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Estate Planning

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Why you need to update your estate plan

Posted on February 29, 2016 //

You've taken the time to plan for the future and create your estate plan. After working with a Chicago estate planning attorney to make sure all assets are accounted for and all contingencies are covered, you're feeling the satisfaction of a job well done. (Article continues below Infographic) In reality, there is still work to do. An estate plan is a living document that requires care and attention to stay current. Consider these reasons to change your estate plan and how they apply … [Read more...]

Filed Under: Estate Planning, Infographics, Real Estate //

How you can defend an eminent domain action

Posted on February 29, 2016 //

The activist group Castle Coalition gives Illinois a D+ rating when it comes to protecting property owners against eminent domain. That doesn’t mean there aren’t defenses available, as it is often possible to beat eminent domain with the help of an Illinois real estate attorney who specializes in eminent domain defense. (Article continues below Infographic) How Eminent Domain Works The agency interested in acquiring property will assess it to determine its value. Next, an offer … [Read more...]

Filed Under: Estate Planning, Infographics, Real Estate //

Digital Property Creates New Questions In Estate Planning

Posted on February 25, 2016 //

Estate attorneys are facing a new and difficult challenge: the division and distribution of digital assets after death. Illinois is one of many states struggling to draft legislation to protect digital property for intestate estates, but 2015's Senate Bill 1376 faced significant opposition from online companies. These companies argue opening digital assets to an estate violates the original property holder's right to privacy, and is therefore impermissible. Right now, the only way to … [Read more...]

Filed Under: Estate Planning, Real Estate //

The Impact of Divorce on Your Retirement Plans

Posted on January 14, 2016 //

Getting a divorce after age 50 can have a big impact on retirement. It can reduce income and force full-time or part-time employment in retirement years. According to statistics, one in every four divorces during the last few years was among the baby boomer generation. Whether these figures are the result of failed marriages or longer life spans isn't certain, but divorce among this age group will certainly affect retirement lifestyles. (Article continues below infographic.) A … [Read more...]

Filed Under: Estate Planning //

New Year’s Resolution #1: Get Estate Documents in Order

Posted on January 7, 2016 //

The New Year is the perfect time to plan for the future. While your energy is high and your spirits are up, be sure to fit estate planning into your schedule this month. Getting it out of the way now means you won't have to worry about it for the rest of the year. The following are key documents you should prepare, review, then place in secure storage. Living Will. This written statement details your desires should you become incapacitated and unable to make medical decisions for yourself. … [Read more...]

Filed Under: Estate Planning, Real Estate //

2016 Estate & Gift Taxes at a Glance

Posted on January 3, 2016 //

Estate planning is not something that should be taken lightly. As the rules change, and limits are adjusted, individuals should stay on top of their estate plans to ensure that transfer of their estate is smooth and efficient after their passing. 2016 Estate Exemption Limit The IRS has recently announced the 2016 estate and gift tax exemption. They have increased it to $5.45 million. This means that an individual may leave this amount to their heirs without them having to pay federal estate … [Read more...]

Filed Under: Estate Planning, Real Estate //

The Planning Stage of Advanced Care

Posted on December 10, 2015 //

Estate planning accomplishes several objectives, including the deferral or reduction in estate taxes, avoiding probate, and ensuring that the defendant's assets pass on to heirs of his or her choosing. What happens to that person medically is another aspect of estate planning, and these details can be contained in an advance care directive. This part of estate planning is a legal document that is created while the person is still mentally and emotionally capable. It indicates their decisions, … [Read more...]

Filed Under: Estate Planning, Transportation Law //

Rahm Emanuel Requests Significant Raise to Illinois’ Commercial Property Taxes

Posted on October 2, 2015 //

Mayor Rahm Emanuel is seeking to raise taxes on commercial property holders in the hopes that these tax increases will stave off the state's ever burgeoning budget shortfalls. This past week, he pitched his proposals to Chicago's 50 Alderman seeking their support of the largest property tax increases in the history of Illinois. At issue is the philosophy of how to deal with the city's budget shortfalls which exceed $9 billion dollars a year. Coupled with over $159 billion in IOU's owed to … [Read more...]

Filed Under: Estate Planning, Real Estate //

Be honest when discussing your children’s inheritance

Posted on July 29, 2015 //

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. Any Bensenville estate planning lawyer would know that leaving property to people with the intention of having them distribute it to others leaves room for uncertainty. Discussing plans for … [Read more...]

Filed Under: Estate Planning //

Can a will successfully be challenged?

Posted on June 30, 2015 //

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. However, residents in Illinois who disagree with the terms of a decedent’s will do have some legal recourse. A Wheeling wills attorney has probably seen several situations in which family members have … [Read more...]

Filed Under: Estate Planning //

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