If you have a dog, cat, or any other type of pet that you consider to be part of the family, you likely spend a considerable amount of time, energy, and money to ensure that your family pet is happy and healthy. Have you taken the time to consider what would happen to your beloved pet if something happened to you? Sadly, many people do not which is why the estate planning attorneys at Nash, Nash, Bean & Ford, LLP would like to remind you to include your pets in your estate plan. Doing so … [Read more...]
Living Trust Attorneys Explain How to Modify or Revoke a Trust
A comprehensive estate plan will almost always employ ancillary documents in addition to a Last Will and Testament in order to accomplish all of the plan’s goals and objective. One of the most popular of these ancillary documents is a Living Trust. In fact, your estate plan may include more than one trust agreement given how flexible a trust can be. Of course, most people also find that their estate planning needs and goals change as they move through the various stages of their life. What … [Read more...]
Basics of Estate Planning: Lack of Coordination
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Is your estate plan coordinated? Perhaps the most common mistake in estate planning is a lack of coordination. This is not where the client, attorney, or adviser cannot walk and chew gum at the same time. This is a failure to consider all the different aspects of a plan and how they may (or may not) work together. An ever-increasing share of an individual’s … [Read more...]
Estate Planning Attorneys – Top 5 Mistakes to Avoid
A well thought out estate plan is one of the most important gifts you can give your loved ones, and yourself, over the course of your lifetime. Your estate plan can protect your estate assets and help them grow while you are alive and then ensure that those same assets continue to provide for loved ones after you are gone. To maximize the benefits of your estate plan, the estate planning attorneys at Nash, Nash, Bean & Ford, LLP have created a list of the top five most common estate planning … [Read more...]
Why Use a Living Trust?
For most people, a Last Will and Testament provides the foundation for their estate plan – at least initially. As their estate and family grows, additional estate planning tools and strategies may be included in their estate plan to help achieve inter-related goals. One of the most common of those additional tools is a trust. In fact, trusts are now commonly found in even the most simple estate plans. If you decide to include a trust in your estate plan, one of the first decisions you will need … [Read more...]
Asset Protection Attorneys Point Out Hidden Threats to Your Assets
Whether you have a modest estate or you have amassed a veritable fortune, it is probably safe to assume that you want to protect the assets that make up your estate. Accomplishing this seemingly simple goal may be more complicated than you think, due in large part to the fact that your assets face more threats than you likely realize. To illustrate, the asset protection attorneys at Nash, Nash, Bean & Ford, LLP point out some of the obvious, and hidden, threats to your assets. Threats to … [Read more...]
Hidden Dangers in DIY Wills
If you have yet to create your estate plan, you may be tempted to try taking a shortcut by turning to easily located online legal forms such as Do It Yourself (DIY) Wills, trusts, or other estate planning documents. After all, using a DIY Will should save you both time and money and finally get your estate plan started, right? It may seem that way to you; however, in the end your loved ones may pay the price for your shortcut because of the hidden dangers in DIY Wills. To help you understand … [Read more...]
Explaining Federal Gift and Estate Taxes
When you think about estate planning you probably focus those thoughts on the distribution of your estate assets after your death to your loved ones. In order for there to be assets left to distribute, however, you must also make protecting your assets part of your comprehensive estate planning efforts. Some of the threats to your assets are obvious, such as creditors; however, there are other potential threats that you may not have considered. Federal gift and estate taxes, for example, could … [Read more...]
What Happens If You Die without a Will in Illinois
Most people recognize the need to have at least a basic estate plan in place. Despite acknowledging that one is necessary, over half of all Americans have not even executed a basic Last Will and Testament. One reason many people have yet to execute a Will is that they believe that, in their case, it isn’t necessary. A common misconception is that you don’t need a Will unless you have a large, valuable estate that you plan to leave behind. The truth, however, is that almost everyone can benefit … [Read more...]
Which Type of Joint Tenancy Should I Use?
Real property can be owned by one person only, or by two or more co-owners. If you are planning to co-own property with at least one other person, you will need to decide what type of joint tenancy to use. Illinois law allows three different types of joint ownership – tenancy in common, joint tenancy, and tenancy by the entirety. The type of joint ownership you choose and the manner in which you title property can impact several things. The most important of those, for most people, is how each … [Read more...]
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