Estate planning does many things and offers many protections, but most importantly, it allows you to protect your loved ones long after you are gone. Your estate plan should not be one of those standard forms that anyone can find and fill out on the internet. It...
Month: January 2021
How much can give away for Gift Tax purposes?
Wondering how much money you can give WITHOUT getting hit with “gift tax”❓ Remember this is COMPLETELY DIFFERENT than giving money away to get Medicaid eligibility. Different rules for Medicaid. Let’s break it down: .As of 2020, you are allowed to give $15,000 per...
What about a Prepaid Funeral Plan?
This man dared audiences to “boldly go where no one has gone before.” As it happens, he also dared his estate plan to do the same thing...and it did. . Gene Roddenberry, the creator of Star Trek, included a provision to his will that nobody has included before:...
Is a Do It Yourself online Will a good idea?-Not!!
Is an online will a good idea? 🤔 . Sure, if you like playing Russian Roulette. Because with an online will, you’re running a mighty big risk. . . ❌ They’re risky because there is very little educating that goes into it. YOU DON'T KNOW WHAT YOU DON'T KNOW!!!! And an...
Dementia and No Estate Planning
Dad gets dementia and doesn’t have any estate planning set up. 😨 T The kids are concerned. Can they do anything? If Dad doesn’t have any documents and is too incompetent to create new ones…this is where the court makes its entrance into your family’s personal...
What is a Revocable Trust?
It is a trust that you can set up and change or amend. It is designed to help avoid probate if you put your assets in the trust. It does not save taxes. It can help your family manage your assets in the trust if you become disabled. You can be your trustee but it...
What is a Fiduciary ?
Almost anybody could be a fiduciary, really. . . 🔺 Lawyers are fiduciaries to their clients. 🔺 Employers are fiduciaries to their employees. 🔺 A spouse is a fiduciary to their spouse. 🔺 Some Stockbrokers to their clients. . . You get the picture. It’s someone you...
What happens when you don’t have a Will?
“One Love”? Not for this guy’s family. . . At the time of his death, Bob Marley’s estate was estimated at $30 million...and that number keeps climbing due to his various income ventures. . . But because of his religion, he did not have a will. So, what resulted? . ....
What is the difference between Guardianship of the Person and Guardianship of the Estate?
When would someone need one or the other❓ A good example would be when a loved one has Alzheimer’s or dementia. . . 👉 When they are so far into the disease and cannot make decisions about their finances, medical treatments, or where they are going to reside...that’s...
In Social Security Disability claims what are Symptoms, Signs and Lab findings?
Symptoms are your own description of your physical or mental impairments but your statements alone are not enough to establish an impairment. Signs are anatomical, physiological or psychological abnormalities which are observed apart from your statements. Signs must...
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416 Main Street Suite 700
Peoria, IL 61602
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