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The Law Offices of Steven H. Peck, Ltd.

Setting Up a Trust

Setting up a trust is a wise decision if you're planning your estate. The process ensures that your assets are managed and distributed according to your wishes. But how do you get started?
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The Law Offices of Steven H. Peck, Ltd. 

Creating a Business Succession Plan

Running a business isn't just about immediate success. It's also about ensuring its long-term sustainability and growth. Unfortunately, business owners can get so caught up in the day-to-day running of their company that they may not have enough time to consider the future of their business.
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The Law Offices of Steven H. Peck, Ltd. 

How Does Life Insurance Factor Into Estate Planning?

Life insurance plays a pivotal role in estate planning. It offers financial security and peace of mind for individuals and their loved ones. Acting as a significant tool, life insurance ensures that your beneficiaries are well taken care of and can handle various expenses that may arise after your death.
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The Law Offices of Steven H. Peck, Ltd.

What Happens to My Retirement Account When I Die?

Planning for the future goes beyond choosing the right investments and saving for retirement. It also involves deciding what happens to those funds once you're no longer around. When you pass away, your retirement account doesn't just disappear.
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The Law Offices of Steven H. Peck, Ltd.

FAQs: What Needs to Be Done When Someone Dies

Losing a loved one is one of the most heart-wrenching and burdensome experiences you can go through in life. Unfortunately, it is something that all of us have to face at some point in our lives. When this happens in your family, you and the rest of the family may feel overwhelmed and confused when trying to figure out what to do next.
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The Law Offices of Steven H. Peck, Ltd.

Attorney-Drafted Estate Plan vs. Using an Online Form

Most of us have probably encountered ads on TV or online promising a quick and easy path to creating a last will and testament. This DIY (do-it-yourself) approach is available on many different sites, and the advertised prices look promising to the unaware buyer. The question is: Can the will that’s produced stand up in probate court? When a will is administered through probate, there can be challenges on many fronts to its validity and to its fairness.
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The Law Offices of Steven H. Peck, Ltd.

The Benefits of a Medicaid Trust

In Illinois and across the United States, individuals with limited resources and income can take advantage of Medicaid health insurance programs. There are various factors considered to be eligible for Medicaid long-term care benefits, such as the person's income, age, residency status, and asset value.
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The Law Offices of Steven H. Peck, Ltd.

The Benefits of a Special Needs Trust

If you have a loved one with special needs who requires the services of Medicaid or Supplemental Security Income (SSI), there are asset and income thresholds that have to be observed to qualify. Generally speaking, an individual cannot have more than $2,000 in non-exempt assets, a couple $3,000. Exempt assets are fairly generous, however, and they include a primary home, a vehicle, life insurance, and burial/funeral benefits. Income is also capped at $2,742 a month in 2023.
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