Peck Bloom Logo

LAWYER
In the News 
   
Kerry Peck & Ken Bloom 
Ken Bloom reappointed to Chicago Estate Planning Council programming committee
 
 
Did You Know?
 
The Peck Bloom attorneys have a total of 97 years of experience! 
 
Peck Bloom attorneys are  members of 5 different bar associations and 5 Chambers of Commerce!
 
Peck Bloom attorneys are actively involved in charitable organizations like the Northwestern Memorial Auxilary Board and the Center for Disability & Elder Law! 
___________________
 
Defiance
 
 
United States Holocaust Memorial Museum screening
 
September 15, 2009
7:00 p.m.
Century Landmark Theatre 
2828 N. Clark Street
 
Join member Matthew McQuiston for an opportunity for the next generation of supporters to learn about the critical and moving work of the United States Holocaust Memorial Museum.  The program will feature the movie, Defiance, an epic tale of family, honor, vengeance and salvation in World War II. 
 
The Wings of Memory Society Next Generation Board, Chicago seeks to engage and inspire the professional community of the Chicago metropolitan area through philanthropic activities and educational programming.   

For more information or to reserve a seat, visit their website.
___________________
 
Peck Bloom
offers  
Legal Solutions in:
  • Trust & Probate Litigation
  • Contested Estates 
  • Guardianships
  • Estate Administration  
  • Estate Planning
  • Special Needs Planning
  • Elder Law
  • Elder Abuse
  • Business Planning 
  • Corporate Law

_____________________________________

 Have Questions?
Contact us for an initial 
no-cost consultation at: 
 
Peck Bloom, LLC
105 W. Adams Street
31st Floor
Chicago IL 60603
 
Phone: (312) 201.0900
Toll Free: (877) 845.1743 
Email: info@peckbloom.com
 
_______________________
Speaker Podium
 
Are you a member of a professional, community or religious organization that would like an attorney from our firm to provide a no-cost seminar on any of the legal solutions listed above?
 
If so, please contact Kate Konieczny, Marketing Coordinator at: (312) 201-0900 or info@peckbloom.com  for more details!

_________________________________ 
Protecting Your Legacy
Marilyn MonroeRecently, the crypt above Marilyn Monroe was listed on EBay. Bidding reached $4.6 million. It's no wonder the female idol's estate was the longest open in probate: over 20 years, almost the same length of time as her career. But surprisingly, after being divorced three times, once to the famed Joe DiMaggio, Marilyn's Will was simple. The majority of her estate was bequeathed to only three people. After allocating a portion of her money to her mother's care, 75% of her estate went to her acting coach, Lee Strasberg, and the remaining 25% to her psychoanalyst, Marianne Kris. 
 
But after Strasberg and Kris passed, it was Strasberg's widow who won the rights to control Marilyn's estate. Ironically, Strasberg married his wife AFTER Marilyn died, and she barely knew Marilyn. Yet, over the years, Strasberg's widow has grossed millions of dollars licensing Marilyn's image and auctioning her belongings. We have to wonder if Marilyn would have been happy with her estate being controlled by a stranger.
 
To this day, Marilyn's image grosses over $1 million dollars per year. Her image became even more popular once advanced digital imaging became available. Anyone and everyone could manipulate her image. Marilyn's iconic picture began popping up all over advertisements and the internet. But the question soon arose, who did Marilyn intend the rights of her image be passed to? Shouldn't the person she entrusted the estate to, Strasberg, be the person protecting her legacy? She said nothing in her Will of her image being available to everyone. She said herself, "A sex symbol becomes a thing. I just hate to be a thing."
  
Because of the lengthy legal battles over her image alone, Arnold Schwarzenegger, Governor of California, passed what has been nicknamed "The Dead Celebrities Bill" in California. The bill simply states: a celebrity owns the rights to their image when they are alive; therefore, they are entitled to pass on those rights when they die.
 
Obviously not everyone has a large estate or popular image to fight over. But there are ways that like Marilyn; your estate could end up in the wrong hands. To prevent your estate from passing down to strangers, you can create a discretionary trust using a family member or corporate trustee, such as a bank, to allocate the assets. By using a trust, your heirs will still receive the money you want to pass down to them, but upon their death, you can pass the remainder of the assets to a charity or another heir of YOUR choice. Plus, if you decide to leave the remainder to a charity, you may be able to do so tax free.
 
Additional ways your wishes could be disturbed:
 
·          If you attempt to write your own will without knowledge of Illinois state laws, your heirs may not receive the property you intended them to have.
·          Clarity is key. Be specific and clear when naming beneficiaries so the executor will know exactly what you mean. A lawyer will ensure the proper language is used so there can be no miscommunication.
·          What if the heir you are leaving property to dies before you? Do you want it to then go to his children or someone else? A lawyer will put in the proper provisions so that the property is still passed according to your wishes.
 
The examples above are a small fraction of the issues that may arise with improperly created estate documents. If you have questions about your current estate documents, call Peck Bloom. Our attorneys are experienced in estate planning and know all the questions you need to ask. Peck Bloom will ensure your legacy is fulfilled and safeguarded by the loved ones you trust.
 
Sources:
 
Zarroli, Jim. "Law Decides Who Owns A Dead Star's Image," NPR, October 11, 2007. http://www.npr.org/templates/story/story.php?storyId=15198298
 
Silverman, Stephen. Where There's a Will: Who Inherited What and Why. Harper Collins Publishers, New York, NY 1991.
 
Nass, Herbert. Wills of the Rich & Famous. Gramercy Books, New York, NY 2000.
__________________________________ 
 
Alzheimer's Association Memory Walk 
 Alzheimer's Association, Greater Illinois Chapter 
Memory Walk
 
September 13, 2009
Montrose & The Lakefront
 
Walk with us toward a world without Alzheimer's disease! Peck Bloom proudly sponsors the Memory Walk for the third year. Memory Walk is the nation's largest event to raise awareness and funds for Alzheimer care, support and research because every 70 seconds, someone will develop Alzheimer's.  
 
Since 1989, Memory Walk has raised more than $260 million for the cause. All Memory Walk donations benefit the Alzheimer's Association, the leading voluntary health organization in Alzheimer care, support and research. 
 
For more information, visit their website.
________________________________________ 

Peck Bloom Participates in Race Judicata: Congratulations Runners!

 Race Judicata
Race Judicata 2009 is a 5K Run/Walk, benefiting Chicago Volunteer Legal Services Foundation to ensure that the law works for everyone. This was the 16th year for the run and the biggest and best ever!  
 
For more information on the run, visit their website. 
_________________________________________
This e-mail may constitute an advertisement or solicitation under state laws. This client newsletter is not intended as legal advice, which may often turn on specific facts. Readers should seek specific legal advice before acting with regard to the subjects mentioned here.
 
DISCLAIMER: This communication, along with any documents, files or attachments, is intended only for the use of the addressee and may contain legally privileged and confidential information. If you are not the intended recipient, you are hereby notified that any dissemination, distribution or copying of any information contained in or attached to this communication is strictly prohibited. If you have received this message in error, please notify the sender immediately and destroy the original communication and its attachments without reading, printing or saving in any manner. This communication does not form any contractual obligation on behalf of the sender or Peck Bloom & Koenig, LLC. Unless expressly stated otherwise, any tax advice in this message is not intended or written to be used, and cannot be used by a taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. Please consult your tax attorney regarding the form of tax advice that may be relied upon to avoid penalties under the Internal Revenue Code.