On January 1, 2010, a new law, the Illinois Banking Convenience Account for Depositors Act goes into effect throughout Illinois. The law allows banks to offer a new type of bank account, known as a convenience account, to their customers. The Problem Prior to the new law’s passage, many people engage in the somewhat unsophisticated and dangerous practice of adding, for their […]
Convenience Bank Accounts in Illinois Estate Planning
The pitfalls of joint tenancy estate planning
IS JOINT TENANCY ESTATE PLANNING ENOUGH? Many people utilize the concept of joint assets or joint tenancy to plan their estate without a will or a trust. Because joint assets transfer automatically to the surviving owner upon the death of a co-owner, the assets avoid probate. Assets commonly owned in this way are real estate, bank accounts, and stocks or […]
Do You Really Need a Last Will?
TO DIE WITHOUT A WILL? The will is an estate planning tool surrounded by a myriad of myth and misinformation. Many people believe that merely having a will results in lower estate taxes or higher attorney fees. These ideas are false and contribute to the public’s misconception of wills. Simply put, a will is a person’s written direction as to […]