Legal Question in Wills and Trusts in Illinois

It would be in your best interest to meet with an estate planning attorney in your area. There are issues that really can only be discussed in a face to face meeting and it will be worth your expense to do things correctly. There are look-back periods, there may be very good reasons to use a trust instead of an outright gift, there may considerations of whether you are the only one that can count in making a gift and whether spouses or grandchildren ought to be considered. Depending on the full background, an attorney discussing things with you and seeing your perspective may have other suggestions than you have even considered. Meet with someone knowledgeable and reputable. If you cannot get a good referral, perhaps ask someone at your local bank who they recommend.

You can give your children all your money. But, then YOU wouldn't have any money and what would be the point. Quality of life at the end of life can be a function of money. General Rule of Thumb: Don't give up control of your finances while your mind still works, don't give more away than you can afford to while you're still alive. You might be better off buying long term care insurance rather than giving away your money. Talk to a financial planner or an estate planning professional (don't take your kids along) to get some perspective.