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Estate Planning

How to Revoke a Power of Attorney

People who establish powers of attorney may take back the authority granted to their named agents as long as they are of sound mind. An essential estate planning instrument, durable powers of attorney give named agents the ability to act as the principals’ personal representatives. The attorney-in-fact can perform certain actions and make certain decisions on the principal's behalf. Since POAs are often created well before a need for them arises, circumstances may change, and principals may … [Read more...]

Leave Proper Documents For Your Loved Ones

In estate planning, the right end-of-life documents are the key to ensuring an individual's needs and desires are followed after death. A will can help individuals protect against unwanted taxes or probate court concerns, and a trust can help add even more protection. By ensuring the proper documentation is in place early, Illinois residents can safeguard their families and their beneficiaries after death. Lists Help Take Stock of Finances First, individuals working on their estate plans … [Read more...]

Estate Planning During the COVID-19 Pandemic

The COVID-19 pandemic has caused many to turn their thoughts to the "what ifs" of end-of-life planning, yet estate planning becomes more difficult when legal teams are under stay-at-home orders and keeping their firms closed. For those who are ready to make changes to their estate plan, this time of introspection provides an excellent opportunity to start with the help of an estate planning lawyer. Why Make an Estate Plan? The COVID-19 pandemic has shown that all it takes is an illness to … [Read more...]

What Is a Financial POA?

Financial powers of attorney allow people to name others to handle finance-related matters on their behalf. Whether out of town, incapacitated due to injury or illness, or because of another circumstance, situations may arise in which people cannot conduct their financial affairs themselves. As a result, they or their families may face hardships waiting for requests for financial authority to go through the court system. Assigning a Personal Financial Agent A type of legal document, … [Read more...]

Covid-19 Provides Opportunity For Estate Planning

Estate planning in light of a global pandemic requires specific strategies to execute a proper estate plan while protecting people from the virus. The reality of a global pandemic has caused many to think about what would happen to their loved ones if they were gone. This is an excellent time to start an estate plan or give an existing estate plan another look, and most of the steps can be taken safely even in light of a global pandemic. Extra Time Makes Estate Planning Easier As people are … [Read more...]

Illinois POA: When You Need Someone to Make Healthcare Decisions

When a point comes that a person can no longer make their own healthcare decisions due to illness, mental health concerns, or injury, a Healthcare Power of Attorney, provides legal guidance to the medical professionals and family as to whom should make those decisions and what your wishes are. This document provides important protections to someone's family against having to make difficult decisions or fighting amongst each other. In Illinois, the Healthcare Power of Attorney is a critical part … [Read more...]

What You Should Know About Estate Tax in 2020

A dummy standing in front of a big red 3D tax word Understanding how the state’s estate tax requirements may impact their families and estates upon their deaths may help guide people’s estate planning choices. Whether preparing for their retirement and potential needs as they age or focusing on ensuring their families’ financial security after their passing, people must consider several factors when developing their estate plans. The state’s estate tax requirements may take assets from those … [Read more...]

Can I Exclude My Spouse from Inheriting My Estate While My Divorce Is Pending?

Writing testament my last will on a paper with several $100 dollar bills People in Illinois must take action to exclude their spouses from inheriting their estates if death precedes the finalization of their divorces. Many married people name their spouses as a sole or partial beneficiary of their estates when creating their wills. Only the final divorce or annulment order or a revised will can revoke bequests to the surviving spouse. Surviving spouses who are disinherited will still have the … [Read more...]

Is Settlement Planning Right for You?

Plan word 4 characters are written on each woodblock Settlement planning helps Illinois residents who have already received or are expecting to receive a large settlement meet their immediate needs, preserve benefits, and maintain their wealth to take care of future expenses. What Is Settlement Planning? Settlement planning helps people preserve the funds received through a personal injury judgment or settlement or via inheritance. This multi-disciplinary approach combines services … [Read more...]

How Long Does it Take to Settle an Estate?

Closeup of three business people are having a meeting It takes time for the estates of decedents in Illinois to pass through the probate process. From submitting the will for probate to paying off any outstanding debts and distributing the assets to the specified heirs or beneficiaries, settling an estate can take an average of six months to one year. Going to Probate Probate is the legal, court-supervised process of settling the final affairs of a deceased person. Through this process, … [Read more...]

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