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!
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...
The Property Sisters: Selling A Deceased Loved One’s Real Estate
Selling a Deceased Loved One's Real Estate: Things You Need to Know After the death of a loved one, such as a parent, there are a variety of tasks that must be handled to wrap up your loved one’s final affairs. Selling your deceased loved one’s real estate is one of...
How to Talk to Mom and Dad About Creating an Estate Plan
Conversations about death and dying are rarely fun. Most people avoid them because they invoke feelings about our inevitable demise. Broaching this subject can be particularly difficult for parents and their adult children. Adult children may avoid bringing up the...
Statements of Intent or Purpose in Estate Planning Documents Can Make A BIG DIFFERENCE
The reasons you, as a trustmaker, create a trust are certainly special and important to you, but your intent or purpose for creating a trust can also have significant legal ramifications. For this reason, it is often critical that a trustmaker express in writing their...
Mental Health Considerations In Estate Planning
It is okay to not be okay. Removing the stigma of mental health starts with realizing that many people — about one in five of all US adults--are affected by mental illness. Understanding this fact can lead to more people getting the help they require, not only by...
The Property Sisters: Researching An Investment Property Before You Buy
Research every investor, novice and expert alike, should do when considering an investment property with hopes of renting out and/or flipping. HOW YOUR TENACITY CAN BE PUT TO WORK: Learn the area. Start by getting in the car and taking a drive. In addition to driving...
Make Sure Your Kids Are Prepared with This Summer Camp Checklist
Summer camps are expected to be back in full swing this year after two pandemic summers forced them to close or operate at limited capacity. Camp is a great opportunity for kids to make new friends, try new activities, and gain self-confidence and resilience. But as...