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!
Durable Power of Attorney in Illinois: What It Is and Why Every Adult Needs One
When people think about Estate Planning, the documents that come to mind first are usually a Will or a Trust. Those are important, and we spend a great deal of time helping families get them right. However, there is another, less-discussed document that belongs in...
The Two Documents Every Adult, Not Just Parents Needs
There is a version of Estate Planning that most parents picture when they first come to us: a Will, maybe a Trust, a plan for what happens to their assets when they are gone. That conversation matters, and we have it all the time. However, there is another...
The Biggest Myth in Estate Planning and Why It Costs Illinois Families More Than They Expect
If there is one misconception we encounter more than any other in our practice, it is this: "I have a Will, so my family is taken care of." A Will is a meaningful document. It expresses your wishes, names guardians for your children, and designates who receives your...
What Happens If You Become Disabled Without an Estate Plan?
Most people think of estate planning as something you do to prepare for death. However, in our experience, the moments when a plan matters happen while you are still very much alive, just unable to speak for yourself, manage your finances, or make decisions about...
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...
What Is a Special Needs Trust and Does Your Family Need One?
There is a question that comes up in our practice more often than most people might expect: "Can I leave money to my child with a disability without them losing their benefits?" The answer is yes, but only if the plan is structured correctly. For many families, a...
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...