DGAA bLAWg

Modern Family Estate Planning – Why Use a Living Trust?

Web Admin - Friday, October 20, 2017

Arlington Heights wills and trusts attorneyToday’s family looks much different than those from just 50 years ago. People no longer feel obligated to stay in a marriage that is not working, divorcees sometimes remarry, partners opt for cohabitation over remarriage, and there may be children from one marriage or both. While, in many ways, blended families are a positive thing – especially for kids – it does make estate planning much more complicated than it once was. A living trust can mitigate against many of these issues. Learn how with help from the following.


Potential Blended Family Pitfalls

People can cause some serious problems by either not having an estate plan or creating an ineffective one. The chief issue is that heirs could experience unnecessary financial difficulty while trying to muddle through the expensive and arduous probate process. Several other pitfalls must be addressed as well, however, especially in blended family estate planning. Consider some of the following possible examples:

- A father intended to leave everything to his children, but he failed to check his beneficiaries and update his estate plan. His home and other assets ended up going to his former wife. 

- A step-child expected to receive an inheritance, but the estate plan was unclear and state law does not provide for step-children. They receive nothing;

- A child inherits their father’s antique rifle, but it was promised to another child from a previous marriage;

- A husband dies and leaves his assets to his wife. When she passes away, she leaves everything to her children from a previous marriage. His children inherit nothing.

A Living Trust Can Mitigate the Risks

While it may be impossible to remove all risk of heirs fighting over an inheritance, there are several strategies that guarantors can use to mitigate against the possible damage of probate, tax consequences, family squabbles, debtors, and other common issues. The most effective tool is the living trust (revocable, irrevocable, marital, etc.). Each type works a little differently, but the primary goal is to ensure that the right person receives the right assets. Set up properly, a trust can also mitigate against spendthrift issues, ensure that even extended branches of family receive assets, and can even be specifically designated for certain expenses or needs (such as with college students, special needs children, or an ex-spouse who happens to be the other parent of your minor child). 

Why Plan Now?

No one wants to think about their death or the death of their spouse, and many dream of the death of their ex-spouse - which is why it can be easy to put off planning for it until you start to age. Sadly, not planning now can have severe consequences if an accident or incapacitation occurs to you, your spouse, or your ex-spouse. Avoid the consequences of ineffective and non-existent estate plans by contacting an experienced wills and trusts lawyer today.

At Drost, Gilbert, Andrew & Apicella, LLC, we work in your family’s best interests. Dedicated and experienced, our Arlington Heights wills and trusts attorneys wills and trusts attorneys can handle even the most complex of situations with skill. Call 847-934-6000 and schedule your personalized consultation today.


About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.



Sources:
https://www.fidelity.com/viewpoints/retirement/blended-familieshttps://www.nytimes.com/2017/01/13/your-money/estate-planning-early.html


Recent Posts


Tags

Rolling Meadows personal injury attorney paid sick leave low-ball insurance settlement trucking accidents real estate lawyer Illinois registered agent Palatine real estate lawyer Palatine business attorney preventable medical errors Illinois living will food poisoning employment law, meal breaks, rest breaks, hotel employees, Des Plaines employment law attorneys Palatine drug lawyer Barrington employment law attorney employment attorney healthcare employment lawyer new real estate form living trust Illinois home inspection Palatine Attorney Schaumburg estate planning attorney Buffalo Grove probate lawyer Self-Directed IRA Accounts LLCs insurance disputes, Illinois insurance disputes, Illinois insurance dispute attorneys, denied insurance claims, Arlington Heights insurance dispute attorneys dynasty trusts Illinois law traumatic brain injuries jet ski Inverness DUI lawyer compensatory time personal injury civil rights violation Long Grove estate planning attorney Schaumburg drug defense lawyer Illinois insurance claims lawyers Barrington workers compensation attorney employment law, Illinois employment laws Arlington Heights pedestrian accidents Rolling Meadows traffic violations probate process Illinois mortgages Illinois collections attorney Schaumburg car accident attorney Illinois speeding lawyer deed transfer comparative negligence Des Plaines drug crimes lawyer foreclosure federal crimes Deer Park employment law attorney Illinois real estate Illinois wills and trusts DUI Schaumburg estate attorney Palatine probate lawyer bicycle dooring accidents Des Plaines personal injury lawyers Inverness accident lawyer School Visitation Rights Act surgical mistakes real estate Des Plaines real estate attorney Kenilworth estate planning lawyer DUI penalities power of attorney for healthcare Barrington injury attorney Rolling Meadows probate lawyer Illinois DUI attorney Arlington Heights Attorney child safety reckless homicide condo association Illinois Smoke Detector Act medical malpractice, missed diagnosis, delayed diagnosis, medical mistake, Deer Creek medical malpractice lawyers Schaumburg employment law attorneys insurance claim delay Chicago corporate attorney employment law rumble strips marijuana crimes attorney Buffalo Grove medical malpractice lawyers Palatine civil litigation lawyer Schaumburg construction accident lawyer Rolling Meadows Attorney Des Plaines real estate lawyer boating under the influence Legal Info vacation home subcontractor Illinois personal injury attorney Schaumburg personal injury attorney Illinois business lawyer pay when paid contract Arlington Heights wills and trusts lawyers estate attorney Illinois construction accident attorney Palatine criminal defense lawyer problem employees Palatine law firm wills and trusts Long Grove real estate attorney Illinois traffic attorney Illinois workplace discrimination attorney Rolling Meadows corporate lawyer Arlington Heights lawyer estate planning, death tax, succession plans, business estate plans, Barrington estate planning lawyers Illinois Workers’ Compensation Commission Rolling Meadows personal injury lawyers underage DUI whistleblower protections life insurance Illinois traffic ticket lawyer criminal Rolling Meadows drug defense attorney taxes financial advisors Thanksgiving murder charges Long Grove estate planning attorneys ObamaCare Transfer on Death Instrument traffic offenses Illinois personal injury Illinois business law atorneys murder defense Illinois injury lawyer Palatine civil attorney Inverness estate planning lawyer attorney fees real estate closing special needs trust estate planning lawyer IRS Illinois employment law attorney Illinois motorcycle accident lawyer Barrington personal injury attorney hiring employees Arlington Heights wills and trusts attorneys Arlington Heights medical malpractice lawyer caretaker rights Schaumburg Illinois job attorney Schaumburg real estate lawyer Illinois LLC creation Palatine employment attorney accidental death benefits Crystal Lake law firm Arlington Heights criminal lawyer Arlington Heights wills and trusts lawyer nursing home negligence life insurance lawyer Palatine estate planning lawyer digital information Rolling Meadows employment law attorneys Crystal Lake employment lawyer PTSD consent to a search Schaumburg medical malpractice lawyer advance healthcare directive Arlington Heights insurance attorney South Barrington real estate lawyer Crystal Lake employment law attorney Illinois insurance dispute lawyers trucking accident lawyers Deer Park accident attorney filing a medical malpractice claim drug crimes Affordable Care Act Illinois employment laws Illinois corporate lawyer medical malpractice compensation Crystal Lake accident attorney Chicago trucking accident attorney Rolling Meadows marijuana attorney wrongful death forming a corporation in Illinois trust payments Mount Prospect elder law attorney Inverness real estate lawyer Des Plaines civil attorney uninsured motorist underinsured motorist Des Plaines personal injury lawyer living trust benefits DGAA Rolling Meadows DUI lawyer truck collisions Home Remodeling Repair Act insurance dispute, insurance dispute lawyers, insurance claim denial, insurance claim delays, Rolling Meadows insurance dispute attorneys power of attorney Arlington Heights traffic attorney privacy laws wrongful termination, employment law, whistleblower protections, Illinois employment laws, discrimination in the workplace drugs bike accident Illinois lawyer Inverness traffic law firm medical marijuana spinal cord injuries Des Plaines tax law firm Rolling Meadows litigation lawyer vacation home fines Illinois traffic accident lawyer Colin H. Gilbert license reinstatement Rolling Meadows criminal lawyer Deer Park real estate law firm trusts Rolling Meadows real estate attorney Schaumburg Attorney Illinois jet ski accident lawyer defective products lawyer Barrington Illinois estate planning lawyer marijuana Palatine construction attorney Inverness civil lawyer probate claims process Rolling Meadows medical malpractice lawyers Arlington Heights estate planning attorney Chicago will attorney Schaumburg traffic lawyer Liquor Control Act personal injury law firm real estate contract insurance claim dispute Crystal Lake pet attorney Arlington Heights personal injury lawyer automated cars Riverwoods estate planning lawyer Crystal Lake tax lawyer Illinois estate planning attorney mass shooting Illinois Wage Payment and Collection Act Arlington Heights personal injury attorney workers compensation POA Des Plaines injury law firm unfunded trust Long Grove wills and trusts attorneys workers compensation benefits Rolling Meadows insurance lawyer Illinois Barrington drug crime attorney Whistleblower Claims hit and run accident independent contractor Schaumburg criminal attorney insurance claim pedestrian accidents South Barrington real estate attorney Arlington Heights car accident lawyer Class A misdemeanor Illinois attorney Federal Food Drug and Cosmetic Act liability claims Des Plaines personal injury attorney Crystal Lake medical malpractice lawyer Illinois insurance claim dispute lawyers Illinois Probate Act of 1975 overtime pay construction accidents field sobriety test Crystal Lake medical malpractice attorneys Arlington Heights car crash attorneys fiduciary rule condo Illinois traffic attorneys Deer Park criminal attorney Des Plaines claims law firm insurance claim denial texting and driving insurance attorney in terrorem provision estate planning trusts employment contract drunk driving Palatine injury attorney probate fees slip and fall expungement Palatine corporate law attorneys job lawyers car collision residential real estate car accidents no contest clauses Palatine corporate attorney Barrington employment law firm Arlington Heights tax lawyer life insurance claims insurance denial appeals capital gains tax denial of life insurance Palatine insurance lawyer Illinois personal injury lawyers car crashes installment contracts Illinois boating accident lawyer work unions Rolling Meadows employment law attorney sexual harassment Crystal Lake estate planning lawyer digital assets Detainer Actions Schaumburg civil litigation attorney Illinois trusts attorney car crash injuries Des Plaines collections attorney overtime violations revenge porn Buffalo Grove insurance claim dispute lawyers Rolling Meadows car accident lawyers unpaid overtime trench injuries landlord tenant law dram shop law Illinois medical malpractice lawyers wage theft rollover accidents Crystal lake insurance dispute attorney appealing an insurance claim homestead rights DNR Long Grove real estate lawyer Rolling Meadows personal injury lawyer bicycle accidents Rolling Meadows tax attorney natural gas explosion Crystal Lake criminal defense attorney Inverness injury lawyer traffic deaths Employment Discrimination Law anesthesia errors Barrington litigation attorney operating agreements blood alcohol content Inverness corporate attorney Barrington employment attorney fiduciary rule delay Colin Gilbert blended families caregiver bad faith insurance claims Buffalo Grove car accident lawyer foreclosed rental property construction contracts Buffalo Grove criminal defense lawyer Crystal Lake bike accident lawyer personal injury accidents digital media accounts, estate planning, Arlington Heights estate planning attorney, holiday statistics Buffalo Grove personal injury lawyer controlled substance license suspension DUI defense Mount Prospect real estate lawyer Illinois pedestrian accident attorney Illinois estate planning law firm Illinois medical malpractice attorney traffic laws Inverness insurance attorney wills traumatic brain injury Illinois employment law attorneys Deer Park DUI lawyer rest breaks Palatine employment lawyer Illinois estate planning internet digital assets, digital fiduciary, estate planning, digital content, Long Grove estate planning lawyers Palatine traffic accidents Schaumburg corporate attorney Rolling Meadows insurance dispute lawyers Deer Park personal injury lawyer Des Plaines Illinois wills and trusts attorneys insurance denials Crystal Lake insurance lawyer Buffalo Grove law firm product liability Chicago employment attorney probate lawyer ACA DMV Long Grove estate planning right to work breach of contract Family Medical Leave Act Illinois Human Rights Act Rolling Meadows business lawyer Schaumburg elder law lawyer Fair Labor Standards Act estate tax personal injury claim hands free device medical malpractice TBI Inverness real estate attorney privacy Buffalo Grove traffic attorney criminal defense Illinois Sales Representative Act dog bites pedestrian injuries, pedestrian fatality minimum wage license revocation Chicago insurance law firm criminal law Chicago lawyer guardianship attorney Des Plaines medical malpractice attorney wrongful termination probate Illinois insurance claim dispute lawyer Illinois insurance disputes Illinois employment attorneys CAM real estate leasing elder law Chicago traffic lawyer commercial real estate Des Plaines accident attorney texting while driving ken apicella Crystal Lake employment attorney Rolling Meadows insurance dispute lawyers, insurance dispute Buffalo Grove corporate attorney pain and suffering head on collisions Chicago insurance claim attorneys sole proprietorship medical research Rolling Meadows employment attorney social media after death traffic crimes motorcycle accident drug crime landlord Chicago will attorney, social media platforms, Illinois estate planning lawyer, brain injury medication errors Illinois small business Crystal Lake personal injury attorney pregnant women Barrington medical malpractice lawyers Schaumburg personal injury lawyers Des Plaines pet law attorney digital evidence dealing with problem employees suspended license Barrington real estate lawyer Fourth of July Palatine personal injury lawyer Buffalo Grove traffic lawyers owner responsibility Illinois bicycle safety senior citizens Exclusions Attorney Ken Apicella insurance dispute attorney swimming pools defective products Rolling Meadows insurance attorney Illinois Transfer on Death Instrument Chicago employment lawyer back injuries Buffalo Grove real estate attorney Arlington Heights trucking lawyer Illinois insurance attorney pedestrian-automobile accident spinal cord injury Illinois employment lawyer drug crimes lawyer Schaumburg estate planning lawyer Arlington Heights employment attorney Illinois employee rights attorney. corporate law Jay Andrew criminal record loopholes severance agreements estate planning, digital assets, Revised Uniform Fiduciary Access to Digital Assets Act, Illinois digital assets, Illinois estate planning, probate claims Retaliatory Discharge startup company Illinois pet lawyer BUI Des Plaines criminal attorney speeding Des Plaines insurance attorney Schaumburg insurance lawyers insurance negligence Illinois medical malpractice claim Barrington estate planning lawyer Crystal Lake civil litigation lawyer Schaumburg personal injury lawyer Rolling Meadows boating crash lawyer Palatine employment law lawyer FMLA insurance claims Kenilworth estate planning attorneys business litigation Rolling Meadows criminal attorney living trust vs will Deer Park traffic lawyer estate planning for college students boating accidents real estate attorneys GM ignition switches home inspection lawyer Chicago estate planning Barrington business law firm small business IRA benefits drug possession unauthorized overtime medical malpractice claims workers comp Deer Park workers compensation lawyer motorcycle accident lawyer distracted driving accidents auto accidents Chicago attorney insurance adjusters gift tax exemption, estate planning, estate planning strategies, Illinois estate planning, South Barrington estate planning attorneys commercial leasing loss of consortium BAIID Barrington estate planning attorney breathalyzer test Illinois employment law license Barrington civil litigation attorney Rolling Meadows Traffic Lawyer irrevocable trust Illinois car accident attorney insurance claim dispute attorney Palatine elder law attorney traffic tickets Palatine trusts lawyer Super Mario clemency real estate attorney golf accidents health insurance dispute denied insurance claim Crystal Lake car accident attorney Illinois elder law attorney Illinois trucking safety employee misclassification Chicago biking tips personal injury lawyer Illinois tax attorney Des Plaines motorcycle accident attorney pedestrian accident Crystal Lake medical malpractice law firm Illinois traffic laws murder Des Plaines drug lawyer Arlington Heights accident attorney investment property BAC llinois Real Estate Lawyers Association rent to own real estate contracts rollover car crashes natural gas estate plan fault based insurance Illinois workers compensation lawyer healthcare claims Palatine workers compensation lawyer boating DUI estate planning attorney Food and Drug Administration's Food Safety Modernization Act Home Sale Contingencies meal breaks Illinois insurance claim attorney first degree murder Mt Prospect Attorney comp time Crystal Lake car accident lawyer Crystal Lake pedestrian accident lawyer insurance claim denials FSLA personal injury, auto accident injuries, delayed injuries, serious injuries, Des Plaines personal injury attorneys employee discrimination civil litigation Illinois medical malpractice case federal regulations for LLCs preventing accidents denied insurance claims insurance disputes Joliet general practice lawyers underfunded trust Arlington Heights employment law attorneys Barrington attorney cell phone accidents real estate zoning traffic violations defense liens traffic accidents unpaid assessment Chicago car accident lawyer pizza emoji Illinois real estate lawyer Deer Park traffic accident attorney employment contract, employment law, employment at-will, Deer Park employment law attorneys, contract, Barrington boating accident attorney slip and fall accidents Crystal Lake business law attorneys Arlington Heights wills and trusts attorney premises liability Barrington personal injury lawyer distracted driving accident victims trauma after an accident disability benefits involuntary manslaughter Deer Park medical malpractice attorney pet law car accident lawyer employee rights Illinois defective products attorney Rolling Meadows accident lawyer Barrington Traffic Lawyer changes to mortgage law fatal car accidents Crystal Lake traffic lawyer Schaumburg injury lawyer gift taxes Do Not Resuscitate Buffalo Grove injury lawyer deadly crashes Arlington Heights real estate lawyer Illinois workers compensation attorney car crash jet ski accidents contracts Rolling Meadows traffic law firm trustee Inverness personal injury attorney IRELA driving creditors Crystal Lake personal injury lawyer institutional trustee living wills insurance agent negligence Illinois personal injury lawyer Schaumburg criminal law attorney Kenilworth estate planning attorney employees civil litigation attorney car accident lawyers elder abuse Barrington criminal defense lawyer eluding a police officer Illinois wrongful termination lawyer Rolling Meadows traffic attorney manufacturing Arlington Heights Traffic Lawyer Palatine punch death car accident Forcible Entry Illinois civil litigation lawyer insurance dispute Buffalo Grove employment lawyer Schaumburg employment attorney Mount Prospect wills and trusts lawyers personal injury attorney tax attorney estate planning college kids Crystal Lake traffic attorney Chicago estate planning lawyer workplace sexual harassment pet bites cell phone tower data cell phone IRA trust transfer Crystal Lake will lawyer Illinois employment law firm agent Palatine traffic lawyer Illinois workplace lawyer Landlord Tenant Ordinance Barrington criminal lawyer Illinois will lawyer Arlington Heights TBI attorney Crystal Lake injury attorney personal injury claims Illinois insurance lawyer Illinois red light cameras modern family estate planning mortgage Inverness elder law lawyer sexual images construction accidents, personal injury, wrongful death, Arlington Heights personal injury attorneys, workers' compensation drunk driving statistics Illinois rollover accident lawyers Rolling Meadows estate planning attorney Deer Park motorcycle accident lawyer Inverness probate lawyer products liability Schaumburg wrongful death attorney Arlington Heights injury attorney commercial leases Des Plaines DUI attorney Illinois probate lawyer Buffalo Grove personal injury attorney DUI attorney Schaumburg probate attorney icy parking lots insurance agents Policy Cancellation Illinois driving without license liability Des Plaines Traffic Lawyer Illinois criminal defense attorney crossover accidents life insurance policy income distribution deducation

Archive