 12 times in their lifetimes and as frequently as once every five years. Does your estate plan move with you?

As with all legal issues, the answer to that question is unnecessarily complicated.

Gun transfer on death or disability

Firearm Transfers Following Death or Disability

August 29, 2023      by: tlaw

Firearm ownership transfers upon disability or death are covered in the Illinois Trust Code. With the statute, firearm ownership upon disability is fraught with potential issues.

HealthCare Legal Document and School

July 19, 2023      by: tlaw

Are you ready? Letting go of the kids is hard. If you are packing up the kids or grandkids for a year away at college or thinking about your own plans, health care is never far from your thoughts. 

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Beware of the Quitclaim Deed

May 24, 2023      by: tlaw

A quitclaim deed doesn’t even ensure that the person has the legal right to sell or transfer the property. Consequently, a quitclaim deed is the least safe form of title transfer, while a warranty deed is the safest

alt="Tom Tuohy of Tuohy Law Offices at his desk"

March 20, 2023      by: tlaw

The Illinois Power of Attorney Act provides, in part, that every individual has the right to appoint an agent to make property, financial, personal, and health care decisions for that individual.

Legal Capacity Consequences

January 22, 2023      by: tlaw

The American Bar Association defines ‘legal capacity’ as “the ability to perform a task – or make a decision. State laws set out the standards of legal capacity for various tasks – consent to treatment, make a Will, Trust or Deed, and make a gift or contract.

Staying Secure from Cybercrime in 2023

December 20, 2022      by: tlaw

Cybercrime activity targeting computers, computer networks, or a networked device inflicted over $6 billion in damage in 2022.

Joint Tenancy

POD and TOD Account Disadvantages

September 18, 2022      by: tlaw

What are POD and TODs? They are an increasingly popular method of providing for the distribution of financial accounts at your death. They are helpful in certain situations; however, there are critical limitations and risks associated with using them.

Image of a gun that can e owned by Gun Trustby joshlsnader from Pixabay

Is a Gun Trust Necessary?

September 18, 2022      by: tlaw

Firearm ownership transfers upon disability or death are covered in the Illinois Trust Code. With the statute, firearm ownership upon disability is fraught with potential issues.

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Disaster Protection this Summer

July 29, 2022      by: tlaw

Disaster intrudes into our lives without any warning in most instances. Therefore, being prepared and protecting yourself and your family is critical.

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Your Guardianship Risk

June 17, 2022      by: tlaw

The reality is that every one of us is at risk of becoming a ward of the state – under order and control of the court system.

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Your Summer Checklist

May 21, 2022      by: tlaw

A checklist helps to ensure there are no gaps in your health care, financial, insurance, or estate plan documents.

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Health Care Power of Attorney and Kids

February 14, 2022      by: tlaw

Is it necessary for your children to have a Health Care Power of Attorney document? The short answer is- Maybe

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A Chicago Cop, George Halas, and Prince

January 13, 2022      by: tlaw

What could those three people possibly have in common? Horrendous estate planning.

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Know Your Health Care Rights

December 15, 2021      by: tlaw

We have all experienced the health care system. Honestly, can you say you are looking forward to your next experience? Part of it is the uncertainty of what we will find out. However, most of our anxiety and frustration is about the feeling we are not in control. Well, you can be, and you have the right to be in total control of your health and your care.

Firearms Transfer Rules Update

October 25, 2021      by: tlaw

Whether at your retirement or death, an often overlooked issue can cause many problems. Whether you have two firearms or 20+, transferring them to another person is a process. I know you understand how someone did that a few months ago. However, like everything else, times have changed. Firearms Transfer During Your Lifetime During your … Continue reading Firearms Transfer Rules Update

Have Your Beneficiaries Been Reviewed Lately?

September 18, 2021      by: tlaw

There are various reasons why your listed beneficiaries might not fit your current intentions. It can also prove costly because of circumstances beyond your control.

Living Trust Timely Updates to Act Now

August 20, 2021      by: tlaw

The Fall Season is traditionally when clients finally take care of their Living Trust and estate plan. There isn’t anyone who hasn’t thought of taking care of this critical business. But there always seems to be something more important to do. Hopefully, this update gives you some valuable information and an incentive.

Image by Gerd Altmann from Pixabay

Do You Have Umbrella Insurance?

August 6, 2021      by: tlaw

A standard umbrella policy covers all vehicles on your policy and your home for injuries caused to guests or visitors on your property. An umbrella policy can also cover libel or slander claims (posting a bad review or social media comment,) malicious prosecution, and overseas travels. The policy limits begin at $1,000,000,00 and average only $230 per year.

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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 don’t want to think about our death and most of our lives; we don’t consider our mortality. But none of … Continue reading 6 Estate Planning Myths

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, those beneficiaries are often outdated, or through no fault of your own, they carry significant risk. Outdated Beneficiary Designations Having beneficiary names listed on policies and accounts that are no longer current to your wishes is more … 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 to face the reality that our time is limited, but our pets might very well outlive us.  Certainly, you should prepare … Continue reading Pets Should Not Be Overlooked in Your Living Trust

Estate Plan and Living Trust fall checklist

Your Fall Planning Checklist

August 22, 2020      by: tlaw

There are certain times of the year and certain times in your life when you should take a step back and organize. Under ordinary circumstances, fall is one of those times.

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

"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.

COVID19 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?

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

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

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

Legal Disability: Avoiding Court with a Living Trust

August 8, 2017      by: tlaw

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, Living Trust

The Truth About Probate and Why You Should Avoid It.

July 9, 2017      by: tlaw

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.

Wi-Fi VPN

Cyber Security and Public Wi-Fi

May 14, 2017      by: tlaw

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.

Living Trust in the Season of Giving and Planning

December 18, 2016      by: tlaw

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?

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Nursing Home Abuse and Neglect

March 6, 2016      by: tlaw

Nearly 2 million Americans live in long-term healthcare 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 11 states received … Continue reading Nursing Home Abuse and Neglect

The Difference Between a Will and a Trust

February 25, 2016      by: tlaw

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

Tom Tuohy Personal Injury Lawyer Chicago Il

January 19, 2016      by: tlaw

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