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!
Assisting Your Clients: Adding Toppings to Your Clients’ Estate Plans
Most clients start with a “vanilla” estate plan to cover the essentials. They can then add “toppings” such as inheritance timing and conditions or charitable components that turn a basic plan into one that is made to order for them. However, before opening up the...
Assisting Your Client: National Ice Cream Month: Sweeten Relationships with Estate Planning
Different Flavors of Transferring Money and Property Outside of Probate Americans love ice cream. Estate planning? Not so much. The average American eats roughly 19 pounds of ice cream per year,[1] and around 90 percent of households regularly keep ice cream in the...
Property Sisters: Planning for Real Estate in a Foreign Country
The allure of a foreign land—perhaps where the weather is milder, the pace of life slower, and the cost of living lower—is a dream for many Americans who want to escape our country’s fast-paced, high-cost living. That dream can become a reality, and a tangible...
Is There an Income Tax Time Bomb Lurking In Your Estate Plan?
As the federal estate tax exemption has ballooned from $5 million in 2011 to $13.99 million today, the need for estate tax planning has drastically decreased. However, with a top marginal income tax rate of 37 percent, the focus of estate planning has shifted to a new...
Estate Planning Awareness – The Lesson Plan for Your Estate
In honor of Estate Planning Awareness Week, we are taking this opportunity to make sure you have the foundational estate planning documents to ensure your own successful future. Below are some basic questions and answers about estate planning and how estate planning,...
Does Treating Your Children Fairly Mean Unequal Inheritances
When thinking through their estate plan and how they want their assets(money and property) managed after they pass away, most parents wish to treat their children equally, often out of a sense of fairness. However, sometimes being fair or doing what is right by your...
Minimalism May Be Great For Your Stuff and Finances, But Not Your Estate Plan
In a modern world marked by information overload, overflowing inboxes, nonstop notifications, and the constant pressure to accumulate more stuff, minimalism offers a compelling counternarrative. Born from the mid-twentieth century artistic rebellion and revived in the...
The Lifetime QTIP Trust
Estate planning for couples in a second or subsequent marriage can be tricky, especially if their estates are disproportionate. One solution that allows the more affluent spouse to maintain control of their property and wealth and minimize potential estate taxes—while...
Estate Planning for Military Families
Q1. I had a will prepared when I was deployed last time does that mean that I do not need to worry about it anymore? A: Estate planning is not a one-and-done task. Regardless of how long it has been since you had your estate plan prepared, it is always a good idea to...
What Melting Ice Cream Teaches Us About Estate Planning
Do Not Leave Your Loved Ones with a Sticky Mess There is nothing quite like ice cream on a warm summer day served just the way you like it. You are outside, maybe on a shaded bench or strolling down the boardwalk, sun on your face with a light breeze cutting the heat....