Most Illinois residents pay into Social Security for years, hoping it will be there for them when they need it at any point in their life. This is particularly true when people become disabled and can no longer work to support themselves or their families. Social...
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Is your mom or dad ready for a nursing home?
Your parent is getting up in years. He or she may not want to admit it, but it is clear that everyday tasks are becoming a struggle. You think it is time to start looking into assisted living or even a nursing home -- maybe not for use right away, but soon. How do you...
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...
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...
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...
What to expect during the probate process
In Illinois, when a person dies, his or her estate may need to go through a legal proceeding known as probate. The probate process can be somewhat complex and confusing. There is simply a lot to do before beneficiaries can access their inheritance. There is a great...
Making Gifts and Medicaid Eligibility
“My accountant told me that I can gift each of my kids $15k without getting taxed. But will it hurt my chances of getting Medicaid?” . Yes, it will cause a HUGE problem! . . This is where most people get confused between tax rules and Medicaid rules. When you apply...
5 things everyone should do sooner rather than later
Estate planning is not something most people in Illinois or elsewhere want to do. It is something they know they should do, though. You think you have all the time in the world to get it done, but the truth is you may not. You never know. That is why there are some...
Do I need a trust?
Estate planning is confusing to many Illinois residents, to the point where they don’t want to do it at all, or they write a simple will and call it good. While having a will is better than nothing, many individuals, and their families, would be better served if they...
What is the Missing Part of your Estate Plan?
Now you have a will or you have a revocable living trust and a will. You have gotten your Power of Attorney for Health Care and Power of Attorney for Property done. What could be left? You need a digital assets inventory! That would be a complete list of your online...
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