If you are one of many people in Illinois who are age 55 or older, thoughts about your elder years or the time that will inevitably arrive when you pass from the earth may have started coming to mind. Especially if you have children and grandchildren, you might even...
Estate Planning
How and when to review or update an estate plan
You’ve no doubt heard people refer to the process of signing a last will and testament or other legal documents regarding such issues as “getting your affairs in order.” Some people in Illinois, or elsewhere, do this early in life, in their 20s or 30s. Others prefer...
Don’t be a victim: Protecting yourself or a parent online
As more and more of our lives move online, it's important to ask ourselves how private our data is. Cybercriminals often prey on seniors because they are seen as an easy target. They may not be as tech-savvy as younger generations and may be more likely to trust...
Nursing home planning
At some point in life, the tide often starts to shift, and adult children who were cared for and raised by their parents then become the caretakers. Perhaps your mother or father has reached a point where you know that he or she needs to transition to a long-term care...
Understanding powers of attorney
Executing an estate plan, especially if you’re an adult child who is assisting an elderly parent in the task, can be a complex matter. While some Illinois estate owners might want to keep things as simple as possible, others have a high net worth, multiple...
Should name minor children as beneficiaries on a life insurance policy?
🤔 Should you list your minor children on your life insurance policy? . If you want to make sure your kids are covered through your life insurance, listing them as a beneficiary is not what we typically recommend. Why? . Because they get all the money in one big sum...
3 things you should know about a special needs trust
If you’re one of many parents in Illinois who cares for a child with mental or physical disabilities, there have no doubt been times in your life when you think ahead, and, perhaps, feel anxious or worried about meeting your child’s needs if something were to happen...
James Dean 😎 was raised by his aunt and uncle. . Not his dad. . But guess who got his entire estate (net worth equal to $2 million 💰💰💰 today)? . That’s right, his dad…not the rightful guardians. . He didn’t have any estate plan, so everything went straight to his...
You need to prepare before you see an attorney!
BEFORE you see an estate planning attorney, DO THIS FIRST: . Make your inventory list. 📃 . Include all of your assets, both physical and non-physical properties that you own. . Here’s a good starting point: . 🔸 Art 🔸 Jewelry 🔸 Cash 🔸 Real estate 🔸 Bank accounts...
Did you put your assets into the Trust you created?
🤔 How do you know what’s in your trust fund already? . Here’s a little trick: . Just look at the name on the asset. . Is YOUR name on the asset, or is the TRUST’S name on the asset? . Because if your name is still on it, then you can be certain that it’s not in the...
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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
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