🐱Pet Estate Planning 🐶 What NOT to do... Pets can truly be part of the family, which is why so many opt for setting up a pet trust to protect their future. But there are definitely some things that should NOT happen when you plan: 🔺 DO NOT leave the pet money in the...
Retirement Planning
What are the two most important legal documents a person with Alzheimer’s needs?
Clearly to two most important documents that person with Alzheimer's or any form of dementia need are a power of attorney for health care and a power of attorney for property. They are written documents by which a person can authorize one or more persons to take...
Problems with Do It Yourself Wills?
Just read a Kentucky case where the woman died and and had a do it yourself form will that she had done herself without the assistance of an attorney. She left everything to her husband. Problem was that her husband died before she did and no alternate beneficiaries...
What happens when you die and don’t have a beneficiary listed?
💰 FINANCIAL ACCOUNTS 💰 What happens when you die and don’t have a beneficiary listed? Your retirement account, investments, etc… Let's say you forgot to list a beneficiary on one of those accounts. It happens quite often. Many times to will go...
What is a Joint Will?
We’re married and share everything anyway. Why shouldn’t we just have a joint will? . It sounds nice. But it’s a bad idea and here’s why: . ❌ A joint will CANNOT BE CHANGED once one of you dies. . In other words, your surviving spouse can’t do anything with the assets...
If my spouse dies do I always need to make a new will?
The answer is no but you still may want to for other reasons. Many times when we prepare simple wills we provide where assets will go if our spouse does not survive. We also name a backup executor if our spouse is not alive. If you are happy with all of your original...
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...
Can I disinherit one of my children or not leave assets to one of my grandchildren?
The answer is yes. Proceed with caution though and the advice of an experience estate planning attorney. This is no time for a do-it-yourself estate plan. This needs to be plan which can potentially stand up to a Court challenge. Consider the implication of such a...
If I have less than 11.7 million dollars should I be concerned about Estate tax issues?
The answer is maybe. While the current federal estate tax exempt amount is 11.7 million dollars the state estate tax exemption for Illinois is only 4 million dollars. Your failure to plan if you have close to 4 million dollars is that your family maybe be paying...
What does it mean when an asset is referred to as a Nonprobate asset?
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...
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Peoria, IL 61602
416 Main Street Suite 700
Peoria, IL 61602
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