How will Federal and Illinois Estate Tax affect me? Do I need a Power of Attorney for Property and Power of Attorney for Health Care? What is a Living Trust and should I have one? How will I pay for nursing home care—my own assets, long–term care insurance, Medicaid? How can I avoid probate? How […]
Read more...Month: August 2017
Krug-Phillips Memorial Scholarship
The Highland Community College Foundation awarded the seventeenth annual Krug-Phillips Memorial Scholarship to Claire Tootelian (Lena). This scholarship is awarded annually to strong performing Highland Community College students in their second year and has been endowed by Lyle and Jane Krug.
Read more...Madelyn N. Greene Memorial Nursing Scholarship
The third annual Madelyn Nicole Greene Memorial Nursing Scholarships have been awarded to Brianne Schofield (Orangeville), Courtney Flemming (Freeport), and Elizabeth Chambers (Freeport). These scholarships are awarded annually to local students who are going into the nursing field and have proven their desire to make a positive difference. These scholarships have been awarded by Nicole […]
Read more...Legal Update Roundup
A number of other new laws and regulations have taken effect recently. Noteworthy changes include: Matured Savings Bonds Due to a recent amendment to the Illinois Uniform Disposition of Property Act, any United States Savings Bonds held electronically by the Illinois State Treasurer, or traditional paper Savings Bonds held by the purchaser, will be considered […]
Read more...Amendments to the Illinois Limited Liability Company Act
The amendments to the Illinois Limited Liability Company (LLC) Act took effect July 1, 2017, and affect all current and future LLCs. The first major change is that the Act now recognizes oral or implied operating agreements where it can be proven that such an agreement existed. Because of this change, a written operating agreement […]
Read more...Successor Agents in Powers of Attorney for Property Do Not Initially Have Fiduciary Duties
It is customary to have a Power of Attorney for Property in an estate plan. In the document, an initial agent is designated as well as successor agents. The document can be effective immediately, but is usually effective upon incapacity of the principal (the person for whom the Power of Attorney was created). It is […]
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