Our Estate Planning Blog
Before taking a closer look at revocable and irrevocable trusts, it helps to know what a trust is. In simple terms, it’s a legal agreement that allows you to transfer assets to the ownership of a trustee.
What should you do to plan for an emergency where you were incapacitated and not able to make your own healthcare decisions?
Has a loved one named you their financial power of attorney? Are you ready to take on all the responsibilities that entails? Hopefully, you won’t be called into action anytime soon, but with the coronavirus pandemic continuing, it’s something to think about.
Estate planning design and implementation is not only complex but can be highly emotional. Therefore, it’s important to have a basic understanding of the estate planning process, before approaching a professional.
As part of your financial and estate planning, you should make arrangements for your care, in case you become incapacitated.
When a member of your family dies, you could be left to pick up the financial pieces. Finding all the information you need can be challenging.
We all operate under some misconceptions about how property is handled when somebody dies. Educate yourself about some of the most common myths.
Under Illinois law, an individual holding a power of attorney is a fiduciary as a matter of law. The person designated as a power of attorney agent owes a fiduciary duty to the principal—the person making the designation. If your agent abuses the power of attorney, he or she may be subject to civil or even criminal penalties.
Is it time you made a decision on the future of the wonderful getaway that everybody loves but only you maintain?
You’re not avoiding an expense by not making a will. You are just passing that expense on to your surviving family…and it’s often more costly than the will itself would have been.
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