The idea of doing Estate Planning can seem depressing, and thinking about it can be daunting. Who really knows anything about estate planning (other than lawyers and experts)? As with many things, however, confronting those unpleasant feelings can be empowering. While Estate Planning can get complex, there are some simple things you can do and…
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Many of my clients will say to me, “I just need a simple will”. According to Katya Sverdlow, a legal blogger, ninety percent (90%) of the people who say this are wrong. If she is right, it is a dangerous thing to think it may simple when it is not. I don’t mean dangerous, as…
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Financial anxiety is a common issue for seniors. Many older adults live on fixed incomes and have more expenses than they can easily cover. Moreover, it’s relatively common for people after retirement be uncertain about their financial situation and not know, realistically, how stable you are – or aren’t. This uncertainty can breed anxiety that…
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One of the most common questions, and an area of much misunderstanding, involves the difference between a Trust and a Will. I have not addressed the subject in some time, so doing so again seems appropriate. I will begin with an explanation of Wills since people seem to have a better idea of the concept…
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When it comes to protecting your family and loved ones, most parents will do whatever it takes to support their future. Especially during these uncertain times, families and couples are facing tremendous challenges when it comes to their health, mental well-being, relationship, and financial security. If you are a new parent, single parent, or a…
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The Internet has opened up the world for do-it-yourselfers, including the option do your own estate planning. People have saved a tremendous amount of money by “Googling it” and finding how-to videos and instructions on all kinds of things. From alternatives to medicine that promise relief from ailment and good health to do-it-yourself Will kits,…
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Anyone who is thinking about estate planning thinks (or should be thinking) about probate. Probate is the term that generally describes the administration of an estate of a deceased person. Probate is also the process for administrating the estate of a deceased person that is established in the State Probate Act. That process is handled…
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Most people help their children when their children need help, even when they are adults. Sometimes that means making “loans” to them. You should think about how to handle gifts or loans to children in a Will or Trust. Your family will thank you for it! Imagine that your son’s car breaks down, and he…
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Trusts are very robust and handy estate planning tools. If you are not familiar with trusts, perhaps you should read some articles that explain what trusts are (See Trusts Compared to Corporations; The Benefits of Living Trusts; and Avoiding Probate is a Matter of Trust) Even if you are familiar with trusts, the difference between…
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Some significant changes affecting trusts have come to Illinois with the New Year. Effective January 1, 2020, the Illinois Trust Code replaced the Illinois Trusts and Trustees Act. One of the biggest areas of change involves the duty of a trustee to provide an accounting. One of the hallmarks of the fiduciary duty that applies…
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