Chicago Legal Question, Updates, News and Reminders

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.

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.

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. 

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.

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.

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.

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.

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.

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

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

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.

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.

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

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 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

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.

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

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.

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?

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

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.

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?

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