Estate planning instruments that you may find useful
Monahan Law Group LLC Blog
by wreedcontentcustoms
1w ago
As an adult, estate planning is very important. Nonetheless, it is estimated that over half of the population has no estate plan in place. There are numerous reasons for this. Some people find talking about estate planning depressing. Others believe that it is something that only the elderly or infirm need to think about. Many simply aren’t aware of the numerous estate planning instruments that there are.  Here are some estate planning instruments that you may find useful. A final will  A will is the starting point of any estate plan. This document can carry out different functions ..read more
Visit website
What are the requirements for guardianship in Illinois?
Monahan Law Group LLC Blog
by msmithcontentcustoms
1M ago
Guardianship is a legal process that appoints someone to make decisions for another individual who is deemed unable to do so themselves. This can be due to a minor’s age, an adult’s disability or even an older adult’s declining mental faculties. If you’re considering becoming a guardian in Illinois, understanding the requirements and the process is crucial. With a roadmap outlining the qualifications to become a guardian, the different types of guardianship available and the general steps involved in obtaining guardianship, you can get started immediately. Who can be a guardian? The Prairie St ..read more
Visit website
Can a pour-over will protect your special needs family member?
Monahan Law Group LLC Blog
by gturnercontentcustoms
1M ago
For those with a special needs family member, a well-crafted estate plan is essential. Including a special needs trust can help to safeguard your relative’s eligibility for government benefits while offering supplemental support. But what happens if you die before adding assets that you want to include in the trust? This is where a pour-over will can be invaluable, acting as a safety net to ensure your loved one receives their inheritance as you intended. A pour-over will can bridge the gap Sometimes, unforeseen circumstances can put a pause on your trust funding efforts. You may plan to resum ..read more
Visit website
Don’t appoint family members as trustees for spendthrift trusts
Monahan Law Group LLC Blog
by wreedcontentcustoms
1M ago
When it is necessary to protect the best interests of beneficiaries by funding spendthrift trusts, great care should be taken when designating the trustees to oversee, manage and disburse funds to your loved ones. While it might seem easier to appoint a close relative for this very important role, that is actually counterintuitive in most cases. Below are some reasons why it may be better to appoint an estate planning professional instead. It shifts the balance of power in relationships Not all beneficiaries need the restraint of spendthrift trusts to rein in their tendencies to overspend or t ..read more
Visit website
What traits are important in an estate executor?
Monahan Law Group LLC Blog
by gturnercontentcustoms
1M ago
There are many components that come together to create a successful estate plan. If you have yet to begin this process, you’ll likely have to create a will and possibly set up and fund trusts. You also have to name someone as the executor of your estate. This person will handle everything related to your estate after you pass away. Before you name an executor, you’ll have to think carefully about the traits that the person should have. This can help you to ensure that you name someone who can handle the tasks and take care of your estate in an appropriate manner. Integrity and trustworthiness ..read more
Visit website
Revocable living trusts don’t have to be complicated
Monahan Law Group LLC Blog
by gturnercontentcustoms
2M ago
People often think that living trusts are only for those with great wealth or complex assets. They also believe they’re difficult to manage. Neither one of these things is necessarily true. A revocable living trust is an excellent estate planning tool for anyone who doesn’t want their estate to go through a long and costly probate process when they’re gone. Setting up the trust can be fairly straightforward when you have experienced estate planning guidance. After the trust is established, the next step is to put the appropriate assets in it, which is known as funding it. Typically, these are ..read more
Visit website
When is it time to pursue guardianship for a loved one?
Monahan Law Group LLC Blog
by jrichcontentcustoms
2M ago
It may someday become clear that a loved one is no longer able to manage their own affairs due to age, illness or incapacity. Illinois guardianship is a legal process designed to protect and support individuals in these circumstances, helping to ensure that they receive the care and management needed for their personal and financial well-being. Recognizing the signs that a loved one could potentially benefit from a guardianship arrangement is important for initiating timely legal intervention. The following are indicators that guardianship might be a step worth considering. Diminished capacity ..read more
Visit website
Irrevocable vs revocable trusts: What’s the difference?
Monahan Law Group LLC Blog
by gturnercontentcustoms
3M ago
Trusts are powerful estate planning tools that allow you to manage and distribute your assets according to your wishes – all the while minimizing probate and tax problems. They’re increasingly popular among people at all income levels when it comes time to engage in estate planning. There are many different kinds of trusts, but each can be classified as revocable or irrevocable. Each kind comes with distinct features that cater to different needs. What are revocable trusts? In short, these are trusts that the grantor retains control over during their lifetime. Once created, they can still be m ..read more
Visit website
3 family events that require an estate plan revision
Monahan Law Group LLC Blog
by gturnercontentcustoms
3M ago
Making an estate plan is a milestone that many never achieve. So well done if you have made yours. Yet, the initial drafting of a plan is not the end of your preparation for the inevitable. For the plan to stay relevant, you need to keep it up to date. It takes minutes to pull your plan out of the drawer once a year and give it a quick once-over. Most of the time, you probably won’t have to make alterations. But, certain events will require you to make significant changes. The following are a few key examples. Birth Having a child, or adopting a child, can leave you so busy that you do not hav ..read more
Visit website
Reviewing your support strategy as the new year dawns
Monahan Law Group LLC Blog
by msmithcontentcustoms
5M ago
The start of the new year is a valuable time for reflection and planning, particularly for those supporting loved ones with disabilities. This period offers a unique opportunity to review and adjust both financial and practical strategies to ensure the best possible care and support. Start by reflecting on the care and support your loved one is receiving. Is it meeting their current needs? Are there areas for improvement? The new year can be a time to consider changes or enhancements to their care plan, whether that’s through additional therapies, educational programs or lifestyle changes. Con ..read more
Visit website

Follow Monahan Law Group LLC Blog on FeedSpot

Continue with Google
Continue with Apple
OR