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!
The Trust Protection Myth: Your Revocable Trust Protects Against Lawsuits
Many people believe that once they set up a revocable living trust and change the ownership of their accounts and property from themselves as individuals to their trust, those accounts and property are protected from lawsuits. This is not true. While trusts...
Myths and Frequently Asked Questions – Estate Planning Using Asset Protection Strategies
Myth 1: Asset protection planning is only for the wealthy or those with high-risk jobs, such as doctors or lawyers. Fact: Asset protection planning is for everyone. If you engage in any activity that could give rise to a lawsuit (drive a car, employ someone, allow...
Asset Protection And Your Estate Plan
Many people believe that asset protection planning is only for wealthy people or professionals susceptible to malpractice claims, such as doctors or lawyers. That is not the case. In today’s litigious society, anyone can be sued. The United States justice system is...
Assisting Your Client: Money Isn’t Everything in Estate Planning
How to Pass Personal Stories and Values to Future Generations Don’t stop reading. . . we know that money is inherently very important, but it is also true that while money and property may be the most discussed types of wealth that a person owns, the riches of their...
Assisting Your Client: How Do I Know When My Clients’ Need An Estate Plan?
The short answer is that everyone age 18 and older needs an estate plan. It does not matter whether they are old or young, have built up considerable wealth or are just entering adulthood—everyone needs a written plan to control what happens to the things they own and...
Assisting Your Client: Important Legacy Questions Your Client Should Answer in Their Estate Plan
When beginning any type of planning, the person planning should usually start with some preliminary questions. With that said, the following are questions that your client should consider when they are thinking of creating an estate plan. Share the following with your...
Property Sisters: How to Give Real Property to a Loved One at Your Death Without Probate Court Involvement
A home is often one of the most important assets that people own. Therefore, most people want to stay in their home until they die and then have a loved one receive it. One common way to pass a home to loved ones is through a will. However, transferring property with...
Have a Harmonious Family that Does Not Fight? You Still Need an Estate Plan
In many families, everyone gets along, happily gathering for the holidays, sharing laughs, telling stories, and enjoying each other’s company. Then, the matriarch or patriarch dies. Suddenly, years of pent-up resentment and hurt feelings surface, and the once-happy...
Beware of Trust Scams–and How to Spot Them
Trusts are widely used in estate planning to protect and transfer a person’s assets (money, accounts, property, etc.), sometimes in a tax-advantaged manner. Some trusts are highly complex, with multiple parties, intricate structures, specialized legal terms, and...
Money Isn’t Everything in Estate Planning
How to Pass Your Stories and Values to Future Generations Money and property may be the most discussed types of wealth that a person owns, but the riches of their experience and wisdom can mean even more to loved ones down the line. Reinforcement of family traditions...