630-377-3241 455 Dunham Road, Suite 200, St. Charles, IL 60174

Estate and Trust Administration

Estate and Trust Administration
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October 5, 2015

Incentive Trusts: Ensuring That an Inheritance Will Be Well Spent

Many parents or grandparents with sizable amounts of money to pass on to their heirs are apprehensive about the effect it may have on their children or grandchildren. In some instances, they fear that the recipients will misspend the funds on drugs, fancy cars or failing businesses. In other cases, the fear is simply that their children will lose their drive to achieve and overcome barriers that may present themselves if there’s no financial necessity to do so. But some parents set up what are known as “incentive trusts,” which get very specific in their instructions to trustees to ensure that the trust funds support what the trust’s creators view as positive behavior and discourage unproductive activities. Read more…

Care Coordination
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September 28, 2015

Who Will Inherit Whitney Houston’s Fortune Following Bobbi Kristina’s Death — and What Are the Lessons?

As it turned out, Houston may have given Bobbi Kristina more money than she could cope with at such a young age. The trustees of the trust – Bobbi’s aunt and grandmother – certainly thought so because they filed court papers to change the will to delay the windfall to Bobbi Kristina, but the trustees later withdrew the request, no doubt realizing that courts invariably follow the terms of a will. But we’ve seen worse. At least Houston did have a plan that didn’t give everything to Bobbi, even though $2 million at age 21 was probably too much. The morals of the story are to update your estate plan when life changes happen and to think long and hard about what effect inherited money will have on a child and on those close to her.

Care Coordination
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September 14, 2015

How to Protect Your Deceased Loved Ones From Identity Theft

One way that identity thieves find victims is by looking through obituaries. When writing your loved one’s obituary, try to avoid information that might be useful to identity thieves such as date of birth, mother’s maiden name, or the decedent’s address. Think about what information someone would need to open a bank account and avoid including that in the obituary.

Estate and Trust Administration
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August 31, 2015

Do You Need a Lawyer to Write a Will?

Linda Strohschein, your local Certified Elder Law Attorney, will meet with you to create strategy and offer resources to avoid problems that drag out your estate administration and cost money and create headaches for your heirs. Call us today at 630-377-3241

Estate and Trust Administration
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August 17, 2015

5 Rights That Trust Beneficiaries Have

Linda Strohschein says, “Failing to plan, is a plan to fail.” Planning ahead through the use of a Trust can be complicated, but the time and effort to do them right are more than worth it. With proper planning, you will be confident that you’ve taken the best steps possible to protect what matters the most – your loved ones and your family’s financial security. Call Strohschein Law Group today, 630-377-3241

Estate and Trust Administration
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August 3, 2015

How Do an Estate’s Debts Get Paid?

Dealing with creditor claims can be complicated. If you make mistakes as executor, it can lead to you being personally liable. It is important to get an attorney like Linda Strohschein. Linda, along with Strohschein Law Group’s associate attorneys help families everyday to ensure estate administration is a process and not a hassle. Call us today at 630-377-3241.

Care Coordination
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July 27, 2015

Married Three Times, Am I Entitled to Social Security Benefits From Any of My Husbands?

Strohschein Law Group hosts lunch and learns in-house every quarter. Coming up on Tuesday, October 20th Linda Strohschein will be presenting on this very topic “Social Security Benefits.” She will explain your options if you are teetering on taking benefits at the age of 62 or waiting until retirement age, as well as spousal benefits. Find out how to maximize your lifetime benefits.

Estate and Trust Administration
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June 30, 2015

Passing on Assets Outside of Probate: PODs and TODs

For a variety of reasons, people sometimes want some or all of their assets to pass directly to specific individuals upon their deaths, outside of probate. One way to accomplish this is to set up a “payable on death” (POD) account for money in a bank account or a “transfer on death” (TOD) account if funds are in a brokerage account.

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