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...
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...
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...
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...
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...
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...
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...
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...
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...
“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...
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