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...
Estate Planning
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....
Divorced –Now what should I do –Estate Planning
Recently divorced? 💔 Are you concerned your ex may be in control because of a POA for health Care and/or Property. What about estate planning? A new will? A new trust? Make sure you get your paperwork changed! If you’re just now going through the motions of divorce...
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...
“I’ve chosen an executor for my will – is there anything I can do to make the process easier for them once I’m gone❓”
YES! . . First, make sure the person you’ve chosen is made fully aware that you picked them for this very important role. . Next, give them the information they’ll need to succeed. 🔹 Location of the will/trust 🔹 Contact information of your estate planning...
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...
What is a Trustee?
A good example of a trustee: Someone who manages the inheritance left for a child. . . 👉 A trustee has the duty to act in the best interests of the trust and its beneficiaries. . . Do you need help selecting a trustee for your belongings? Shoot us a message,...
Do you need a special needs trust?
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...
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...
I Make Home &
Hospital Visits
Schedule A
Free Consult
Let Me Help
The Law Office of William C. Wombacher
Local: 309-674-8125
Toll Free: 888-365-0852
Fax: 309-674-8149
Commerce Bank Building
416 Main Street Suite 700
Peoria, IL 61602
416 Main Street Suite 700
Peoria, IL 61602
Peoria Law Office Map
