In its simplest terms it means an asset that is not directed to a beneficiary by the probate process. For example, if you have named a beneficiary to a life insurance policy then your beneficiary designation you filed with the insurance company will control who get...
Peoria Estate Planning, Elder Law and Disability Blog
An estate plan should include protection for digital assets
Online cloud storage, digital currency, email, social media accounts, various online accounts and web domains are just a few of the many different types of digital assets numerous Illinois residents have. If you have any of these and lost them, it would likely be...
How is the term “education” used as a vocational factor in an SSI or Social Security Disability claim?
"Education" is primarily used to mean formal schooling such as graduation from high school or college or other training which contributes to your ability to meet job requirements. This could involved getting a certification of a licensed job such as a hairdresser, a...
Estate plan essentials
Most Illinois residents make plans for their life -- where they see themselves five to 10 years down the line. Few make lifelong or end-of-life plans, however, and that is something that may come back to hurt them and their loved ones. Having an estate plan may not be...
Medicaid Coverage of Nursing Home Care is Confusing!
The Medicaid nursing home assistance program is a joint Federal-State program but with the feds and state sharing the cost. This has generally been nursing home care but there are a limited number of assisted living facilities in Illinois that are Medicaid facilities....
Why is it that your Power of Attorney for Property may be your most important Estate Planning document?
For many people their Power of Attorney maybe their most important document. --more important than their will. You may be the type of person that is much more concerned about what will happen while they are alive. A Power of Attorney for Property allows you to appoint...
What are the things that Social Security won’t consider in my SSI or Social Security Disability Claim?
In looking at your ability to work SSA will not consider the following. (1) Your inability to get work; (2) Lack of work in your local area; (3) The hiring practices of employers; (4) Technological changes in the industry in which you have worked; (5) Cyclical...
At what age should children and grandchildren receive their inheritance?
Trusts will generally provide that assets will remain in trust until the beneficiary reaches a particular age. It might 21 or maybe 22 if you think the beneficiary will have completed their education by that age. Maybe age 25? You can set whatever age you want and...
Have you funded your revocable trust?
I have persons call my office to review and change their estate planning documents. More and more persons are using revocable trusts as their primary estate planning a tool for a lot of very good reasons. What happens though when you create the trust but never get...
When should I update my Trust or Will?–lesson 1
When should I update my Trust or Will? All revocable living trusts and all wills should be reviewed every few years. So what should I be looking at if my beneficiaries are still the same? Do I still have the best person named to be my Executor or my Successor Trustee....
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416 Main Street Suite 700
Peoria, IL 61602
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