Estate Planning

Do I Need to Address Estate Taxes in My Estate Plan?

Posted on July 17, 2023

When considering your estate plan, it is essential to understand the potential impact of estate taxes and other types of taxes that may apply when you transfer your assets to others. Estate taxes, which are sometimes referred to as death taxes or inheritance taxes, may apply when a person’s assets are transferred to their beneficiaries after they pass away. For high-value estates, these taxes can be a significant issue that can greatly reduce the amount of wealth that is ultimately passed on to beneficiaries. By understanding when estate taxes may […]

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Do I Need a Living Will in My Estate Plan?

Posted on July 12, 2023

Addressing issues related to your estate is an essential and responsible step you can take to ensure that your wishes will be honored after you pass away. However, your estate plan can also address your health care wishes prior to your death. When making decisions about incapacity planning, you may use several different types of legal documents, including a living will. By understanding what exactly a living will does, you can make sure you follow the proper procedures to address end-of-life care. What Is a Living Will? A living will […]

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Taking Care of Beloved Pets: Your Estate Planning Options

Posted on June 27, 2023

Estate planning typically focuses on the management and distribution of assets to beneficiaries, guardianship for minor children, and legacy planning. However, it’s equally important to include provisions for your pets in your estate plans. If you are like many people, you consider your pet to be a family member.

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Six Signs it is Time to Update Your Will

Posted on June 2, 2023

naperville estate planning lawyer

Your last will and testament is the foundation of your estate plan. Your will explains how your property should be distributed to beneficiaries, designates a guardian for minor children, and describes your final wishes. It can be thought of as an instruction manual in probate showing how you want your assets to be distributed.  Creating a will is essential. However, it is not a one-and-done task. Many different life changes and circumstances will necessitate an update of your will and other estate planning documents. In this blog, we will explain […]

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What is Digital Estate Planning, and Why is it So Important?

Posted on May 23, 2023

naperville estate planning lawyer

Consider the last time you shared pictures of your grandchildren or your latest vacation with your friends. Were the pictures in a physical photo album? If you are like most people, your recent photographs are likely on your smartphone, tablet, or computer. Every day, our lives are becoming more and more digitalized.  A crucial part of estate planning is determining what happens to online accounts and digital assets. E-mail accounts, photographs, videos, social media accounts, and smartphone applications are just some of the thousands of digital assets you probably own. […]

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Estate Planning Instruments for Transferring Real Estate

Posted on May 17, 2023

naperville estate planning lawyer

For many people, real estate properties are the most valuable assets they own. Personal residences, vacation homes, and other real estate properties also have significant personal and sentimental value.  Many people include their home in their will, but there are many different estate planning instruments above and beyond a will that allow for the transfer of real estate. If you intend to leave one or more real estate properties to your loved ones, make sure you are using the right legal tool for the job. Joint Tenancy with Right of […]

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Unmarried? Make Sure You Understand How This Influences Inheritance Rights and Estate Planning

Posted on May 8, 2023

naperville estate planning lawyer

Did you know that less than half of adults in the United States are married? Over the past few decades, marriage rates have dropped significantly. Fewer and fewer people are choosing to get married, and living with a romantic partner to whom you are not married is becoming increasingly frequent. For many couples, waiting to say “I do” is the smart choice. Nobody should rush into a marriage unless they are truly ready to marry. That being said, unmarried couples should understand the risks involved in foregoing an official marriage […]

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Understanding Testamentary Capacity in the Context of Estate Planning

Posted on April 28, 2023

naperville estate planning lawyer

Anyone who signs a legal contract must do so of their own free will. An individual cannot be forced, manipulated, or tricked into signing a contract. These rules also apply to estate planning documents such as wills and trusts. Testamentary capacity refers to a person’s ability to create and agree to a valid will. An individual must be of sound mind to create a will that holds up against a will contest. Whether you are planning to create your will or you have concerns about the validity of a deceased […]

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Key Estate Planning Considerations for Anyone Getting Divorced

Posted on April 25, 2023

naperville estate planning lawyer

If you are in the middle of a divorce or thinking about ending your marriage, make sure you understand how to update your estate plans to reflect your new marital status. Divorce can be very overwhelming, and it is not uncommon for people to neglect crucial estate planning concerns during and after their divorce. Update Your Power of Attorney for Healthcare and Finances A power of attorney is a legal tool used to designate an individual who has the authority to make decisions on your behalf. A power of attorney […]

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Using a Special Needs Trust for a Child With a Severe Disability

Posted on April 18, 2023

naperville estate planning lawyer

If you are the parent of a disabled child, you are probably all too familiar with the expenses that come with a serious disability. The cost of special education, medical care, assistive devices, and other needs can be significant.  For now, you may be able to cover these expenses by directly paying for your child’s needs. But what happens when you pass away and can no longer directly provide financial assistance to your child? A special needs trust is an estate planning tool that parents of disabled children can use […]

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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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