Your Identity Was Stolen—Now What? A Step-by-Step Recovery Checklist
If your personal information has been stolen, taking immediate action is crucial to minimize damage and begin the recovery process. Here's a comprehensive checklist of steps to take.
Maintaining an Effective and Accurate Estate Plan
To ensure your estate plan remains effective and accurately reflects your intentions over time, it is crucial to maintain comprehensive records alongside your original trust documents. We strongly recommend that you keep copies of all ownership changes and beneficiary designations in the estate planning binder we provided (or a similar secure location).
Using a Health Savings Account (HSA)
You can use your Health Savings Account (HSA) funds for qualified medical expenses, and these withdrawals are tax-free. However, if you withdraw funds for non-medical expenses before age 65, the withdrawals are subject to income tax and a 20% penalty. Here's a more detailed breakdown on using Your HSA Funds:
ERISA Requires Life Insurance Proceeds to Follow Separation Agreement, Not Beneficiary Designation
Haili Kowalski and her ex-husband entered into a legal separation agreement (LSA) that required the ex-husband to maintain a life insurance policy in the amount of $800,000 naming their minor son, E.K., as beneficiary. The ex-husband later started a new job that provided him with a Hartford insurance policy for $493,000. He named his girlfriend, Marilyne Valois, as the policy’s beneficiary.
National Poison Prevention Week
You know to store harsh chemicals and medications safely; clearly labeled and in a difficult-to-reach spot, so they are never confused with harmless products. But many people ignore the fact that items in your fridge and pantry can become poison over time.
Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies
The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.
2025 Medicaid and Veterans Pension Figures Released
The latest Medicaid and Veterans Pension figures have been released for 2025. Take note of the following changes and resources to learn more.
Upcoming Changes to Exemption Amounts for GST Taxes
Exemption amounts for gift, estate, and generation-skipping transfer (GST) taxes are at historically high levels. However, absent congressional action, these exemptions are scheduled to revert to pre-2017 levels as of January 1, 2026. This is what is referred to as the coming “sunset.” Even if this dramatic decrease occurs as scheduled, the vast majority of American taxpayers are still likely to have estates below federally taxable thresholds. However, the sunset is likely to impact higher-net-worth clients, who may wish to take action now to preserve the benefits of the historically high exemptions.
Benefits Earned: The Five Tests for VA Pension
As the necessity for long-term care increases and the costs for such care continue to rise, there is a greater and more pronounced need for attorneys to assist wartime Veterans and spouses with claims for benefits. VA Pension with Aid and Attendance is a foundational program for those who need another person’s assistance and whose livelihoods—physically, mentally, emotionally, and financially—are at risk. A claimant who is seeking benefits under the VA Pension rules must meet and pass service, medical, income, asset, and transfer tests.
The ABCs of Public Benefits: What Are the Options and Who Qualifies?
Various public benefit programs are available to individuals living with disabilities and other challenges. This primer offers basic information about some common types of public benefits and can serve as an at-a-glance glossary of acronyms commonly used within the practice.
What To Know About The Physician Orders for Life-Sustaining Treatment (POLST) Form
The Physician Orders for Life-Sustaining Treatment (POLST) form is a tool for end-of-life planning. The form ensures that a patient's treatment wishes are known and will be followed by health care professionals during a medical crisis, when the patient cannot speak for themselves.
Why is Family History Important to Pass on to the Next Generation?
One of the most important reasons to pass on family history to the next generation is because it helps guide decision-making about your health. Family history can be a powerful antidote against adverse life experiences, showing us we can overcome disasters and survive tough times.
How Do You Make Children Financially Responsible?
Teaching kids the basics of money management can help them develop the skills necessary to achieve financial success later in life. Introducing your children to the concept of earning money and spending mindfully when they are young can help them build a future of financial responsibility.
The Importance of Funding a Trust
Funding a trust is the process of transferring your assets into the ownership of your trust. When properly prepared and funded, a trust can avoid the public, costly, and time-consuming court processes at death and incapacity.
Factors to Consider When Picking a Guardian for a Child
No one wants to think about the possibility of someone else raising their child, but it’s important to have a plan for your children if something were to happen to you and your partner. Keep these considerations in mind when making your selection.
Why You Need An Attorney for Nursing Home Contracts
For both residents and family members, nursing home admissions occur during stressful and emotional times. As a result of this pressure, residents and family members are sometimes inclined to agree to whatever conditions the nursing home represents. Having an attorney review the nursing home contract before it can be signed will help make sure problems do not arise within the contract.
Keep Your ID Up to Date, Even If Housebound
The Homebound State ID program is a service program for older adults, bedridden individuals, and people with disabilities who are unable to leave their homes to obtain a state ID card from a Secretary of State facility.
Estate Planning Considerations for Firearm Owners
As individuals age, their commitment to gun safety should deepen, reflecting a combination of physical adaptation, heightened awareness, continued education, and a sense of responsibility to oneself and others. Here are some estate planning considerations for firearm owners.
New Requirements for Small- and Mid-Sized Business Owners
Beginning in 2024, many Illinois businesses must report their beneficial owner(s) (individuals who own or control the business) to the Financial Crimes Enforcement Network (FinCEN), which is part of the U.S. Department of Treasury.
Getting Help at Home
Utilizing caregivers for the elderly is crucial for several reasons. Learn more about the benefits, what services may be offered, and further resource to help make the best decision for you or your loved one.