Blog Articles
Info About Wills, Trusts, and More…
Hello and welcome! I am Eileen Kerlin Walsh, and I will bring you valuable and topical information on Estate Planning. Estate Planning is the legal process of protecting your assets and your loved ones in the event of disability or death.
Why do you need an estate plan? If you don’t have a valid Will or Trust, Illinois law determines how your assets pass, to whom and when. Having no estate plan can lead to unnecessary taxes, creditors, probate court and other undesirable results. This is the most costly way to pass assets to your loved ones. You can do much better and my column will show you how!
Has Your Estate Plan Kept Pace With Your Wealth?
Spring often prompts reflection on what you have built: your home, business, retirement accounts, life insurance, and investments. Seeing your progress is rewarding. Your efforts have produced real results. Consider this: When was the last time your legal protections...
Frequently Asked Questions: Estate Planning When You Own Real Estate
Question 1: If the property is currently in my spouse’s name, can I legally force my spouse to add my name to the deed? Generally speaking, you cannot legally force your spouse to add your name to a deed unless there is an enforceable legal agreement, such as a...
Myths and Frequently Asked Questions – Estate Planning When You Own Real Estate
Myth 1: If both spouses’ names are on the deed to their home, the house will automatically avoid probate when the first spouse passes away. Many people may assume that if both spouses are listed on the deed, their home will automatically pass to the surviving spouse...
The Hidden Gender Gap in Estate Planning—and How to Close It
You have probably heard of the gender pay gap. But there is also another common disparity: the estate planning gender gap. Although the two are interrelated to some extent—earning less than men puts women on an unequal path to investment and retirement savings, and...
Frequently Asked Questions: Estate Planning After a Serious Health Diagnosis
A difficult health diagnosis can be emotionally and logistically overwhelming. While your health should remain your top priority, taking time to ensure that your legal and financial affairs are organized can reduce stress, prevent avoidable complications, and give...
Estate Planning Tips for Someone Facing Major Surgery
Receiving news that you need major surgery is never easy. Preparing for work absences, planning for childcare and household responsibilities, and understanding the procedure itself and your recovery timeline may be among the things you are worried about. If you have...
Frequently Asked Questions: Expecting an Inheritance?
Question 1: Should I tell my estate planning attorney that I am expecting an inheritance? Yes. While some people may be hesitant to count their chickens before they hatch, looping your estate planning attorney into your full financial picture is the best way to...
Why Receiving an Inheritance Changes Your Estate Plan
The United States is in the midst of the largest generational wealth transfer in history. Over the coming decades, baby boomers are expected to pass down an estimated $84 trillion in money and property. Receiving an inheritance can be a meaningful and transformative...
What Is an Inheritor’s Trust?
If you are expecting an inheritance, an estate planning tool known as a trust may prove useful, depending on your circumstances. Among the numerous types of trusts aimed at fulfilling different estate planning purposes, an inheritor’s trust is specially designed to...
Assisting Your Clients with Estate Planning: When Is an Estate Subject to State Death Taxes?
Educational Overview for Advisors: State Death Taxes The United States imposes a federal estate tax at death, which is based on the total value of the deceased person’s estate—everything a person owns at the time of death—and is paid from the estate itself. In...