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!
Don’t Have a Lot of Money? Here Are Seven Ways You Can Still Leave Your Family A Great Legacy
Your family can have peace of mind knowing with certainty that they are carrying out your wishes if they have a crystal clear understanding of what those wishes are. Whether or not you have much money, you can leave an important legacy to your family simply by making...
What Estate Planning Awareness Means For You
The third week of October each year is National Estate Planning Awareness Week. Estate Planning is important for everyone regardless of wealth or family status because if you become incapacitated or pass away without an Estate Plan, you are leaving the distribution of...
The Property Sisters: The Benefits of Bloodline Trusts
You probably have a good idea where you want your assets to go after you pass away, first to your spouse and then to your children and named beneficiaries. But if you do not engage in proper estate planning, your wishes may not be fulfilled. What is a Bloodline Trust?...
The Property Sisters: What to Know Before Buying a Home With Your Parents
A record 64 million Americans now live in a multi-generational home, according to a Pew Research Center report, up from 32.2 million in 1950. There are multiple reasons for this shift: the increasing cost of long-term care and, of course, rising housing prices. For...
Estate Planning Considerations for Couples with an Age Gap
With couples of similar ages, planning for the future is naturally a joint effort. However, if you are married to someone who is significantly older or younger than you, the future can look different and mean different things to each of you. To protect yourself, your...
Domestic Partnership and Estate Planning
Does a Domestic Partner Have the Same Rights as a Spouse When It Comes to Estate Planning? The short answer to whether couples in a domestic partnership have the same rights as married couples when it comes to estate planning is probably not. To a large extent, the...
How Can Remarriage Affect Your Estate Planning?
Divorce is more common now than it was in the past, as is remarriage. Depending on how long a prior marriage lasted, the former couple may have engaged in certain levels of estate planning together. When that is the case, it is important to understand how a subsequent...
Why Singles Should Worry About Estate Planning
As a single individual, you may feel overwhelmed when you think about who will step in and make decisions for you if you cannot make decisions for yourself and who will receive your money and property when you die. You may consider your parents or siblings, but...
What Happens to My Spouse’s Debts Upon Their Death?
A spouse’s death creates a difficult and demanding time for the surviving partner. As much as you might want space and time alone to process your grief, you may have certain responsibilities related to settling your deceased spouse’s affairs, including paying off...
Fears When Talking About Money
Studies have shown that the largest contributing factors to generational loss of wealth are a lack of communication and trust among family members and the failure to prepare heirs.[1] Often, fear is what underlies the lack of communication and trust that inevitably...