Estate Planning

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...]

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...]

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...]

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...]

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...]

After years of preparation and planning, your child is set to go off to college – perhaps nearby; perhaps several states away. Part of the preparation was helping your child make decisions about important issues.  Part of the learning process at college will be how to refine the decision-making process. Upon reaching age 18, your college student is considered an adult and will be required to make decisions on his or her own. What if Your Child Is Unable to Make Decisions Due to an Injury … [Read more...]

A farmer who lay on his deathbed asked his son to make sure that the land would always stay in the family. Upon his death, the farmer’s will leave 320 acres for his wife and 160 acres for each of his four children. While some family members were overjoyed with their inheritance, others did not expect the million-dollar mortgages that came with the land. According to Iowa Farmer Today, several of the farmer’s children were not equipped to handle inheriting that level of debt. In Illinois … [Read more...]

Illinois estate planning attorneys suggest updating your estate plan when a spouse moves into an Illinois nursing home as this is a change in life circumstances. Wills and other legal end-of-life documents should evolve as people’s lives and needs change. Just as people often make updates following marriage, the birth of a child, or a divorce, so too should they consider making modifications when they move a spouse into a long-term care facility. Protecting Assets When a Spouse Needs … [Read more...]

The fate of retirement funds after death depends on the type of accounts held, whether designated beneficiaries exist, and the way accounts are set up. By making sure the right types of accounts are correctly set up and proper beneficiary designations are in place, people can ensure that their retirement money is available for surviving family members when they die. Annuities Annuities are retirement benefits in which individuals pay a set amount over time (monthly, annually quarterly, … [Read more...]

A significant division exists between springing and durable power of attorney and it is important to understand how these differences may impact a person's financial and medical decisions in the future. A durable power of attorney takes effect the moment that it is signed. This is useful in ensuring that authority is clearly vested. Conversely, a springing power of attorney takes effect when the grantor is incapacitated. Springing powers of attorney reserve more authority for the grantor but at … [Read more...]