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

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

Archive