Estate Planning

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...]

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...]

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...]

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...]

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...]

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...]

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...]