Estate Planning

An estate planning checklist can help everyday people ensure that choices about medical care, asset allocation, and even who cares for minor children are honored. Regardless of age, assets, or health status, nearly everyone needs an estate plan. By creating a checklist, people can make sure that important elements that pertain to their situations are considered and that all bases are covered. There’s More to Estate Planning than Drawing Up a Will An estate plan comprises a person’s wishes … [Read more...]

Asset protection trusts are effective tools to protect a person's property from judgments, creditors, and lawsuits now, and in the future. Property held within an asset protection trust is not considered to be the property of the beneficiaries, so it can typically escape seizure for debt collection. Learning more about the features of domestic and offshore asset protection trusts can help ensure that an appropriate type of trust is established. The Basics of the Asset Protection … [Read more...]

Once a probate estate has been fully administered and the case has been closed, it typically stays closed, but in a handful of situations, it may make sense to reopen probate. Reasons to Reopen Probate Illinois has very broad probate laws that regulate when an estate may be reopened. Under the Illinois Probate Act, an estate can be reopened at any time if a portion of the estate was never settled, if new assets, creditors or wills were discovered, if an heir was not notified of the opening … [Read more...]

When Illinoisans remarry, they should review their estate planning documents to ensure that their assets pass to their intended beneficiaries after they die. Couples who have remarried should discuss how they want their assets to be divided to provide for blended family members from all marriages. They should review and update their existing wills, trusts, retirement accounts, life insurance policies, and titles to make certain that their assets won't be passed to ex-spouses. An estate planning … [Read more...]

Estate planning techniques like the incentive trust can nurture healthy ambition while also ensuring that an inheritance will not interfere with children going on to lead meaningful lives of their own. According to Forbes money can enable children to have a financial cushion that helps them lead better and more fulfilling lives. Money can also suck the ambition and initiative out of children who are not prepared for the sudden influx of wealth. Is Inheriting Money Always a Bad Thing? CNN … [Read more...]

While estate tax isn’t necessarily the “death” of a small business, it could result in a significant burden for a handful of small businesses. The estate tax is sometimes levied on an estate upon the death of the decedent. An estate is a collection of assets and monies left behind by someone who passes away. The estate tax is decried by political opponents for causing double taxation because the assets composing the estate are post-tax dollars. Proponents of the tax argue that the estate tax … [Read more...]

Parents sometimes leave unequal inheritances to their children and just because these amounts are uneven doesn’t necessarily mean they are not fair. Decisions are often based on the needs of adult children, their achievements, major gifts that were already given, and alternative forms of estate planning. The Unequal Situation Parents often create their wills with the current financial situations of their children in mind. The following is an example of a scenario that a … [Read more...]

Same sex couples often have unique circumstances that can sometimes result in more complicated or creative estate planning techniques being implemented to ensure that their wishes are followed. Fortunately, there are a few simple steps that LGBT couples and their estate planning attorney can take to avoid potential pitfalls in the future. According to the pros, same sex couples should: Review their legal marital status ahead of time In Illinois, same sex marriage has been legally … [Read more...]

Choosing a qualified trustee to oversee a will can have a big impact on divisions of assets after a person’s death. A will attorney can address questions and concerns of family members and beneficiaries. Choosing an Estate Fiduciary A fiduciary is an entity or person who manages another person’s affairs if that person is incapacitated or deceased. The word fiduciary is a general term referring to agents, personal representatives, or trustees. When choosing a fiduciary to oversee an … [Read more...]

Estate planning is important for all Illinois residents to complete, but they should make certain to avoid making certain common mistakes on their wills that can have unintended consequences. Some of the mistakes that are made include not following the rules, not including all of the assets, choosing the wrong executor, failing to update the will and forgetting to name a guardian for minor children. A will attorney may help clients with writing wills that avoid these errors so that their wishes … [Read more...]