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The Planning Stage of Advanced Care

Search Results for: probate

The Planning Stage of Advanced Care

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...]

Selling your home in the winter

People are often reluctant to put their home on the market with winter approaching. The reality is that marriages and births, promotions and job transfers happen year-round, so people are looking for houses during all seasons. Selling a home during winter can actually work to the seller’s advantage, since potential buyers are usually relocating out of necessity, creating greater urgency. Regardless of the season, the key to selling any home is creating appeal. Adding thoughtful touches … [Read more...]

Can a will successfully be challenged?

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...]

Should unmarried couples in Illinois establish an estate plan?

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. As a Cook County estate planning lawyer may have seen, it is possible for people in these situations to mistakenly disinherit each other. What’s more, not … [Read more...]

Making provisions for collections in your estate plan

When a young woman’s mother died, she was left with handling the estate. According to The Epoch Times, the mother had an extraordinary antique collection that included chandeliers, sconces and furniture. Unfortunately, the young heir did not have a sense of the value of the items, and she sold her mother’s home with all of the antiques included. As an estate planning attorney Rolling Meadows knows, people in Illinois and elsewhere should make sure that collections of either monetary or … [Read more...]

What is a testamentary trust?

Many people want to ensure that after their death, children or survivors will not suffer financially. However, according to a LexisNexis report, more than half of American adults do not have a will in place, which can lead to a lengthy and complicated probate process. There are a number of ways to set up financial plans to prevent family members from a messy court battle. When doing their estate planning, people in Illinois should consider a testamentary trust as a reliable option. … [Read more...]

Placing safeguards for underage beneficiaries in Illinois

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...]

The 5 Illinois Estate Planning Secrets You Need to Know part 2

2. A trust is essential in three situations – and highly recommended in several others. Unlike a will, a trust is not always necessary. There are three unique situations, however, in which a trust is essential, along with several other situations in which a trust is highly recommended. A trust is essential if: If you are single and over the age of 50, a trust will be able to provide specific instructions on managing your financial affairs in the event that you become incapable of doing … [Read more...]

The 5 Illinois Estate Planning Secrets You Need to Know part 1

No one likes to think about the end of their life or the death of a loved one. As a result, estate planning is a difficult issue that many people want to avoid discussing. Unfortunately, there is a steep price to be paid for avoiding estate planning discussions and legal preparation. Without a proper estate plan, your assets might not be distributed as you intended and your loved ones could suffer the consequences in terms of time, money, and stress. Comprehensive estate planning, however, … [Read more...]

About Illinois Business Formation part 3

How Does the Probate Process with a Will Differ from the Intestate Probate Process? If a decedent dies intestate (without a will), the property will be distributed to the beneficiaries according to state law. If there are no relatives, the property will go to the state. If minor children are impacted by the decedent’s death, a guardian ad litem will be appointed to determine guardianship issues. Additionally, intestate probate proceedings are public proceedings, with all information publicly … [Read more...]

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