The estate tax is a tax placed on a deceased person’s right to transfer property after their death. The total amount of assets in the person’s estate is known was their gross estate. When determining what the estate tax will be, the fair market value of their assets, not what their value was when they were acquired, is used to determine the deceased’s gross e state. Once the amount in the gross estate is decided, certain deductions are permitted before arriving at the amount known as … [Read more...]
Placing safeguards for underage beneficiaries in Illinois
Posted on May 28, 2014 //
Having a child can complicate life in many ways, especially when it comes to estate planning. When parents have an underage child they should know that, there are several estate planning methods they can use to protect their child in the event that they should die unexpectedly. Property management In addition to naming a guardian who will take care of their child, parents should appoint someone to manage the property that their child inherits. If a property management representative for … [Read more...]
Establishing a power of attorney in Illinois
Posted on May 23, 2014 //
Many people in Chicago, Illinois, worry about the possibility of becoming incapacitated and incapable of looking after their own affairs. One action that can bring individuals and their families peace of mind is establishing a power of attorney. A power of attorney is a legal document that allows an individual to appoint an agent to make decisions on his or her behalf in the event of incapacitation. … [Read more...]
Regardless of your age, you should have an estate plan
Posted on May 20, 2014 //
Most people, if not all, can benefit from having rules and parameters in place for others to follow at the time of their death. These rules are called estate plans. While creating such a plan may be an uncomfortable thing for many to attempt and deal with, it is a vital part of maintaining one’s assets and preparing for the future. Regardless of a person’s age or wealth, these plans can make a big difference in how their loved ones fare when they pass away. … [Read more...]
Tips on maintaining your estate plan
Posted on May 15, 2014 //
If you are one who understands the importance of having an estate plan, you may have already taken the first important step of meeting with an attorney. During this process, you most likely discussed and had and paperwork drawn up for a will, a power of attorney or perhaps a trust. … [Read more...]
The advantages of setting up a trust
Posted on May 14, 2014 //
Many people in Chicago, Illinois, may think creating a will is enough to set their affairs in order. Although a will represents an essential starting point, people with significant assets or complicated circumstances should also consider setting up a trust. A trust is an arrangement that allows one party to hold assets on behalf of beneficiaries. A person who places his or her assets in a trust can protect the value of those assets and control precisely how they are distributed. … [Read more...]
