The Illinois Power of Attorney Act was recently amended. The Act requires an agent to maintain an accounting of everything the agent does with the assets and the funds over which the agent has control, and the new amendment puts some teeth in that requirement. In a previous blog piece, A Word of Warning About…
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In 2003, experts estimate that an estimated 37 million individuals will need some form of long-term care by 2050.[1] According to the AARP, approximately 65% of seniors will need some form of long-term care during their lives;[2] of those, 35% will enter a nursing home at some point.[3] Whether it is home health agencies, nursing…
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When people die leaving debts, other obligations and property and funds to be distributed to the rightful beneficiaries, the default mechanism for handling those things is called probate. Probate is the process of handling the estate of someone who has died. This includes paying all of the debts and final bills, satisfying any lingering obligations,…
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Anyone who is contemplating a divorce, is in the process of obtaining a divorce, or is recently divorced should think about estate planning. If you are still married, your spouse is considered your heir. So, an untimely death before your divorce is finalized will result in your spouse receiving some or all of your estate.…
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Estate planning is something that is very easy to put off. Most of us do it, sometimes for a very long time. Some of us until it is too late. Estate planning is also something that keeps us awake at night with questions like: What will happen to my children if I die? That question…
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One of the most common questions that people ask about lawyers is: How do I find the best lawyer? If you need a lawyer, for whatever reason, that is the right question to start your search. Choosing a lawyer should involve as much thought as buying a car. Lawyers are not cheap; people don’t choose…
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A Power of Attorney is a document by which one person (the principal) can appoint another person (the agent) to act on the principal’s behalf in regard to financial and property matters (Property Power of Attorney) and health care and personal matters (Health Care power of Attorney). In other words, one person (the principal) can…
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For many people, going through a divorce seems like an endless tunnel with the light that seems like a long time coming. When the light does come, and the process is over, the last thing a person might want to do is to think about death. You are looking forward to a new life! Future…
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The estate planning that you do (or don’t do) will leave a lasting impression upon your loved ones. Will they love you for it? Planning your estate, the extent of your planning, and the thoughtfulness by which you plan your estate is an extension of who you are. It’s your last gift to the people…
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Most people today have an IRA, and sometimes more than one. IRA’s and 401(k)’s and other qualified plan assets have become more popular, taking the place of more traditional pension plans. Whether an employer makes any contributions, or not, people are increasingly aware of their own need to put money aside for retirement into pre-tax…
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