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Legacy Counsellors, P.C.
Recent Activity
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“To put it bluntly, what if you were in a serious accident or were suddenly rushed to the hospital with COVID-19 symptoms or another life-threatening illness, and you were unable to make health care decisions for yourself?” The Coronavirus pandemic has had an impact on the entire world. No wonder—it’s... Continue reading
Posted 34 minutes ago at Legacy Counsellors, P.C.
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“In a lawsuit, Marie Bosarge claims that her estranged husband, Texas billionaire Ed Bosarge, created trusts ‘to hide income and property and to hold what would otherwise have been personal income and assets.’” South Dakota has become a domestic mini-Switzerland for wealthy people who want to shield their assets. Texas... Continue reading
Posted yesterday at Legacy Counsellors, P.C.
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“If your will was signed before 2013 and you have a so-called by-pass estate tax saving trust that is no longer necessary, you really should update and simplify your will.” Estate administration, that is, when the executor gets busy with paying debts, taxes and distributing assets, is often the time... Continue reading
Posted 2 days ago at Legacy Counsellors, P.C.
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“ Utilization of a testamentary trust for the surviving spouse is an excellent idea, whether the survivor is the husband or wife.” A couple doing some retirement planning has an updated will and a medical power of attorney in place, prepared with the help of an estate planning attorney. They... Continue reading
Posted 3 days ago at Legacy Counsellors, P.C.
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“When a member of your family dies, you could be left to pick up the financial pieces. Finding all the information you need can be challenging.” This year, more families than usual are finding themselves grappling with the challenge of managing the affairs of a loved one who has died.... Continue reading
Posted 6 days ago at Legacy Counsellors, P.C.
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“When parents start the planning process for a child with special needs, they usually work under the perception that if they create a special needs trust (SNT), the child will be taken care of and the needs will be met.” Funding a Special Needs Trust is just the start of... Continue reading
Posted 7 days ago at Legacy Counsellors, P.C.
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“An immature or troubled child could try to misuse your money or goad you into handing over assets you might need later. Complicated family dynamics, or just your desire for privacy, may make you hesitant to open up.” Talking about who will control your assets is always a tricky thing,... Continue reading
Posted May 27, 2020 at Legacy Counsellors, P.C.
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“The official figure for elder financial fraud used by a congressional committee is around $3 billion a year, but that’s based solely on reported cases of fraud. Other estimates are 10 times that much.” Aging baby boomers are a giant target for scammers. A report issued last year from a... Continue reading
Posted May 26, 2020 at Legacy Counsellors, P.C.
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“Is it time you made a decision on the future of the wonderful getaway that everybody loves but only you maintain?” If this winter-like weather plus pandemic have left you wondering about how to get started on passing the family vacation home to the family or preparing to sell it... Continue reading
Posted May 25, 2020 at Legacy Counsellors, P.C.
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“Survivorship periods don’t usually surpass 60 days. If this period surpasses 120 days, it could put the tax-free estate transfer of assets to a surviving spouse at risk.” A survivorship clause in a will or a trust says that beneficiaries can inherit, only if they live a certain number of... Continue reading
Posted May 22, 2020 at Legacy Counsellors, P.C.
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“Now you can actually have a voice in who is chosen, but you need to do it while you have capacity.” For many years, people have had the right to designate an agent to handle a number of different legal, business and medical matters. That includes finances, medical decisions, wills... Continue reading
Posted May 21, 2020 at Legacy Counsellors, P.C.
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“Under Illinois law, an individual holding a power of attorney is a fiduciary as a matter of law. The person designated as a power of attorney agent owes a fiduciary duty to the principal—the person making the designation.” A recent case examined the issue of when the fiduciary duty begins... Continue reading
Posted May 20, 2020 at Legacy Counsellors, P.C.
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“Coupled with the upcoming presidential election, small to mid-sized business owners are faced with a slew of financial decisions that could impact the wealth of their business and the legacy they leave to their successors.” The upcoming presidential election is giving small to mid-sized business owners concerns regarding changes in... Continue reading
Posted May 19, 2020 at Legacy Counsellors, P.C.
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“The proliferation of digital footprints in our online communities raise demand for consumer tools and options for dealing with digital assets upon incapacity and death.” Most people have an extensive network of digital relationships with retailers, financial institutions and even government agencies. Companies and institutions, from household utilities to grocery... Continue reading
Posted May 18, 2020 at Legacy Counsellors, P.C.
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“One of the most fundamental choices you can make as you’re thinking about how to pass your assets on to heirs, is whether you hold assets in a revocable trust or more simply give them via a will. Both approaches have advantages, although trusts can provide significantly more benefits.” Having... Continue reading
Posted May 15, 2020 at Legacy Counsellors, P.C.
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“For many older adults, claiming Social Security early would be a big mistake. It was a mistake made by many older workers, who lost jobs in the Great Recession.” For older employees who are laid off as a result of the pandemic, the idea of an early retirement and taking... Continue reading
Posted May 14, 2020 at Legacy Counsellors, P.C.
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“A more present sense of one's own mortality may drive those who have not made plans before to begin the process of creating an estate plan. For those who have existing plans, are they up to date? How does the changing economic environment affect prior decisions?” One result of the... Continue reading
Posted May 13, 2020 at Legacy Counsellors, P.C.
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“It took my husband Mike's heart attack to force us to recognize the need for having an estate plan. It was not smart. You are smarter than that. Create an estate plan today.” The time to have an estate plan really begins the moment you have assets that need to... Continue reading
Posted May 12, 2020 at Legacy Counsellors, P.C.
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“Lawmakers in Washington are making it easier for Americans struggling with the fallout from the coronavirus to draw on the trillions of dollars in their 401(k)s and other retirement accounts.” For a limited time, Americans will now be able to withdraw money from tax-deferred accounts without penalties, under the Coronavirus... Continue reading
Posted May 8, 2020 at Legacy Counsellors, P.C.
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“The recent decline in asset values may make gifting a more attractive estate planning technique for many individuals, especially if you are considering gifts of stock or other non-cash assets.” Gifting assets to a trust for children or grandchildren is often an important part of an estate plan. The recent... Continue reading
Posted May 7, 2020 at Legacy Counsellors, P.C.
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“I am my late brother’s sole beneficiary on various investments held at different investment companies. I would like to divide the assets equally among three relatives.” This generous individual may be facing a number of legal and logistical hurdles, before assets in eight separate accounts can be passed to three... Continue reading
Posted May 6, 2020 at Legacy Counsellors, P.C.
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“Many people draft personal notes to their loved ones and their successors. However, few take the time to pen a thoughtful letter to their executor to help guide their decisions in the future.” A detailed, informative letter can be invaluable to your executor to make your wishes known, says the... Continue reading
Posted May 5, 2020 at Legacy Counsellors, P.C.
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“It’s hard to imagine being stripped by a court of the right to make decisions about finances, medical care and other matters. It’s even harder to imagine that happening without representation or the advice from a lawyer.” In many states, if a person is deemed unable to conduct their own... Continue reading
Posted May 4, 2020 at Legacy Counsellors, P.C.
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“Lawyers are being bombarded with requests to write wills, update estate plans and prepare health surrogate or "pull the plug" documents, as people are confronted by the realization that they could be diagnosed with COVID-19 and dead within days.” Estate planning lawyers have always known that estate planning is not... Continue reading
Posted May 1, 2020 at Legacy Counsellors, P.C.
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“Does your ability to pass on your wealth to your heirs depend on where you live ... and die? Indeed, it does.” When the current health crisis finally passes, many people will have spent time considering what they want to do with their remaining years. That may include relocating. For... Continue reading
Posted May 1, 2020 at Legacy Counsellors, P.C.