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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.

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.

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.

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.

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.

There are many documents that can be executed as part of a comprehensive estate plan. However, wills and trusts are integral to planning efforts, but each has a distinct purpose. Whether you need a will, a trust, or both depends on your specific situation.

There’s nothing easy about coping with the emotional strain of helping an aging and infirm parent. Of course you want to be there for them in any way you can and make their final days as pain-free and serene as can be. However, adult-age children can also be dealing with unexpected stress from their siblings and other family members regarding inheritance.

As an executor or trustee of an estate, it is your responsibility to handle the creditors’ claims process. This includes notifying potential claimants, paying valid claims, and ordering the payment of expenses and claims.  If you were appointed to serve as a trustee or executor of an estate, attorney Steven H. Peck can provide guidance on the best practices for handling creditors’ claims and help ensure that you fulfill your fiduciary duty to the estate and its beneficiaries.

Creating a detailed estate plan allows you to protect your assets, loved ones, and investments and plan for future uncertainties. However, many people are unsure about how estate planning works or believe that it is only for individuals with numerous assets.