December 5, 2017

Using Your Estate Plan to Leave Funds to a Minor

How to Effectively Use Your Estate Plan to Leave Funds to a Minor In a previous post (here), we described the problems associated with just leaving assets to a minor directly. Usually this happens through a will or trust or–more likely–as a designated beneficiary on some kind of investment account. […]
March 2, 2015

Be Careful Making a DIY Estate Plan

Be Careful Making a DIY Estate Plan Doing your estate plan on your own can lead you to lose protections you don’t even know you had. Jake and Laurie were married when they purchased their home in Wheaton. Knowing that they purchased the home as their primary residence, their attorney […]
February 11, 2015

Tenancy by the Entirety Available to Trusts

Tenancy by the Entirety Available to Trusts You can still have the protection of tenancy by the entirety even if your home is in a trust. Illinois allows spouses to hold their primary residence by what is called “tenancy by the entirety.” Like joint tenancy, tenancy by the entirety allows […]
November 12, 2013
Estate-Planning-personal-powers-of-attorney-glen-ellyn-dupage-law

Wills and Powers of Attorney No. 1

Wills and Powers of Attorney No. 1 Leaving money directly to minors can cause their parents headaches. John was a successful businessman and accumulated roughly $1.2 million after selling his company and retiring. Being an entrepreneur, he liked to do things on his own. He had heard lots of discussion […]
November 6, 2013

Trusts No. 1

Trusts No. 1 Just adding your children to the title on your home could have dire consequences. Mary was a widow with two grown children—Fred and Jane.  Her only significant asset was her home, which had no mortgage and was valued at $350,000. Fred lived in Wheaton.  Mary had heard […]