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ELDER LAW • ESTATE PLANNING • WILLS & TRUSTS • GUARDIANSHIP & PROBATE LITIGATION

The Last Days of Summer



As the vibrant days of summer draw to a close and the excitement of children and grandchildren returning to school and college fills the air, we find ourselves at the cusp of a new season. Fall, with its crisp breeze and warm hues, offers a moment of reflection and planning. With the pace of life easing up, it's the perfect time to turn your attention to matters that truly matter - like your estate plan…


So as the rhythm of daily life settles back in, the autumn months will provide an opportune window to reassess and fine-tune your estate planning. Whether it's updating your will, considering the future of your assets, or ensuring your loved ones are well-cared for, taking a moment now can lead to greater peace of mind down the road.


To prepare you for the coming months, the August Elder Law Minute covers a couple of topics we think you should be aware of. First is the importance of young adults signing powers of attorney. The second is the overuse of beneficiary designations on financial accounts.


If you have any questions or need assistance with your estate planning journey, don't hesitate to reach out to us. We're here to support you every step of the way.


...but first, we wish you a few more days of summer, filled with joy and laughter.

AUGUST'S NEWS TO KNOW

Ensuring Your Child's Well-being: The Importance of Powers of Attorney After 18

As your children and grandchildren grow and get ready to go off to college (or return to college), a significant shift occurs in their legal status. They become adults in the eyes of the law, gaining the autonomy to make their own decisions and manage their own affairs. As we go through changes in life, we need to be aware of potential medical challenges and decision-making in case of unforeseen circumstances.

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Overuse of Beneficiary Designations

Estate planning is a crucial endeavor that ensures your assets are distributed according to your wishes after your passing. People use beneficiary designations to transfer different assets easily, including bank accounts, life insurance policies, annuities, retirement funds, bonds, and real estate in some states. Although they are convenient and simple, it's crucial to understand the possible drawbacks and limitations of these designations.

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FIRM BRIEF

Join Melissa in the fight against Alzheimer's Disease!

On October 8, Melissa Johnson is running the 2023 Chicago Marathon in order to raise money for the Alzheimer's Association. You can support her and the ALZ Stars by donating using this link.


More than 6 million Americans have Alzheimer's disease, and that number is expected to more than double by 2050. If you know someone affected by Alzheimer’s, you have seen first-hand how it ravages individuals as well as their families. Research and treatment have come a long way but not nearly far enough.


Thank you for joining the fight against Alzheimer’s disease!

Join us for a Night of Elegance

in Support of Synapse House!


Synapse House is a nonprofit organization which provides support, resources, and rehabilitation to people with brain injuries or strokes. It offers a variety of programs and services, including a clubhouse, exercise programs, as well as back to work training.


On Friday, September 29th 2023, our very own Melissa Johnson is spearheading the 10th Annual Roaring 20's Gala and Fundraiser. Tickets are $225 per person and include dinner, silent auction and more.


Please join us for a night of fun and fundraising to support a great cause!

Get Your College Kid’s POA Done


If you have a child heading off to college, make sure to put “power of attorney” on your to-do list. That way, if they have a medical emergency, you can act as their agent and protect their medical and financial well-being – and we’re here to make it simple. 


Generation Law charges a flat fee of $300 per set of POAs per child, and we’ll have everything prepped for you to sign in person or remotely. Trust us: It’s way easier than trying to track down extra-long twin sheets.


Give us a call at 630-783-1766 or drop us an email to Info@GenerationLaw.com to get started.

Where in the World is Ben?


On July 29, Ben was one of 26 finishers (out of a total of 64) of the brutally difficult Starvation Extreme Triathlon in the mountains of Utah. He completed a 2.4 mile swim (in the dark) followed by a 100 mile bike ride with 9700 feet of climbing up (over two difficult mountain passes), followed by a 22 mile trail run at an average elevation of 9000 feet.


We will have his race report in next month’s newsletter after Ben has finished “recovering.”

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for all the caregiver essentials: planning tips, checklists and a few laughs

747 N. Church Road • Suite B4 • Elmhurst, IL 60126

408 S. Oak Park Ave • Suite 4 • Oak Park, IL 60302

630-782-1766 • www.generationlaw.com

Info@GenerationLaw.com

IMPORTANT DISCLAIMER: This email newsletter does not create an attorney-client relationship. It does not contain legal advice for you or anyone else (so don’t act on anything we say unless you speak with an attorney first). It does contain facts and stories we think you might be interested in. We tried to keep this short because we really like you.