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

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

Archive