Estate Planning

Be honest when discussing your children’s inheritance

When a Brooklyn art collector died, he left seven Monet works of art to his son. According to JP Updates, the son was supposed to keep one painting and distribute the rest among his six siblings. However, the son fell ill and struggled financially, resulting in a multi-family dispute over the paintings. … [Read more...]

Can a will successfully be challenged?

According to the American Bar Association, roughly 55 percent of people in the country pass away before putting a will in place. Those who do take the right steps in their estate planning can rest assured that the majority of wills pass through the probate process without any issue. … [Read more...]

Every adult should have a power of attorney

When she was 26, a Chicago resident was diagnosed with ovarian cancer. WGNTV reports that now, at 41, the cancer is back and the woman worries about how her children will handle her end-of-life concerns. … [Read more...]

Avoid legal battles over your estate with these 3 tips

Chicago Cubs legend Ernie Banks left behind a sizeable estate when he passed away. According to My Fox Chicago, he had a will in place, but a judge is determining whether or not he had the mental capacity to legally sign the document. Banks’ estranged wife and children are arguing that the woman to whom he left assets should not receive anything. … [Read more...]

Avoid estate taxes by setting up an irrevocable life insurance trust

In 2013, the U.S. Congress approved a permanent estate tax exemption for people who have assets that total less than $5 million. Factoring inflation into the equation, that means that people today can avoid the 40 percent federal tax with as much as $5.43 million in assets. … [Read more...]

Is your estate plan missing these 3 items?

A woman worried about her pets’ wellbeing was motivated to start a sanctuary for animals whose owners have passed away. According to the Huffington Post, dozens of animals have gone to stay with the woman, as their owners did not include the pets in their estate plans. … [Read more...]

Should unmarried couples in Illinois establish an estate plan?

According to data from the U.S. Census Bureau, the number of people who are choosing to cohabitate rose by 25 percent between 2000 and 2010. Those in Illinois and across the country who don’t want to get married should know that the law is not necessarily on their side when it comes to taxes, property division and health care decisions. … [Read more...]

How does probate work in Illinois?

Probate is a process that occurs in court and is sometimes, but not always, required after a person passes away. The main purpose of the probate process is to make it clear who should inherit the deceased person’s assets and ensure taxes and other debts are paid. … [Read more...]

Keep taxes in mind when planning your estate

Estate tax is defined as the tax on a person’s right to transfer property after death. There are several strategies those who are in the midst of the estate planning process should consider implementing with the assistance of their estate planning lawyer in Illinois to ensure that their estate taxes are as minimal as possible once they pass away. … [Read more...]

Making provisions for collections in your estate plan

When a young woman’s mother died, she was left with handling the estate. According to The Epoch Times, the mother had an extraordinary antique collection that included chandeliers, sconces and furniture. … [Read more...]

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