marcsherman

Off-The-Rack Or Custom Tailoring? Flexibility And Your Budget Are Key Estate Planning Considerations.

May 14, 2025January 30, 2026 marcsherman

In the world of Wills, Trusts and Powers Of Attorney (the central components of your basic set of Estate Planning Documents) there is no “one size fits all” approach. Our situations may look and sound similar, but when we get to the heart of things, everyone brings their own special considerations to their current and future plan.

Without a doubt, a basic Last Will & Testament and enforceable Power Of Attorney (POA) for healthcare matters and POA for financial matters are necessary for each of us. Depending upon what we own, and what activities of life and business we are embarking on, a living trust (sometimes called a revocable trust) can also be a worthwhile investment in time and expense.

As we grow and our investments and earnings increase. Our assets and our business and personal activities become diversified. And with that diversification, comes the need to plan for additional risk. Further planning and estate planning documentation is appropriate. But starting out, it is important to get the basics in place — and to do so as economically as we can.

If you are in your 30’s and 40’s, married or single, and with our without children, you should be creating the basic building blocks for your own protection and for the protection of those you care about.

Should I use an on-line document assembly program?

My answer is “no.” Do not use an on-line program that you’ve seen on in infomercials during late night television, or even if recommended by a friend.

The savings in time and cost that you think will benefit you, when compared to a simple estate planning package created with your lawyer, is simply not enough of a discount for what you give up. Artificial Intelligence or plug-and-play document assembly programs pushing out machine-generated documents lack a key component in the process. Communicating with your attorney gives you a broader perspective on how to use the tools available to protect what you have and how to use the documents created during the estate planning process when it is time to do so.

Everyone’s situation is different. So, the “off the rack” package stifles the opportunity to interact with your legal team. You should be discussing questions that you have, and addressing the personal, unique situations that you are involved with and that are deserving of attention.

Your legal team doesn’t simply plug in your name, the names of your representatives and beneficiaries, and the identification of some of your assets into a form document. Your lawyer and their staff focus on creating your unique estate documents with your special considerations and concerns in mind. Protecting those important to you, protecting the things that you have worked hard to earn or that have been passed to you by your parents and other family members, and knowing how you will be protected if something happens that keeps you from taking care of your health and your activities.

Your lawyer will have good, positive suggestions for dealing with your individual concerns and plans.

Many people are unaware that “custom tailoring” of Wills, POAs and Trust documents allows for greater planning now without significant additional current fees for the legal team, and often reduced future legal fees when the time comes to modify or expand your estate plan.

If you would like to discuss a customized set of estate documents to meet your needs, with creative cost and payment opportunities, reach out to Marc Sherman and the team at Marc D. Sherman & Colleagues, P.C. Contact us here: https://mshermanlaw.com/contact/

Estate and Probate, Estates Planning And Probate, Trusts

Your Child Is Headed For College; Have They Created Powers Of Attorney?

May 4, 2025January 30, 2026 marcsherman

It’s time to finish up the dorm room arrangements, book deposits, and all other steps necessary to send your child to college. Don’t forget one of the most important preparations: simple, but effective Powers of attorney.

Yes, your college-bound child should now prepare and sign a power of attorney for healthcare purposes and a power of attorney for financial and other matters.

The Law: The Family Educational Rights and Privacy Act (or FERPA) is the federal law that provides certain rights for parents concerning their children’s education records. Your child who is over 18 or who attends a postsecondary institution at any age, becomes an “eligible student,” and that means all rights under FERPA transfer from the parent to the student.

State law considerations are also important. Once your child turns 18 years of age the law generally no longer allows you to act for them in every instance.

In plain language, when your child becomes a college student you no longer have a right to access there education-related matters. When the child is over 18, you also have only limited legal right to handle other financial and “property” related matters, or health-care related matters on their behalf.

Why is this important?

Without the permission from your son or daughter, that is memorialized by a properly executed Power of Attorney for healthcare, you are unable to access medical records, speak with and help to guide treating medical professionals, deal with medical privacy issues and, in extreme circumstances, deal with major medical and end of life issues. For many parents, this comes as a surprise during the first time they call to the student health services at their child’s school to try to facilitate review or transfer of medical records or medical treatment for their child.

For “property” related matters, the list of items and steps that may have to come into play is long and is in fact different for everyone. Filing a tax return, hiring an attorney to bring an action or defend an action involving your child, contacting the child’s employer, dealing with leasing and other housing related matters, assisting with management of bank and other accounts, and many other activities are all the subject of a properly created Power of Attorney for your child.

The practical importance of having these tools available for you to assist your child is clear. Another important benefit of creating Powers of Attorney is that your child can begin to understand the importance of planning for their lifetime activities. If you have further questions about planning as your child embarks on this important stage in their lifetime adventures, please reach out to Marc Sherman or Maureen Meersman of Marc D. Sherman & Colleagues, P.C.

Estate and Probate, Estates Planning And Probate, Real Estate, Trusts

Property-Efficient Life Planning Is A Real Topic; A Series

May 4, 2025January 30, 2026 marcsherman

Tax-efficient retirement planning is an important focus, and particularly for those who are at an age where they can reasonably work with their expert to implement strategies to acheive the best possible tax-free retirement income plan.

The focus on property-efficient life and asset planning is frequently overlooked while the tax-efficiency discussions are being created. But property-efficient planning is equally and sometimes more important.

No one likes to consider that our lives are fragile. Accidents, illness and debts are usually thrust upon us or upon our family members with little time to pivot and consider the short and long-term effect on our property. No one has, as it is said, the “crystal ball.”

So what do we do to acheive property-efficient life planning?

This series explores the many considerations that should be part of your discussions with your estate-planning attorney.

A start…

The best place to start is with a discussion about just what is a person’s “estate”. I am often confronted with the person who claims that they do not have an estate. They are of modest means and regular, but not to them “significant” property interests.

Everyone has an estate. We all have property interests of several types.

Your estate consists of all of the tangible and intangible things that make up your day-to-day existence. We have ideas and plans and information that we have gathered. Some of these are the subject of formal trademark, copyright, patent and other protections that are provided by statute and common law. These types of property interests are protectible and they have value, regardless whether they are the subject of current or future protections and filings. And the value may be or become nominal and unworthy of planning for future protection. But until that time, we need to talk about it.

You also may have businesses and business interests. These property interests are usually formalized by partnership or joint venture agreements or by stocks or other certificates. Or they may not yet be at a stage where they are included in formal agreements and entity registrations. So, some of these property interests are tangible and some are intangible. Regardless where we are at in the discussion, we need to talk about it.

We have rights created by contract – called, aptly, contract rights. The right to do or to get something, or to have the value of something or the value from some activity now or later. Think rights to royalties for songs or books written, rights to the use of our pictures or art or our own likeness, and rights to receive payment for something that we have created and that we are now or in the future going to give another the opportunity to use, for a price (or perhaps for free).

We have real estate interests. These are interests in real property of one sort or another. These include leases of real estate, title to all or a part of residential, commercial or other real property, and even interests in the real estate owned by another person or entity such as an “easement” or other right to use the other person’s real estate. And each of these interests have many actual or potential legal connections: the Condominium Association, the Landlord or Tenant, and the neighboring property owner, to name a few.

And, of course, there are all of the other “personal property” interests. Including, for example, furniture, equipment, jewelry, tools, automobiles and boats and other watercraft, and all of the other myriad ‘stuff of life’.

True. The person who leads a reasonably simple life and lifestyle may not have an “estate” with broad types of property interests. But they do have an estate nevertheless.

For most others, and not simply those who have become “successful” in their creation of wealth, judged by wealth, the scope of their “estate” becomes the important subject of discussion with their estate planning attorney.

Read on, as our series explores the many positive aspects of estate and property-efficient life planning.

Estate and Probate, Estates Planning And Probate, Trusts

2025 ESTATE PLANNING UPDATE: DO YOU WAIT TO PREPARE OR REVISE YOUR WILL, TRUST AND OTHER PLANNING TO SEE WHAT THE NEXT 4 YEARS WILL BRING?

January 29, 2025December 21, 2025 marcsherman

The simple answer is “NO”.

Waiting To Review Your Estate Plan And Estate Needs Creates Unnecessary Risks

Forbes® magazine reports that the Trump administration’s estate tax proposals and executive orders introduce potential changes and uncertainty into estate planning. The shift in the administration’s priorities, they believe, could change how Americans approach wealth transfer and asset management.

Among the items under consideration, for example, are a proposed Estate Tax Repeal, changing the death tax structure by making the current high federal estate tax exemptions permanent or by eliminating federal estate tax altogether. But this would not change the state-level Estate taxes which have almost always been significantly lower than the federal tax rate.

Another possible change may be to adjust the capital gains tax treatment. For Estate Planning purposes this could significantly affect the way that inherited assets are taxed.

Could the “step-up” basis rule for inherited assets to the date of death value be eliminated? Could there be a capital gains tax assessed on inherited assets as if they had been sold at the date of the family member’s death, resulting in immediate tax liabilities for heirs even if the asset was held by them? Of course. The types of changes to the legal and tax structure are without limit.

Could there be a significant shift in Estate Planning approaches in the years to come, as Forbes® suggests? Yes.

Without doubt, the trust or other planning tools currently used to plan for property transfers and estate taxes may have to be changed, and new and different approaches may have to be devised.

The fact is, Americans at all income levels have had to consider the potential for change, and revise their plans as changes have been made, during the past 50 years or more. Change is usually not scary (unpleasant maybe, but not terrifying), but it affects us all because it engenders anxiety and creates indecision.

The Steps To Take Now?

Plan And Review.

Continue to make good decisions about reviewing your current Will, Living Trust and other planning tools.

Continue to focus on your needs, now and as expected in the future. And discuss with your Attorney the need to protect your children and grandchildren.

Focus On Flexibility.

No matter what tools you use, be sure that there is the opportunity to plan for and implement change. Whether modifications need to be quickly accomplished or adapted over time as your financial and personal picture changes, your Attorney can help you to be ready.

For example, your Trust needs to have provisions capable of being tweaked without significant time or expense. Your planning needs to include thoughtful creation of Powers of Attorney, not only to address important health care issues and end of life directions, but also to plan for the possibility that your Agent under the financial POA can make adjustments in order to address substantial changes in estate and other tax and transfer strategies.

What’s The Point?

The point is: Don’t just do nothing.

Review. Plan. Implement. And stay flexible. 2025 and subsequent years will be a challenging and concerning period for everyone. No income level or family situation will likely be left unaffected in some way.

How To Start A Conversation?

Your Estate Planning Attorney is an important partner in this process. Reach out to Attorney Marc Sherman and Attorney Maureen Meersman to set up an appointment: Click Here For Sherman & Meersman Contact Info

Employment Matters

ILLINOIS HUMAN RIGHTS ACT QUIETLY AMENDED BRINGING MAJOR CHANGE TO EMPLOYERS’ POTENTIAL EXPOSURE FOR DISCRIMINATION CLAIMS

January 27, 2025December 21, 2025 marcsherman

The Illinois Legislature has enacted a change to the Illinois Human Rights Act (the Act or the IHRA), effective January 1, 2025, that is likely to create significant concern for Illinois employers.

The Illinois Human Rights Act:

The IHRA is the Illinois law that prohibits employers and others from discriminating against an individual on the basis of protected classifications, such as age, gender, race, religion, national origin, sexual orientation, disability and others. The federal law under Title VII, enforced by the EEOC, provides a similar federal law right to pursue an action for unlawful discrimination.

The Change:

Section 7A-102 of the IHRA (775 ILCS 5/7A-102) is the section that sets forth the time within which an employee must file a Charge of Discrimination under the Act. The failure to file a timely charge means that in most cases the employee will be barred from pursuing a claim for discrimination against their employer for the alleged event.

The Act has for decades provided a limited 300-day period from the date of the alleged discrimination within which the employee must file a charge against the employer with the Illinois Human Rights Department, or for the Department itself to file a Charge. Under certain circumstances the time for filing a Charge of Discrimination could (and still may be) extended.

However, beginning this month an employee or the Department will have the opportunity to file a Charge of Discrimination within two (2) years after the date that the civil rights violation allegedly has been committed.

The Impact On Illinois Employers:

The change is significant. Illinois employers will now be required to respond to a Charge of Discrimination filed with the Department up to two (2) years after the event complained of. Therefore the employer’s potential liability for workplace discrimination violations now extend for a longer period than ever before. Employers will be required to participate in investigations of activities asserted to be discrimination violations for a period of time that extends more than twice the current period.

And remember, the right to file a Charge of Discrimination does not end when the employee leaves, whether voluntarily or involuntarily. If the employee asserts that a discriminatory action was taken during employment or that the discriminatory event was (in whole or in part) the employee’s termination from employment, then the time period for bringing that claim to the Department and initiating the action is now remarkably longer.

What To Do?

Modify Workpace Policies: Illinois employers will need to focus on revising workplace management policies to include some common sense extensions of current management directions. The need to have required procedures for investigating and maintaining information concerning potential discrimination issues is going to be even more important. Information about activities that could be the subject of a claim of unlawful discrimination will likely be harder to gather and to demonstrate as the time is enlarged to twice as long as it used to be. All potential discrimination situations are implicated, but sexual harassment and disability discrimination in particular are often the circumstances most subject to the need for detailed review and information gathering.

Consider implementing third party investigations in appropriate circumstances as part of the protocol, when certain “hot button” situations arise.

Review disciplinary rules for managers who fail to report to upper management or to human resources the circumstances that could give rise to claims of unlawful discrimination.

Exit Interviews: The use of exit interviews or questionaires is going to be a useful and important tool, if not already implemented. If properly used, these can help to determine if there are circumstances that may not be fully known to the employer and that could be a source of a discrimination action involving either the departing employee or other employees during the months and years following.

Use Separation Agreements: The use of separation agreements for voluntary and involuntary termination situations is going to become even more important. In some situations, where there are little or no concerns about unlawful activities, this will continue to be a case-by-case determination. But in others, the importance of simple, understandable separation agreements is going to be hugely important.

A departing employee can waive and release most of the known or unknown claims available to them under the Illinois Human Rights Act and other common law situations and statutory laws. Such a release, backed by consideration, is now going to be even more important for the employer’s ability to try to limit future claims of unlawful discrimination.

Be aware, however, that Separation Agreements must be thoughtfully drafted with the help of, or reviewed by, the employer’s counsel. There are already legal requirements that must be included in some agreements in order to release for example age discrimination claims under federal law. And recent changes to the law prohibit unilateral confidentiality or non-disparagement clauses that purport to cover sexual harassment or discrimination claims. Other considerations are equally important.

Are All Employers Doing Business In Illinois Covered By The New Law?

You bet. The Illinois Human Rights Act applies to all employers who employ at least one (1) person in Illinois. Remember that just because your company has its headquarters outside of Illinois does not mean that it is free from the reach of the Illinois Human Rights Act. This is particularly true with the greater use of remote workers.

Pay attention, reach out to your counsel, and know the law!

If you are not sure what to do, or where to start, we can help. Contact Marc Sherman. https://mshermanlaw.com/contact/