Estate Planning
8 Tips for Establishing a Foreign Trust
Posted on April 30, 2025
A trust is a key tool in the world of estate planning. Particularly for high-net-worth and global families, an attractive option to consider when planning how to handle family wealth is a foreign trust. And for good reason: trusts offer unparalleled flexibility and asset protection. They can be used as a way to diversify assets, ensure wealth is passed down thoughtfully and strategically, and guard against political and economic issues that may threaten assets. Foreign trusts can help protect and preserve a family’s wealth, and serve the needs of family […]
Integrating Family Governance Into High Net Worth Estate Planning
Posted on April 20, 2025
Large, multi-generational families often rely on traditional estate planning to meet their needs. For wealthy families, the most comprehensive estate planning strategies may be insufficient to truly ensure that the family’s wealth and success are protected through the generations. This is where family governance comes in, helping not only to preserve family wealth but also to cement a family legacy that is true to the family’s values. Family governance strengthens communication among family members, reducing disputes and making decision-making easier. An experienced Naperville, IL estate planning attorney can advise your […]
How Should You Manage Foreign Tax Treaties in Your Estate Tax Plan?
Posted on March 27, 2025
In today’s increasingly interconnected world, many multicultural and international families have assets around the world. Expats, U.S. citizens married to noncitizen spouses, global families splitting their time between the United States and other countries, and international investors in the United States all require estate planning strategies that take into account foreign tax treaties. High-net-worth individuals who fit this bill are particularly vulnerable to international taxation issues. These cross-border estate taxation issues make estate planning for global families complex and require thoughtful planning. An experienced Naperville, IL estate planning attorney can […]
Building a Liquidity Plan Into Your Estate
Posted on March 17, 2025
When creating your estate plan, it is important to keep multiple factors in mind, from the values that drive your estate plan, to the individuals and entities that you want as beneficiaries, to the way you want to utilize the estate plan to ensure that your wishes about your health are executed when you are no longer able to do so. Likewise, the need to incorporate tax considerations into an estate plan is widely known, as is the role of charitable giving in estate planning. However, there is an additional […]
How to Balance Family and Philanthropy in Your Estate Plan
Posted on February 28, 2025
Estate planning for high-net-worth individuals involves more than just asset distribution and tax considerations — it is an opportunity to shape your legacy. Many affluent families wish to support charitable causes while also ensuring their loved ones are financially secure. Striking the right balance between family wealth preservation and philanthropy requires thoughtful planning and strategic decision-making. An Illinois estate planning attorney can help craft a comprehensive approach that aligns with your values and long-term goals. Why Balancing Family and Philanthropy Matters For those with substantial wealth, philanthropy is a deeply […]
Can You Protect Your Estate From Being Audited?
Posted on February 13, 2025
Planning and executing a well-thought-out and comprehensive estate plan is crucial to safeguarding your family’s financial future. An estate plan that will safeguard your family’s interests is also one that is implemented to minimize the risk it will be audited by the Internal Revenue Service (IRS). Estates over $13.99 million in value for individuals who pass away in 2025 must file an estate tax return. And the higher the estate value, the higher the risk of an audit. Indeed, in the past, the IRS audit rate of estates over $10 […]
What Are the Best Ways to Use Philanthropy in Your Estate Plan?
Posted on January 30, 2025
Much of what goes into creating your estate plan involves making difficult decisions about the future, such as planning for incapacity or setting up the estate plan to boost family assets and provide for generations. However, there is another aspect of estate planning that can be deeply rewarding. Crafting your estate plan presents an opportunity to give back to the causes you care about and to plan for how to use your assets to make an impact in the world. An experienced Naperville, IL estate planning attorney can help you […]
How Can I Reduce the Overall Amount of Estate Taxes I Pay?
Posted on January 13, 2025
Also known as “death taxes,” estate taxes are the taxes that must be paid on the transfer of assets upon death. They are separate from income taxes. Both the federal government and Illinois currently levy estate taxes. The Internal Revenue Service (IRS) imposes taxes on assets worth over $13.99 million per person in 2025. This is called the federal estate tax exemption. An individual can make gifts during life using the exemption; any portion of the exemption left over at death will offset estate taxes. Meanwhile, Illinois is one of […]
What Happens if a Parent Dies Without an Estate Plan?
Posted on December 31, 2024
Dealing with the loss of a parent is never easy. In addition to the emotions involved, you may need to sort out the status of your parent’s estate. Perhaps your parent’s death is your first experience with wills and estate laws, adding to the challenge. If your parent died without an estate plan, you may have questions about what will now happen to their assets and debts and how to handle all the financial loose ends. An experienced Naperville, IL estates and trusts attorney can advise you on the process […]
When is it Time to Consider Guardianship for an Aging Parent?
Posted on November 25, 2024
It can be painful and emotionally taxing to face a parent’s physical and mental decline. If you find yourself in this situation, you may be wondering if it is time to consider guardianship for an aging parent. Illinois guardianship laws seek to ensure “maximum self-reliance and independence” within the guardianship process while protecting the ward, as the disabled person in need of guardianship is called. If your parent needs special assistance with daily or financial needs, an experienced Illinois estate planning attorney can help you decide whether this step is […]
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