Updates, News and Reminders

Trust decanting is a significant part of the Illinois Trust Code, which governs Trusts within the state of Illinois. Decanting refers to transferring assets from one Trust to another due to changing circumstances. These changing circumstances may include a multitude of factors. This can include anything from changes in tax law to an unforeseen event … Continue reading Trust Decanting

Knowing whether you are subject to estate taxes or if your estate must go through probate can significantly impact your family.

The Spendthrift Clause is an important and integral component of your Living Trust. This clause protects future Trust benefits from most creditors and spouses, as well as limiting how the beneficiary can reach assets. This provision helps protect a beneficiary who may not be the most financially responsible, for one reason or another. The beneficiary … Continue reading Spendthrift Clause

The Illinois Senate passed Bill SB0083, which increases the Small Estates Affidavit limit for estate property to $150,000

Successor Trustee and Agent changes are a few critical changes to note in 2025 for your estate planning.

Successor Trustee and Agent changes are a few critical changes to note in 2025 for your estate planning.

Possible repeal of federal mandate to pursue families and estates for repayment of Medicaid

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

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?

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.