Estate Planning

Report: Wealthy Americans Are Changing Their Estate Plans Over Concerns of Tax Increases

Posted on October 15, 2020

estate tax, Naperville estate planning attorneys

A few weeks ago, a post on this blog discussed former Vice President Joe Biden’s plans regarding the United States Tax Code if he were to be elected president in this year’s general election. Of course, with every new presidential administration comes certain changes to the nation’s tax policies. With this in mind, Mr. Biden’s campaign maintains that his policies would not raise taxes on anyone making less than $400,000 per year. But, what about those who make over $400,00 per year? In short, they stand to be the most […]

Posted in Estate Planning

What Is a Pour-Over Will and How Does It Work?

Posted on September 18, 2020

pour-over will, Naperville estate planning lawyer

Within the realm of estate planning, there are many terms and phrases that can be very confusing to the average person. At times, it can feel like planning for your family’s future requires learning a new language altogether, just so you can know what tools and instruments to utilize. Most people are familiar with the idea of a will and have probably heard of trusts. But, did you know that wills and trusts are used in conjunction with one another in a comprehensive estate plan? As an experienced estate planning […]

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The Importance of Keeping Your Estate Plan Up to Date

Posted on September 2, 2020

review, Naperville estate planning lawyer

If you have taken the time to develop an estate plan, you are already ahead of about half of all Americans. In creating an estate plan, you have recognized the importance of planning for the future. Of course, estate planning means more than just deciding who will get which of your assets upon your death; the process can also help ensure that provisions are in place for a time when you can no longer make decisions for yourself. As an experienced estate planning lawyer, I applaud those who have taken […]

Posted in Estate Planning

When Should I Consider Naming a New Executor?

Posted on August 31, 2020

executor, Hoffman Estates estate planning attorney

A will is the foundation for almost any comprehensive estate plan. As you probably realize your will can contain a variety of provisions that allocate your estate to your chosen heirs, as well as establish arrangements for the care of your minor or disabled children. One of the most crucial elements of your will is your selection of an executor. Under Illinois, your executor is responsible for overseeing your estate and, ultimately, ensuring that your wishes are carried out regarding your property and assets. In my practice as an estate […]

Posted in Estate Planning

5 Tips That Could Help You Avoid a Will Contest

Posted on August 13, 2020

will contest, Naperville estate planning attorney

As uncomfortable as it may be for many people to think about what will happen to their property and assets after their death, estate planning is crucial to providing loved ones with security and peace of mind. Sadly, when a loved one passes away, families are often fractured by disputes over the decedent’s estate, sometimes leading to years of tension between family members who were once very close. In some cases, a would-be beneficiary feels so slighted that he or she decides to initiate a will contest and take the […]

Posted in Estate Planning

How Does Getting Remarried Affect My Estate Planning?

Posted on July 24, 2020

Naperville, IL estate planning attorney wills and trusts

The legal practice area known as “estate planning” is an umbrella term to cover what you want to have happen upon your death. The paperwork that outlines your wishes can include a number of tools, such as paperwork designating who receives what, information on which medical treatments you do or do not want to be performed, and naming someone to be in charge of the asset distribution process. Some clients choose to utilize all of these estate planning tools, while others may rely on one to have their wishes followed. […]

Posted in Estate Planning

What Happens If I Die Without a Will in Illinois?

Posted on July 8, 2020

Naperville last will and testament attorney

The creation of a will can be one of the most important legal decisions you will ever make; however, many people put this critical document on the backburner. Life circumstances can get in the way, as your first job may quickly lead you to marriage and children, and before you know it, your kids are off to college. Legal professionals always advise people to formulate their will early in life, continuing to edit the details as life changes. This is especially pertinent during these tumultuous times as COVID-19 runs rampant, […]

Posted in Estate Planning

Selling Estate Assets to Pay Claims

Posted on June 29, 2020

IL estate planning attorney, IL probate lawyer

Many people die with some debt, whether it is credit card debt or unpaid utility bills. The executor is tasked with paying valid claims that have been submitted in a timely manner. When the estate has cash in it, then it is relatively easy for the executor to pay the claims. Problems can arise, however, when there is not enough cash in the estate to cover all debts. In this situation, the executor will need to sell estate assets, but these sales can anger beneficiaries who were expecting to inherit […]

Posted in Estate Planning

How to Find a Loved One’s Will

Posted on June 24, 2020

Illinois estate planning attorney, IL probate lawyer, IL will attorney

Under Illinois law, the executor must file a decedent’s will with the probate court and, within 30 days, institute a proceeding to have the will admitted to probate. Ideally, the testator would have told relatives where his or her will was being stored while living. Unfortunately, this is not always the case. Instead, nobody might know where a will was stored—or if one was even created. As experienced probate attorneys, The Gierach Law Firm has helped many family members search for wills. Below, we offer our tips for the best […]

Posted in Estate Planning

What Is an Executor of an Estate Responsible for Doing?

Posted on May 27, 2020

executor, Naperville estate planning attorneys

Being the executor of someone’s estate is a serious responsibility. If someone has appointed you as their executor, you may be a bit overwhelmed and unsure of what the role actually involves. An executor is a trusted individual that is appointed to “tie up loose ends” after a person passes away. Whether you have been appointed as someone else’s executor or you want to learn more about choosing an executor in your estate plans, an experienced estate planning attorney can help. Duties of an Executor If a friend or family […]

Posted in Estate Planning

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