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!
Property Sisters: Making The Best of Your Empty Nest
When The Kids Spread Their Wings –It’s A Good Time To Evaluate Your Home As your children graduate high school, college, or start their own lives, you have new things to think about as an empty nester. And when it comes to the home, there may be some emotional ties to...
Ways Your Will Can Be Revoked
A will (which should be accompanied by other important documents such as healthcare and financial powers of attorney, as well as an advance healthcare directive) is a foundational estate planning document. However, according to Gallup, only 46 percent of US adults...
Tips for Divvying Up Personal Property
We collect stuff throughout our lives. This “stuff” is known as our personal property. Some items are valuable, like jewelry, baseball cards, and works of art. Other items are sentimental, like grandma’s tea set, old Christmas ornaments, and photographs. Regardless of...
The Death of Raquel Welch and What Her Estate Plan Is (or Might Be)
Raquel Welch, whose acting career spanned five decades, passed away in February at the age of eighty-two. Welch appeared in more than thirty films and fifty television series, won a Golden Globe Award, and has a star on the Hollywood Walk of Fame. However, Welch was...
Investment and Distribution Trustees: Why Would I Need Both?
When creating a trust, it is common to name yourself as the initial trustee who is responsible for all aspects of administering the trust. However, when considering who will take over when you can no longer act (either because of illness or death), it is sometimes...
Property Sisters: Important Considerations If You Win The Lottery
On February 14, 2023, the winner of the largest lottery prize in United States history was named. If you are fortunate enough to have purchased a winning lottery ticket, it is important to carefully consider how you want to handle your unexpected windfall. Take...
Property Sisters: Weekend Properties
Keeping the vacation home in the family Spring is here and with summer on the horizon, many of you will plan family getaways to rental properties, hotels, and vacation homes. Think of all the fun times together at the beach, walking in the woods, or laughing at the...
Property Sisters: Seven Ways to Avoid Family Fights Over Your Property
Ask a group of friends if they have experienced a family fight over property after a loved one has died, and you will be in for a lively and eye-opening conversation. Far too many families end up fighting, or at least experiencing tension, over a family inheritance....
Estate Planning Issues for the Modern Family
As the name suggests, ABC’s TV show Modern Family depicts the relationships and experiences between a fictional extended family. Throughout the course of the series, the show addresses many issues that families deal with each day. For a close-knit family such as this...
Have You Thought Through Your Retirement Plans?
Beginning your retirement is a great milestone that is worth celebrating. You have put in many years of hard work, and you are now able to focus your energy on the next phase of your life. However, before you begin this next chapter, you need to make sure that you...