Estate Planning
What Are Benefits of Establishing a Charitable Trust?
Posted on October 4, 2024
When creating an estate plan, one attractive option to consider is the creation of a charitable trust. A charitable trust is not only a way to leave a legacy and contribute through one’s estate to meaningful causes but also an important tax management and money-saving vehicle for your family. An Illinois trusted advisor can help you consider whether this estate planning tool is right for your family’s future. What Is an Illinois Charitable Trust? A charitable trust is an element of an estate plan that gives the grantor an opportunity […]
What Is the Amendment to the Probate Act of 1975? | IL
Posted on September 30, 2024
HB 1268 amends the Probate Act of 1975, providing that a person who has been convicted of a felony is qualified to act as an executor of an estate if: The bill’s sponsor stated during Senate debates that individuals who have committed a felony and served their time should be allowed to help their families. A person chosen to serve as an executor following incarceration for a felony must be at least 18 years of age and must not be unsound in mind or body. Another Senator argued against the […]
How Does Net Worth Affect Estate Planning? | IL
Posted on September 20, 2024
Estate planning is a necessary consideration for people from all walks of life. While some estate planning issues relate to everyone, those with a high net worth may have additional issues to consider to ensure full protection for themselves and their loved ones. Because larger, more complex estates are more likely to be exposed to business conflicts, family issues, creditors, and estate taxes, extra planning steps are necessary to mitigate these risks. If you have a high net worth and are considering your estate plan, having knowledgeable legal assistance can […]
Why Should You Prepare Now for 2026 Estate Tax Changes? | Illinois
Posted on September 13, 2024
Estate planning is rarely ever a “one-and-done” task. Estate plans must be revisited whenever there is a significant change in your life, including marriage, divorce, birth, a change in financial status, or a change in residence. Estate plans should also be updated when federal or state laws change. The Tax Cuts and Jobs Act of 2017 includes exemptions that expire in 2026. Under the TCJA, the lifetime estate and gift tax exemptions were significantly increased, but they will expire on January 1, 2026, unless new legislation leaves them in place. […]
What Are the Five Significant Risks of DIY Estate Planning? | IL
Posted on August 31, 2024
Many people put off estate planning as long as possible. The most common reasons for not having an estate plan include being too busy, not having sufficient assets, and not knowing where to begin. The thought of making an appointment with an estate planning attorney may create anxiety for those who are uncertain of how the process will go. In response to these feelings, some people will go on the internet and choose a DIY form that allows them to create their own estate plans. While some things in life […]
What is a Laughing Heir – And Can It Be Avoided in Illinois?
Posted on August 26, 2024
Have you ever fantasized about receiving a notification stating that your great, great, great-uncle Henry has died, leaving you his entire huge estate? At one time or another, most of us have had this happy daydream. While it is extremely rare in most states for this to occur, there is a name given to those who unexpectedly inherit in this manner. A “laughing heir” is the heir of an estate who is so remotely related to the decedent that he or she feels no grief over the decedent’s death. The […]
What Are the Estate Plan Benefits of Establishing a Trust?
Posted on August 16, 2024
A widely held belief says that including a trust in your estate plan is only for the super-rich. Many even believe that having an estate plan at all holds no benefit for the “average” person and that a will is all that is necessary. In truth, trusts provide a wide variety of benefits for virtually every family, and including a trust in your estate plan can be a sensible choice regardless of your financial status. A trust offers benefits that cannot be achieved with only a will, thanks to the […]
What Mistakes Should You Avoid in Estate Planning and Updating?
Posted on August 10, 2024
Creating an estate plan is one way of showing your family members how much you care about them. While confronting our own mortality is never easy, having an estate plan in place and then updating it regularly can be beneficial for you and your loved ones. When you leave behind a well-thought-out estate plan, clear directives in the plan will help your family members avoid disputes and conflicts. If you have done well for yourself financially, proper estate planning can help preserve your wealth for future generations and establish a […]
How is a Special Needs Trust Created?
Posted on July 30, 2024
People with disabilities or other special needs often require financial assistance, which can come from multiple sources. Family members or other loved ones can provide much-needed support by assisting with expenses and in many cases, the best way to do so is through a special needs trust. This kind of trust helps ensure that a person with a disability will be able to receive financial support without jeopardizing eligibility for government benefits. An experienced attorney can help a disabled person, his or her family members, and other involved parties navigate […]
What Is a Spousal Lifetime Access Trust?
Posted on July 19, 2024
During the estate planning process, a married couple can take steps to protect their assets and ensure financial security for themselves and their loved ones. For couples who are looking to minimize estate taxes while retaining access to their money and property, a spousal lifetime access trust (SLAT) can be an effective solution. An experienced attorney can help couples who own substantial assets understand how SLATs work and determine whether this solution is right for their financial situation. Understanding Spousal Lifetime Access Trusts A spousal lifetime access trust is an […]
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Please note: These blogs have been created over a period of time and laws and information can change. For the most current information on a topic you are interested in please seek proper legal counsel.
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