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!
Your Estate Planning Team Roster Imagined as a Football Squad
KEY TAKEAWAYS A winning estate plan starts with the right lineup. Every successful game plan needs someone calling the plays. A strong defense protects more than what's on the scoreboard. The right backup players can make all the difference when plans change. Don't...
Can an Estate Plan Include a Right of First Refusal on Property?
KEY TAKEAWAYS Keep meaningful property in the family. Balance family wishes with fair inheritance. Give loved ones a choice without creating an obligation. Understand why the right legal approach matters. Protect family relationships when property decisions become...
What Happens to a House in Probate in Illinois?
KEY TAKEAWAYS A home titled in your name alone goes through Probate, no matter how modest the rest of your estate is. A Will can’t keep your house out of Probate. A funded Revocable Living Trust can. Find your deed this week and check the grantee line to see where...
What You Need to Know About Transferring Your Season Tickets
KEY TAKEAWAYS Passing down season tickets takes more than team loyalty. There's more to season tickets than game day. Who gets the tickets may not be your decision alone. Transfer restrictions can complicate your estate plan. Planning ahead can help preserve a family...
Before the Holidays Take Over, Take Care of These Things!
KEY TAKEAWAYS The holidays aren't the only deadlines approaching. Year-end decisions can have lasting financial implications. Holiday generosity may offer unexpected benefits. Small life changes can create estate planning gaps. A little planning now can protect what...
Seven Estate Planning Traps Most People Miss—and Seven Questions to Audit Your Family’s Future
KEY TAKEAWAYS A valid estate plan isn't always an effective one. Small oversights can have lasting consequences. Estate planning goes beyond inheritance. What you intend isn't always what happens. A simple review today can prevent problems tomorrow. Think back to how...
Special Needs Trusts in Illinois: What Every Family Should Know
KEY TAKEAWAYS A direct inheritance can push an adult child on SSI over the $2,000 limit overnight. Equal shares can put a disabled child’s inheritance in their own name, inviting court supervision. Naming your child directly on a beneficiary form means your Special...
Not Every Heir Wants to Inherit: A Lesson in Wills, Trusts, and Family Peace
KEY TAKEAWAYS Why some heirs choose family peace over an inheritance. The surprising reasons someone might turn down inherited wealth. What Brooke Hogan's inheritance decision reveals about family dynamics. How wills and trusts can provide different inheritance...
What Not to Do When Estate Planning: What Your Attorney Wishes You Knew
KEY TAKEAWAYS Why waiting for the right time to plan can be a mistake. The important details a will may not cover. Where DIY estate planning can fall short. How life changes can affect an existing estate plan. Why choosing the right people matters as much as the...
Estate Planning for Parents of Young Children in Illinois: What You Must Have in Place
If you are raising children under eighteen in Illinois, your Estate Plan has one job above all others. It makes sure your children are cared for by the people you choose, with the resources you leave behind, if you are ever not there to do it yourself. For young...