How can I bring up the need for estate planning to my parents?

Sometimes I believe that Dad is afraid my brothers and I are trying to take control of his life by handling his estate and other financial or legal affairs. How can we help him understand that we want to help, not harm, him?

You are not alone! We hear this every day from adult children who are looking out and trying to advocate for their parents. “Having the talk” with your parents about their finances and estate plan is a delicate subject. No one likes to discuss their own disabilities, their decline, or plan for their own death. (more…)

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Why nursing home planning is necessary

A good estate plan ensures that your heirs are well provided for in the event of your death or incapacity. However, a better estate plan is the one that addresses not just the needs of your children, but also your needs as your situation begins to necessitate the service of a long term care facility.

The service of a nursing home can be so costly that planning for it as early as today is necessary to protect the assets you have amassed over the years. Nursing home costs have the potential to deteriorate funds you intended to pass down through the family. With nursing home planning, however, you can plan to provide for your health later in life without trading off the financial future of your family.

Nursing home planning is part of the estate planning services our team of probate attorneys at Peck Ritchey, LLC, offers. Call us at (855) 328-5787 and start planning for you and your family’s futures today.

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A third of the affluent have not established estate plans

A survey among 750 individuals with investible assets of at least $1 million revealed that 38% of the affluent in the country have failed to establish an estate plan, CNBC reported on June 29.

The study showed that wealthy families with estate worth between $1 million and $5 million were less likely to plan for their financial future compared to those with assets reaching $5 million or more. Democrats and independents were also less likely to seek financial advice for their estate needs.

Experts believe that the reluctance of many wealthy families to plan for their estates lies on the ever-changing federal-estate tax law, which was only made permanent in 2013. Because of the changes, many affluent families have grown weary of keeping their estate documents up-to-date.

However, planning for your estate should never be an exhausting, endless legal task. Our team of Chicago probate attorneys at Peck Ritchey, LLC, can help you draft an accurate and compliant estate plan. Call us at (855) 328-5787 and start securing the financial future of your family today.

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Ernie Banks’ former team settles the late player’s funeral debts

The owner of a funeral home that recently filed a claim against the estate of Chicago Cubs icon Ernie Banks due to unpaid memorial expenses said everything was settled by the team and its owner, The Root reported on March 7.

The cost of Banks’ funeral reached $35,000, which the former baseball legend’s estate owed to Donnellan Funeral Home. Fortunately, the Chicago Cubs and the Ricketts family, the team’s owner, were quick to address the issue. Donnellan’s filing for a $35,000 claim coincided with an ongoing probate battle that involves Banks’ widow, Elizabeth Banks, and his longtime caregiver, Regina Rice.

Ernie Banks, named Mr. Cub and Mr. Sunshine, died at the age of 83. When his will was changed to give Rice full control over his estate, the legal battle was initiated. His estate was assessed by Rice’s camp to be worth $16,000, to which a judge demanded a full accounting.

Estate disputes like this may put you and your loved ones’ financial future at great risk. If you need an assertive, dedicated, and well-experienced probate attorney to advocate for your rights and interests, the legal team at Peck Ritchey, LLC, might be of help. Call our Chicago office at (855) 328-5787 to learn more about taking legal action.

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Ernie Banks family to contest the late baseball player’s will

The family of late American baseball icon Ernie Banks said they will contest a signed will that gives control of his entire assets to his caretaker, Regina Rice, CNN reported on February 17.

Banks’ family said Rice manipulated the baseball legend to sign a power of attorney, a health care derivative, and a will that grants Rice total control of his assets. On the other hand, a statement issued by Rice said the renowned baseball player made her promise to carry out all his wishes, which she said she is determined to do.

Ernie Banks died due to a heart attack at age 83. Doctors said dementia played a major role in his death.

At Peck Ritchey, LLC, we protect the financial security and quality of life of families dealing with contested wills, and are also ready to help seniors plan for their long-term care and estate decisions. To learn more about how we can be of help, call our Chicago office at (855) 328-5787 today.

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The pervasiveness of Alzheimer’s disease in America

According to the Alzheimer’s Association, Alzheimer’s disease is considered the 6th leading cause of death in the country. In fact, the agency said the disease kills more people than prostate and breast cancer combined. 5 million Americans are estimated to be living with Alzheimer’s disease, which means an individual develops the disease every 67 seconds.

Women over 60 years of age are considered at highest risk of this disease. In fact, two-thirds of Alzheimer’s disease patients are women, and the likelihood of getting Alzheimer’s among women is twice as high as breast cancer.

The prevalence of Alzheimer’s in the country necessitates that everyone is prepared for this disease. If your loved one is suffering from Alzheimer’s disease, our elder law attorneys at Peck Ritchey, LLC, know how important it is to secure the financial welfare of your loved ones and can discuss any legal issues surrounding the creation of a will, administration of an estate, and other subjects. Call us at (855) 328-5787 to get legal help today.

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Peck Ritchey, LLC to Sponsor Geriatric Care Manager Conference

Peck Ritchey, LLC is sponsoring the Midwest Chapter of the National Association of Professional Geriatric Care Managers (NAPGCM) annual conference at the bronze level.

The Conference, “The Aging Well Tapestry…Weaving the Care Together”, will be held on October 23-24, 2015 at the Hyatt Regency O’Hare. Healthcare professionals delivering care to seniors and individuals with disabilities from thirteen states and Ontario will be in attendance.

The NAPGCM is an association of private practitioners whose purpose is the development, advancement, and promotion of humane and dignified social, psychological, and health care for the elderly and their families.

As a Chicago elder law firm, Peck Ritchey, LLC supports education and advocacy in the field of aging. Both our Chicago estate planning lawyers and our Chicago probate litigation attorneys frequently speak at continuing education programs addressing the medical community and attorneys, and often contacted by news media as resources for commentary on issues effecting older adults and families.

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Late Nirvana frontman’s only daughter buys $1.8 million home

Frances Bean Cobain, the only daughter of late Nirvana frontman Kurt Cobain, recently purchased a $1.8 million-dollar Spanish inspired home in California, FWN reported on October 29.

According to the report, the 22-year-old model and artist was able to buy the 3,350 square foot property through the multi-million dollar trust fund she inherited from her father. The late lead singer’s estate is worth $450 million, 37% of which is named to his sole daughter.

The two-story house situated in Hollywood Hills was built in the 1930’s by architect Carl Jules Weyl, the art director of the film Casablanca.

The trust fund was created in 1997, three years after Kurt Cobain’s death, “to protect Frances Bean from creditors or future ex-spouses.”

At Peck Ritchey, LLC, our attorneys work to take care of our clients’ loved ones by assisting them through the process of planning their estates. To get started, speak with one of our Chicago-based estate planning attorneys by calling (855) 328-5787 today.

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SPCA Monterey to benefit from sale of Joan Fontaine’s house

Proceeds from the sale of late Oscar-winning actress Joan Fontaine’s house in California will be donated to the Society for the Prevention of Cruelty to Animals (SPCA) based in Monterey, the San Jose Mercury News reported on October 19.

Fontaine’s three-acre Villa Fontana on Lower Walden includes a 4,500 square-foot ranch-style home and a garden of 500 roses. Noel Beutel, executor of Fontaine’s estate and a friend of the late actress for 25 years, said the SPCA would likely receive more than $1 million from the sale of the property, which is currently listed at $2.6 million.

The contents of the house will also be sold in four auctions to benefit the SPCA.

Planning your estate means ensuring that your interests are taken care of in the wake of your death or incapacity. Our estate planning attorneys at Peck Ritchey, LLC, can help you with all your estate planning needs in Chicago. Call us at (855) 328-5787 today.

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Kerry Peck Consulted in Forbes Article

Chicago elder law attorney Kerry Peck of Peck Ritchey, LLC, was recently consulted for an article in Forbes about a new book dealing with Alzheimer’s disease, We Are Not Ourselves. Peck was asked to comment on some of the legal issues that are covered in this fictional work, and he identified some of the differences between what happened in the book and how similar matters would actually occur in the legal system. To read the article in full, click here.

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