Tag: estate planning
How Do Non-Probate Assets Affect Estate Administration?
Posted on January 22, 2024
When someone passes away, their assets are typically distributed through a legal process known as probate. During this process, the representative of the estate will identify and determine the value of the deceased person’s assets, pay taxes, address any outstanding debts, and distribute the person’s assets to their heirs or beneficiaries. However, not all assets go through the traditional probate process. Some assets are considered non-probate assets because they have designated beneficiaries or joint owners who automatically receive ownership rights upon the owner’s death. These non-probate assets can significantly impact […]
Legacy Planning for High-Net-Worth People
Posted on January 4, 2024
Legacy planning is critical to estate planning, especially for those with significant wealth. For those with estates worth over $5 million, there are specific considerations and strategies to maximize the preservation and distribution of assets. If you are a high-net-worth person interested in legacy planning, a dedicated lawyer can provide the guidance necessary to ensure you can achieve your estate planning goals. Estate Tax Planning High-net-worth individuals with estates worth over $5 million should be aware of the potential impact of estate laws in Illinois. Proper tax planning can help […]
Should a High Net Worth Estate Plan Use a Revocable Living Trust?
Posted on December 12, 2023
Estate planning is an essential process that allows people and families to protect and distribute their assets according to their wishes. For high net worth families, the complexity of their financial situation often requires more advanced estate planning strategies. Revocable living trusts can play a key role in these strategies. An experienced estate planning attorney can provide guidance on the best ways to use revocable living trusts and other types of trusts to achieve a family’s goals. What Is a Revocable Living Trust? A revocable living trust, also known as […]
Taking Care of Beloved Pets: Your Estate Planning Options
Posted on December 9, 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.
How to Protect Your Digital Assets in Your Estate Plan
Posted on December 4, 2023
In today’s digital age, there are a variety of assets that people may own that may not have a physical form. Digital assets can include items such as social media accounts, online banking and investment accounts, email and cloud storage accounts, domain names, and even cryptocurrencies. These assets can hold both sentimental and financial value, and they should be properly addressed in your estate plan to ensure that they are protected after you pass away. An attorney who has experience addressing these concerns can work with you to make sure […]
What Is an Irrevocable Life Insurance Trust?
Posted on November 29, 2023
Creating a comprehensive estate plan is crucial to ensure that your assets are distributed according to your wishes after you pass away. One important tool to consider as part of that plan is an irrevocable life insurance trust (ILIT). An ILIT can offer several benefits, including potential tax savings and the seamless transfer of certain assets. An experienced attorney can provide guidance on the role that an ILIT may play in your estate plan, and they can help you take steps to implement your plans and ensure that your wishes […]
How Are High-Value Assets Addressed During the Probate Process?
Posted on November 14, 2023
When someone passes away, their estate goes through probate to ensure that their assets are distributed according to their wishes, their debts are paid off, all required taxes are paid, and other issues related to their estate are handled correctly. The probate process can be complex and time-consuming, especially when high-value assets are involved. Assets such as real estate, investments, businesses, and valuable personal property may require special attention during this process. To ensure that all legal and financial concerns are addressed correctly during the probate process, it is important […]
How to Maximize Charitable Contributions in an Estate Plan
Posted on November 2, 2023
An estate plan is a crucial tool for people and families who want to ensure that their assets are distributed according to their wishes. While many people focus on providing for their loved ones through their estate plans, it is also important to consider charitable contributions as part of the overall plan. Charitable giving not only allows you to support causes that are close to your heart, but it can also provide significant tax benefits. By incorporating charitable contributions into your estate plan, you can maximize the impact of your […]
Estate Planning Considerations for Children With Special Needs
Posted on October 20, 2023
When it comes to estate planning, there are many factors to consider. For families of children with special needs, estate planning can be especially important, and there are a variety of complex issues that will need to be considered. By putting the proper measures in place, a family can make sure children will have the resources they need. In these situations, it is crucial for family members to work with an attorney who understands the best ways to utilize the available options for providing for children’s current and future needs. […]
When Should Irrevocable Trusts Be Used in an Estate Plan?
Posted on October 13, 2023
An estate plan is a crucial part of ensuring that your assets are distributed according to your wishes after you pass away. One tool commonly used in estate planning is the irrevocable trust. Unlike a revocable trust, which can be modified or revoked at any time, an irrevocable trust cannot be altered once it has been established. If you are considering the best ways to protect your assets and make sure your wishes will be followed correctly, an attorney can provide guidance on how irrevocable trusts and other estate planning […]
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