Tag: Estate Planning
What Assets Should Be Included in a Trust?
Posted on March 17, 2022
There are a variety of tools that can be used for estate planning. Trusts are some of the most powerful and flexible instruments that can protect the assets you own and make sure they will be used properly both before and after your death. When assets are held in a trust, you will technically no longer own them, since ownership will be transferred to the trust itself. Depending on the type of trust you use, you may be able to maintain control over your assets by serving as the trustee. […]
Why Do Some Estate Plans Need a Professional Executor?
Posted on July 20, 2021
In the realm of estate planning and administration, an executor is responsible for managing the deceased person’s estate, distributing assets to beneficiaries, paying taxes and other financial obligations, and more. Often, the executor of an estate plan is a family member or close friend of the deceased person. However, there is no rule that this must always be the case. In many situations, a professional executor such as an estate planning attorney, trust company, or bank is better suited for the executor role. Some Individuals Choose a Professional Executor for […]
Smart Estate Planning Moves for Complex Estates
Posted on July 6, 2021
A comprehensive estate plan allows you to provide for your family, reduce taxes, avoid family conflicts about inheritance, and leave a lasting legacy. There are nearly countless different legal tools to help you achieve your estate planning goals based on your unique situation. The types of estate planning tools you use will depend mainly on the type of property you own and the complexity of your estate. Individuals with complex estates will need to work with an experienced estate planning lawyer to build a robust estate plan that adequately addresses […]
Top Illinois Estate Planning Questions Answered
Posted on June 22, 2021
Did you know that only 40 percent of Americans have a will? Even fewer have a comprehensive estate plan. A surprisingly large percentage of adults simply avoid estate planning or put it off until it is too late. Estate planning is important for anyone, but it absolutely crucial for those with high-value or complex estates. Read on to learn answers to some of the most common estate planning questions. At What Age Should I Start Building an Estate Plan? Many people wonder, “Am I old enough to write a will, […]
Technology Helps Create Memories That Last Generations
Posted on June 15, 2021
Add Your Life Lessons to Your Estate Plan Estate planning typically focuses on passing down assets through wills, trusts, and other estate planning instruments. However, a person is much more than the assets they have accumulated. Your life has been filled with joy, hardships, successes, laughter, and lessons. Have you considered how you will pass along these stories and lessons to future generations? Estate Planning in the Digital Age The amazing technological advancements society has experienced in the last several decades have dramatically improved our ability to leave a legacy. […]
If You Have Complex Assets, Your Estate Plan Requires More Assistance
Posted on June 3, 2021
Estate planning is a crucial responsibility regardless of your net worth. However, individuals with large or complex estates must pay careful attention to how they structure their estate plans. The particular estate planning instruments and strategies you utilize can have profound financial implications and tax-related consequences. Failure to plan appropriately can also force your loved ones to hash out inheritance concerns on their own. The burdensome task of guessing how a deceased relative would have allocated his or her estate often leads to stress, confusion, and contentious family arguments. If […]
How is a Business Affected by the Death of the Owner?
Posted on May 25, 2021
As a business owner, it is important to consider what will happen to your business if you were to pass away. While it is an unpleasant reality to consider, none of us know which day will be our last. Unexpected tragedies happen every day. Therefore, planning for what will happen to your business should you as the business owner pass away is crucial. A key element in this process is creating a comprehensive estate plan. What Happens to a Business if the Owner Dies or Becomes Incapacitated? As we have […]
Why Your Estate Plans Need Periodic Review and Revision
Posted on May 13, 2021
If you have created a will, trust, or other estate plans, you are already ahead of most people. Although estate planning is an essential responsibility, many people avoid creating an estate plan or procrastinate it indefinitely. However, estate planning does not end once you draft and sign the estate planning documents. Your estate plans need to be periodically reviewed and updated as you and your family grow and change. Experts generally recommend reviewing your estate plan every five years to be sure that it still meets your needs and those […]
A Well-Designed Estate Plan Can Help You Avoid Probate
Posted on May 6, 2021
Proper estate planning is key to ensuring that your assets are distributed according to your wishes. You have worked hard to earn the property you own and you deserve to choose how that property is allocated after your death. Numerous estate planning tools can help you accomplish your goals and provide for your family’s future. The type of estate planning instruments that you utilize depends on your unique needs and objectives. For many, a key goal is avoiding the probate process. What is Probate and Why Would I Want to […]
Beneficiaries and Executors: Important Rights and Responsibilities
Posted on April 29, 2021
The process of estate planning allows us to make essential decisions about how our property is passed to beneficiaries. Beneficiaries have certain rights and responsibilities by law, as do those who have been given fiduciary responsibilities. Whether you are drafting a will, or you have been named as a beneficiary or executor in someone else’s will, it is important to understand exactly what these roles entail. In most cases, the creator, beneficiaries, and fiduciaries of an estate plan can benefit from consulting with a skilled estate planning attorney. Choosing Your […]
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