Blog
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!
First, a little about me. I grew up on a small farm in Ireland. I came to the U.S. in the 1990s, and fell in love with Chicago and the American dream. I went to Loyola Law School and after working for the government and a private law firm, I started my own practice in 2002.
Why do I devote my legal career to estate planning? After 17 years consulting with clients in my office, their homes and hospital beds, I have discovered no area of law is more important or more rewarding. I have also discovered my gift is guiding clients through this healing, transformative process with warmth and competence. Estate planning is the heart and soul of the law and there is nothing I would rather do. This is the most vital, emotionally challenging and ultimately satisfying legal process my clients ever undertake.
Estate planning is about protecting your assets, your loved ones and planning for the future, yes, but it is so much more. It is about you, your unique story, your life’s savings, your values and beliefs and your hopes for the future. That is what is woven into your estate plan.
Presented by Eileen Kerlin Walsh, 11301 South Harlem Avenue, Worth, Illinois. Call Eileen’s law firm with questions at 708-448-5169.
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...
What You Should Know About Life Insurance Settlements
Though many people are familiar with life insurance policies and have a general understanding of how they work, the process of selling a life insurance policy to a third party may be less commonly understood. When an insured party sells a life insurance policy to a...
Life Insurance and Estate Planning: Protecting Your Beneficiaries’ Interests
A common misconception people have about life insurance is that they only need to designate their spouse, child, or loved one as the beneficiary of the policy to ensure that the life insurance benefits will be available to the beneficiary when they die. Life insurance...
THE BLIND SIDE: The Conservatorship Controversy Explained
Michael Oher has had a remarkable life so far. Born to a single mother struggling with addiction and growing up in and out of foster care, Oher went on to star as a University of Mississippi football player and was selected in the first round of the 2009 NFL draft. He...
What You Should Know About Life Insurance
Part of protecting your loved ones when you pass away is making sure that you have a proper estate plan in place. Another aspect is making sure that the right amount of money is available to carry out your goals for their futures. Life insurance has helped many people...
What Happens to My Leased Car If I Die Before the Lease Term Ends?
After a house, a car is often the second-most valuable piece of property a person owns. About 15–20 percent of new vehicles are leased rather than purchased and financed. Leasing is a popular alternative to traditional financing because it can allow the lessee (the...
What Not to Include in Your Estate Planning Documents
One important purpose of estate planning is to facilitate the transfer of ownership of your money and property to your family and loved ones when you pass away. For this transfer to be as stress-free and efficient as possible, it is crucial that estate planning...
Property Sisters: Is A Pour-Over Will For You?
Wills and trusts are the two basic legal instruments that people use to pass accounts and property on to their loved ones at death. Although a revocable living trust is often used in place of a will, the two are not mutually exclusive. You can have both a will and a...
Sometimes Stuff Is the Most Important Part of Your Estate Plan
Most people usually think about who will receive their retirement and bank accounts, life insurance proceeds, real estate, and other valuable possessions upon their death. However, a person’s personal property (their stuff) can also be a source of value that needs to...