In Illinois, parents have several options to transfer assets upon death without going through a lengthy probate process. A probate attorney will use one of four routes to protect property from long probate battles. … [Read more...]
The Evolution of Estate Tax
Posted on February 15, 2016 //
The Estate Tax has gone through numerous changes throughout the past 100 years. Rates of taxation have changed, along with attempts to repeal or reform the law. Probate lawyers must constantly follow changes to the laws to advise their clients on how to best plan their estates. The Revenue Act of September 8, 1916 As an effort to bolster government coffers before entering World War I, the Revenue Act included provisions to enact an estate tax at the rates of 1 to 10 percent for taxable … [Read more...]
Death and Debts
Posted on January 21, 2016 //
Dying with debt isn't something anyone wants. However, it's becoming a very common experience. The good news is that when we die our debts don't follow us. With more than 1 in 5 Americans now reporting they owe debts they won't be able to pay off in this lifetime, that can provide a little bit of solace to a solemn experience. However, while your debts won't follow you into the grave, they may follow your heirs. For this reason, it is important to take steps now with your … [Read more...]
What to Expect During Probate
Posted on January 5, 2016 //
If probate is necessary, it begins when the executor of a will files the will with the local circuit court. Once filed, the executor's attorney will send a notice of proceedings to the deceased's heirs. If an individual passes away without a will, the executor's attorney will send these individual's notice regardless of the fact they were not formally named within a will. Creditors The executor's attorney will also publish an announcement of the individual's death in a local newspaper. The … [Read more...]
