Monday, October 19, 2020
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Trusts and Wills

Could Your Beneficiaries Make the Cut? The SECURE Act’s Eligible Designated Beneficiary

Ushering in the new 10 Year Rule, the SECURE Act has changed the way inherited retirement accounts are now distributed. That is, to everyone but a select group. The Act has created a new...

The New Legal Rights of Your Beneficiaries: Should These Be Drafted Out of Your...

In keeping with uniform trust law, Illinois has joined 34 other states in adopting its own version of the Uniform Trust Code known as the Illinois Trust Code (ITC), effective January 1, 2020. Provisions in...

Your Quick Guide: What to Do About the SECURE Act and Your Estate Plan

On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), effective January 1, 2020. This law is the most impactful legislation affecting retirement accounts in decades....
living trust mistakes

Avoid these 8 Common Mistakes in Your Revocable Living Trust

A revocable living trust has long been an important part of estate planning. Done correctly, a living trust can help protect your heirs from creditors and probate and supply them with any funding you'd like them...
when someone dies who gets assets

Who Has Access to Estate Assets Right After Someone Dies?

Immediately after a loved one dies, the nearest family members — or sometimes close friends if no relatives are nearby — wonder what to do about the assets of the decedent. An individual's assets can fall...
who inherits with no children

No Children but Lots of Cousins? Who Inherits without a Will?

Here's an issue that sometimes occurs in the administration of an estate: A person dies without a spouse or children. The individual's nearest family members are cousins or other extended family members and they cannot...
revocable trust benefits

3 Ways a Revocable Trust Can Benefit You and Your Family

When developing an estate plan, a revocable trust can provide many benefits that, in most cases, significantly outweigh the cost of setting one up. Here are three of the benefits of setting up a revocable trust. Benefit...
heir of distant relative for inheritance

How to Prove You’re an Heir of a Distant Relative

Many people fantasize they will get a notice stating they are entitled to inherit money from a long-lost relative. This could be someone that the individual may not have seen in years or may not...

No Will? Who Gets the Assets?

Let's say an individual dies without a will. Who will inherit his or her assets? The first in line are spouses and children. But what if the individual is single, has no children, no siblings and...
grieving man over wife's death

What Immediate Actions Must Be Taken Right After Someone Dies?

When a loved one dies, family members are not only in mourning — they may be in a state of uncertainty about what to do next. While everyone is respectful to the loss of the...

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