Planning for long-term care is an important part of creating a complete estate plan. Unfortunately, when it comes to Medicaid eligibility in Illinois, a revocable trust may not provide the protection you expect. In Illinois, the type of trust you choose can affect...
When you create a will, you choose someone you trust to carry out your final wishes. You may select a family member, a close friend or another trusted person to serve as your executor. Over time, however, life can change. Your chosen executor may die before you,...
Many people hear the term “estate planning" and picture people with vast wealth, sprawling estates and trusts. However, estate planning is for everyone and not just the wealthy. An estate plan is more than just deciding who gets your assets when you die. It’s also...
Many people avoid discussing estate planning with their parents because it’s an uncomfortable topic. No one likes to think about illness, incapacity or death. However, waiting until a crisis occurs often creates stress, confusion and conflict during a time when...
People often wonder if they need to include their life insurance policy in their estate plan. Unfortunately, there is no one-size-fits-all answer. It really depends on the situation. First and foremost, when someone purchases a life insurance policy, they should name...
An executor or personal representative manages an estate. They attend hearings in probate court and carry out the last wishes of the deceased person. Those obligations come with a degree of personal risk. If they make mistakes during estate administration, personal...
Many people assume that once they create a will, every asset they own will automatically be distributed according to its instructions. Unfortunately, that is not always how estate planning works. In fact, some of the most valuable assets you own may pass outside of...
Life throws curveballs when you least expect them. One day you are healthy and independent, and the next, you might face a medical crisis that leaves you unable to communicate your healthcare wishes. That is where a living will comes into play. Understanding the...
It is important to update your estate plan from time to time. Many people will do this every few years, but you can also look for major changes in your life. One example is if you are diagnosed with a medical condition. For one thing, a serious diagnosis may mean that...
Many people assume a single will neatly cover everything they own, no matter where it’s located. However, it’s not the case. Crossing state lines can introduce unexpected legal and financial challenges when the time comes. Without proper planning, what seems like a...
