Tag: estate planning
Talking to Your Family About Your Estate Plan
Posted on December 14, 2020
In my practice as an estate planning lawyer, I meet with clients almost every day who are at least a little bit intimidated by the process. For many, it is not the logistics that bother them; it is the difficult subject matter. It can be quite uncomfortable to face the reality that we will not live forever and just as difficult to talk about money and property concerns that extend beyond our lifetime. As challenging as it may be to have these conversations with a stranger—albeit an estate planning professional—it […]
Consider Charitable Donations in Your Estate Plan
Posted on December 7, 2020
For many people, the day after Thanksgiving marks the beginning of the winter holiday shopping season, and in most years, retail outlets attempt to lure customers by offering great “Black Friday” deals. “Small Business Saturday”—an event created by American Express—immediately follows Black Friday, and it is a day for shoppers to focus their spending on family-owned stores instead of major chains and big-box stores. “Cyber Monday”—a day dedicated to online shopping deals—is two days after Small Business Saturday. After more than a full weekend of consumerism, the day after Cyber […]
Why Estate Planning Is Especially Important for Snowbirds
Posted on November 12, 2020
As a resident of Northern Illinois, I am all too familiar with the harsh weather we often experience during the winter. In fact, I know many people—many of them retirees—who maintain a separate home in a warmer climate to be used during the coldest months of the year. Affectionately known as a “snowbirds,” those who literally “go south for the winter” are like most people when it comes to estate planning. They should absolutely take steps to protect their assets and their loved ones, and they must adhere to applicable […]
Black Panther Star Reportedly Died Without a Will
Posted on November 6, 2020
The entertainment world was shaken in August when Chadwick Boseman, the Oscar-nominated star of Marvel’s Black Panther, died following a four-year battle with colon cancer. Boseman’s death came as a surprise to fans around the world because the 43-year-old actor chose to keep his diagnosis private, even as he continued to work. Playing the role of a superhero in the Marvel Universe, Boseman has largely been seen as a source of inspiration to people around the world, but it turns out that his story also highlights a serious mistake to […]
Should I Use Incentive Trusts in My Estate Plan?
Posted on October 29, 2020
As you approach the often-difficult topic of estate planning, it is understandable that you want what is best for your heirs—especially if they are your children or grandchildren. We would like to believe that our descendants will be responsible and mature enough to handle a sizeable inheritance, but deep down, we know that this is not always the case. Some people simply struggle to establish healthy spending habits, and for these people, money tends to burn a hole in their pocket. As an estate planning attorney, I am often asked […]
Report: Wealthy Americans Are Changing Their Estate Plans Over Concerns of Tax Increases
Posted on October 15, 2020
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 […]
When Should I Consider Naming a New Executor?
Posted on August 31, 2020
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 […]
Naperville Estate Planning Lawyer Discusses Special Considerations for Stepchildren and Step-Grandchildren
Posted on December 4, 2019
The modern American family comes in all different shapes and sizes. Furthermore, the people you consider family are not always decided by blood. For some stepparents and step-grandparents, there is no difference in how they see their biological children and the children who entered into the family through marriage. They want all of their children or grandchildren to receive an equal share of their estate. Other stepparents and step-grandparents do not get along as well with stepfamily members, or they have concerns about how their stepfamily members would spend any […]
Naperville Estate Planning Attorney Discusses Stepparents and Stepchildren
Posted on August 9, 2017
In many ways, the concept of estate planning is similar to that of healthy living. Most people are aware that both are good ideas, but it can be very difficult to even get started. Much like eating right and exercising, estate planning is one of those things that many people will do eventually. Unfortunately, some wait too long and never actually get around to it. As an estate planning lawyer, I know that the process of creating a will or trust is not as challenging as many fear it will […]
Naperville Estate Planning Lawyer Discusses Handwritten Wills
Posted on February 24, 2017
For most people, a last will and testament is one of the most important documents they will ever create. Your will is likely to contain provisions that dictate how your assets are to be divided among your chosen beneficiaries but may also include many other considerations. You can use your will to establish guardianships for your children and make arrangements for heirs who may not be capable of managing their own affairs. Your will is also likely to name an executor to manage your estate and to oversee the distribution […]
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