Estate planning may seem like something that parents or older adults worry about because they are statistically more likely to need them than young people are. Young professionals who have achieved success in their careers may not see the value of creating an estate plan or feel the need to put together a thorough estate plan yet. After all, they… The post Why young, successful professionals need an estate plan first appeared on Monahan Law Group, LLC ..read more

Federal legislation effective January 1, 2024, requires most small businesses, including PLLC’s and professional corporations, to submit a report to the U.S. Department of the Treasury’s Financial Enforcement Network (FinCEN). This legislation, the Corporate Transparency Act (“CTA”) was enacted to help combat criminal activity. Small business entities meeting applicable criteria are required to submit a Beneficial Ownership Information Report (“BOI”).… The post Corporate Transparency Act Beneficial Ownership Information Report first appeared on Monahan Law Group, LLC ..read more

Many people put off estate planning. In fact, the majority of Americans have yet to craft their own estate plans. Many of them say they will do it in the future. The issue isn’t that they do not want an estate plan, but just that they are procrastinating. This is a risk in any situation, but it is especially concerning… The post Don’t put off special needs estate planning first appeared on Monahan Law Group, LLC ..read more

A key goal for many people when they create their estate plan is to help cover the cost of their grandchildren’s education. There are a number of ways to do that. One of them is putting assets in a 529 education savings plan. While a 529 plan isn’t technically part of an estate plan, it definitely can be part of your estate planning. In addition to letting you put aside money for your grandchildren’s future, it offers a number of tax advantages. The tax advantages of 529 plans By putting money for your grandchild’s education in a 529 plan, you’re moving it out of your taxable estate. That mean ..read more

People create trusts to fulfill a particular purpose. This purpose may be to avoid probate, manage finances for someone who is fiscally irresponsible or ensure the financial security of a family member with special needs. The trustee has a crucial role, as they are responsible for managing the trust’s assets on behalf of the beneficiary. But is it possible to have more than one trustee? The advantages of co-trustees When choosing a trustee, you want someone with integrity who understands your needs and values. Appointing more than one trustee creates a system of checks and balances, increasing ..read more

As part of your estate plan, you may decide to create a trust. Maybe it’s a discretionary trust to guide the way that someone spends their inheritance. Perhaps it’s a special needs trust to provide specific assets to a beneficiary without disqualifying them from special needs benefits. These are just a few examples.   The trustee is the person who will be in charge of making the distributions to the beneficiary, who receives the money. After you pass away, the trustee ensures that the trust is run correctly. Below are some qualities to look for in this person. Proficiency and understandin ..read more

Estate plans can consist of just a will or a variety of different documents. Testators can create legal paperwork to protect their loved ones after they die. They can also draft documents that help protect themselves from unpredictable circumstances throughout their life. Powers of attorney are among the most useful documents for those thinking about future personal needs, not just the inevitability of death. Powers of attorney allow individuals to name someone else to act as their agent or attorney-in-fact if they become incapacitated. There are financial and medical powers of attorney that c ..read more

Like many Chicago area residents, you may have a lakeside cabin in Wisconsin for summer vacations and weekend getaways. You may still own your first condo that you bought in Indiana and rent it out for some added income. Maybe you have a vacation home in Florida where you plan to retire one day.  If you’re preparing to put your estate plan in place, it’s critical not to forget these assets. But how do they fit into your plan? Likely, one of your estate planning goals is to prevent as many assets as possible from having to go through probate. This can be a long, costly process for heirs th ..read more

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

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