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Who Should Be Your Successor Trustee?

Posted on: March 4th, 2014
If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs, but eventually someone will need to step in for you when you are no longer able to act due to incapacity or after your death. The Successor Trustee plays an important role in the effective execution of your estate plan....

Providing for Your Parents in Your Estate Plan

Posted on: February 3rd, 2014
If you are part of the baby boomer generation (born between 1946 and 1964), you may also find that you are a member of the sandwich generation, with responsibilities to both your parents (now or in the future) and your children. This should change the way you think about estate planning--instead of the traditional approach of how to leave assets to your children and future generations, you may also need to include providing for the previous generation (your parents)....

WHAT THE ILLINOIS PROMPT PAYMENT LAW MEANS FOR YOU

Posted on: January 15th, 2014
Effective January 1, 2014, Illinois Senate Bill 1912 amended the Illinois Code of Civil Procedure, specifically, 735 ILCS 5/2-2301. The Act requires settling defendants in “personal injury, property damage, wrongful death or tort actions involving claim for money damages” to tender plaintiff with a release within fourteen days of written confirmation of settlement. ...

Why Does a Living Trust Cost More than a Will?

Posted on: January 3rd, 2014
It will probably cost more initially to set up a well-drafted living trust than to have a will prepared. A true cost comparison should include not only the expense to establish the will or trust, but also what it will cost should you become incapacitated and after you die....

Organize Information for Your Family

Posted on: November 18th, 2013
Think for a few moments about what would happen if you suddenly became incapacitated or died. Would your spouse or family know what to do? Would they know where to find important records, assets and insurance documents? Would they be able to access (or even know about) online accounts or files on your computer? Would they know whom to ask if they need help? Putting the effort in now to establish a formal document inventory can alleviate unnecessary anxiety and turmoil in the future....