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View Blog Archives Estate Planning for Millennials Many of today’s 20 and 30 somethings (“Millennials”) are either unemployed or just recently employed, and due to financial concerns may still be living with their parents or roommates. Coupled with the general trend of having children later in life, it is likely that many Millennials either do not have children or have only started to grow their families. Since most people consider forming an estate plan only after they have amassed some assets (i.e. a savings, owning real estate, retirement plans) or after having children, it is highly unlikely that this population has even thought about estate planning. However, even for the textbook Millennial, it is never too early to start planning. Most commonly, people think of estate planning as writing a Will. An estate plan actually consists of a number of documents including a Will, Trust(s), Living Will, and Powers of Attorney, each of which performs important tasks (for more information please click here). A Millennial with no children and few assets may not have a need for all of these documents but we recommend focusing on a few essential estate planning documents for now: Powers of Attorney and possibly a Will. Powers of Attorney: After you turn 18, your parents no longer have a say in your medical treatment and may not have access to your bank account to pay your bills or complete financial transactions that you started (i.e. buying a house, a car, etc.). In the event of an accident that leaves you unable to make decisions for yourself, your parents or a loved one would have to go to court and ask for the authority to step in on your behalf. Then there is no guarantee that the person you trust most and who knows you the best will end up making decisions for you. The best way to avoid these problems and to plan for the unexpected is to have a Power of Attorney for Health Care and a Power of Attorney for Property. These legal documents name specific and trusted people as “agents” to make decisions for you, based on your wishes, when you are unable to. Will: The state in which you live has a plan in place should you pass away without having made a Will. In Illinois, when you die and have no spouse or children, your estate (no matter the size) will be divided into equal shares to your parents and your siblings. If you are married with no children, your spouse inherits everything and if you have children but no spouse, your children will inherit everything. You may decide that this result is acceptable for your situation. However, in the event you would like to specify that certain people receive more or less of your estate, or if you want to protect your assets for your minor children, you will need to have a Will. A Power of Attorney and Will are not necessarily complex documents but they are very important. As long as they are executed correctly, they are legally recognized and tell others what your wishes are and what you authorize them to do on your behalf. Other documents can be added to your estate plan and updated as needed when your circumstances change (i.e. marriage, having children, or moving). If you would like to begin creating your estate plan or if you have any questions, please feel free to contact TKE-Law at 224-529-0500. Disclaimer: The materials on this website are provided for informational purposes only and do not constitute legal advice. Transmission of the information is not intended to create, and receipt does not constitute, an attorney-client relationship between any attorney and any other person, group or entity. No representations or warranties whatsoever, express or implied are given as to the accuracy or applicability of the information contained herein. No one should rely upon the information contained herein as constituting legal advice. The information may be modified or rendered incorrect by future legislative or judicial developments and may not be applicable to any individual reader’s facts and circumstances.

View Blog Archives Creating Ease of Access For Your Life Online With technology literally being at our fingertips, we have integrated our digital presence with our physical.  More likely than not, you have created an account online, have a profile online, or even do all your investing or money management online.   While access to our online lives is convenient now, we may not think about the inability for someone else to access our digital information when we are no longer in control, due to disability or death.  Creating a means for someone else to have access to these accounts when you are unable creates ease of administration.  What most do not realize is that even though someone is named as your Trustee/Executor or as an agent under your Power of Attorney, it does not allow them immediate access to your accounts.  If the accounts are not properly named, there is no ability to log-in, or if there is no direction to allow someone else access to the accounts, your accounts could take months or years to finally gain access, if ever.  Glick and Trostin, LLC has some advice to help avoid these problems. We recommend that you create a plan: 1.   Create a list of your online accounts, and include the following information: Mediums used to access these accounts Internet Service Providers Personal Websites or Web hosting Email accounts Blogs/Vlogs Any storage mediums (DropBox, private servers, Cloud Systems) Social Networks Online subscriptions Websites that deal with financials (Banking, Utilities, Brokerage accounts, Notes) Software applications Cellphones (Personal and Business) 2.   Record your usernames and passwords, access codes or patterns, or any other unique means of access in a private document, on your computer or somewhere safe. 3.   In your estate planning documents (POAs, Wills, or Trusts), make mention of these accounts and direct what actions should be taken by your named party for those accounts. Do not put any login information in your Will as it is a public document 4.   Add a provision that will allow access to these accounts if for some reason the document is lost or is not accessible. Proper planning and keeping information updated removes ambiguities and ensures your plans are implemented per your wishes with as few roadblocks as possible.  Simple updates will reduce any waste of time, and save costs as issues like this can create more fees in the future. If you have any questions about how to leave your trusted family and advisors access to your digital life, or any other potential issues with your estate plan, please feel free to contact TKE-Law at 224-529-0500. Disclaimer: The materials on this website are provided for informational purposes only and do not constitute legal advice.  Transmission of the information is not intended to create, and receipt does not constitute, an attorney-client relationship between any attorney and any other person, group, or entity. No representations or warranties whatsoever, express or implied are given as to the accuracy or applicability of the information contained herein.  No one should rely upon the information contained herein as constituting legal advice.  The information may be modified or rendered incorrect by future legislative or judicial developments and may not be applicable to any individual reader’s facts and circumstances.

Everyone can Now Take a Charitable Deduction on Their Taxes Since the last tax law was passed at the end of 2017, nearly nine in 10 taxpayers now take the standard deduction on their income tax return and are no longer able to claim a charitable deduction for donations made to qualifying charities. Now, under the CARES Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020, individuals who take the standard deduction can now claim a deduction of up to $300 for cash contributions made to qualified charities in 2021.  Married couples can deduct up to $600. Therefore, as you begin to put together your tax documents to file your 2021 tax return, double check your charitable contributions for the year as you may be eligible for an additional tax deduction when you file. If you have any questions about tax and estate planning, please feel free to contact Glick and Trostin, LLC at 312-346-8258. Disclaimer: The materials on this website are provided for informational purposes only and do not constitute legal advice.  Transmission of the information is not intended to create, and receipt does not constitute, an attorney-client relationship between any attorney and any other person, group, or entity. No representations or warranties whatsoever, express or implied are given as to the accuracy or applicability of the information contained herein.  No one should rely upon the information contained herein as constituting legal advice.  The information may be modified or rendered incorrect by future legislative or judicial developments and may not be applicable to any individual reader’s facts and circumstances.