Tag: estate planning

Regardless of your age, estate planning is an essential part of preparing for the future. A comprehensive estate plan can help ensure that your affairs will be managed correctly and that your assets will be used and distributed according to your wishes. Powers of attorney (POA) are one important tool that may be used in your estate plan. These legal documents will grant someone else (your “agent”) the authority to act on your behalf in financial, legal, or medical matters. As you determine how to use powers of attorney, an […]

When it comes to estate planning, family-owned businesses have their own unique set of considerations. By addressing these issues, a business owner can help ensure the smooth transition of a family business from one generation to the next while also minimizing their tax burdens. If you own a family business in DuPage County, it is important to understand these considerations and work with an experienced attorney who can assist with business succession planning and other related concerns. Why Estate Planning Matters for Family-Owned Businesses Estate planning involves making arrangements regarding […]

Planning for the future is an essential part of life, and this includes creating an estate plan. Your estate plan will determine how different types of assets you own will be allocated among your heirs. This can help you make sure your family members and other loved ones will have the resources they need in the future. However, it is crucial to regularly review and update your estate plan, especially when it comes to beneficiary designations. The Importance of Beneficiary Designations In an estate plan, beneficiary designations specify who will […]

Divorce is a significant life event that can have a major impact on your estate plan. It is crucial to review and update your estate planning documents after getting divorced, especially if you are someone with a high income or extensive assets. By addressing the following issues, you can make sure you will be prepared to address the concerns that you and your family may encounter in the future: Updating Beneficiary Designations Following a divorce, it is important to revisit the beneficiary designations specified in various financial accounts and insurance […]

Estate planning is an important process that allows individuals and families to protect their assets and ensure a smooth transfer of wealth to loved ones after a person passes away. However, many people make common mistakes during the estate planning process that can lead to unintended consequences and legal challenges for their heirs. These mistakes include: Failing to Create an Estate Plan One of the biggest estate planning mistakes is simply not having a plan in place. Many people assume that they do not need an estate plan because they […]