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!
Can a Beneficiary Also Be a Trustee of a Trust?
Clients often naturally choose their children to be beneficiaries of their revocable living trusts. Many clients also wish to name one or more of their children as the trustee of that trust, but are not sure if that is allowed by the law. The short answer is yes, a...
Property Sisters: Understanding a Trustees Authority Over Trust Assets and Property
A trustee is a person or entity responsible for managing and administering your trust according to your instructions and in accordance with state law. They are considered a fiduciary, and as a fiduciary, a trustee must protect the trust’s investments and act in the...
The Passing of Senator Dianne Feinstein: Estate Plan Lessons for Blended Families
Dianne Feinstein, the longest-serving female United States senator in history, passed away in September at the age of 90. First elected to the Senate in 1992, Feinstein leaves behind a political legacy that spanned nearly 31 years. She also leaves behind an estate...
The Life and Legacy of Jimmy Buffett
Jimmy Buffett died on September 1, 2023, at age 76 after a diagnosis of Merkel cell carcinoma (skin cancer) four years earlier. He was a renowned singer-songwriter, film producer, businessman, novelist, and philanthropist. Buffett released his first album, Down to...
Property Sisters: Beware of Unequal Contributions When Purchasing a House
At a time of record home unaffordability, more people are teaming up with friends and relatives to realize the home ownership dream. According to the National Association of Realtors (NAR), more than 75 percent of homes on the market now are too expensive for...
Should You Share Your Estate Planning Details With Loved Ones?
When you decide to create a comprehensive estate plan, there are many things to consider. One is whether to tell your loved ones about your plan and how much information to share with them. Estate planning can be a complex and sensitive matter, so your choice may...
Do Not Leave Your Trust Unprotected: 6 Ways a Trust Protector Can Help You
Trust protectors are commonly used in the United States. Essentially, a trust protector is someone who serves as an appointed authority over a trust that will be in effect for a long period of time. Trust protectors ensure that trustees maintain the integrity of the...
Decanting: How to Fix a Trust That Is Not Getting Better with Age
While many wines get better with age, the same cannot be said for some irrevocable trusts. Maybe you are the beneficiary of a trust created by your great-grandfather over 70 years ago, and that trust no longer makes sense. Or maybe you created an irrevocable...
5 Good Reasons to Decant a Trust
Today, many estate plans contain an irrevocable trust that will continue for the benefit of a spouse’s lifetime and then continue for the benefit of several generations. Because trusts like these are designed to span multiple decades, it is important that they include...
3 Examples of When an Irrevocable Trust Can—and Should—Be Modified
Did you know that irrevocable trusts can be modified? If you did not, you are not alone. The name lends itself to that very misconception. However, the truth is that changes in laws, family, trustees, and finances can frustrate the trustmaker’s original intent when...