Tag: Naperville estate planning attorney
What is the Generation-Skipping Transfer Tax in Illinois?
Posted on June 10, 2025
You may have heard about various taxes that could affect how much of your wealth actually reaches your intended beneficiaries. One of the most complex and potentially costly types of taxes in estate planning is the Generation-Skipping Transfer Tax (GSTT), which can significantly impact families who want to transfer substantial assets directly to grandchildren or other younger generations. The GSTT is a federal tax designed to prevent people from attempting to avoid estate taxes by “skipping” a generation when transferring wealth, and understanding how it applies in Illinois is crucial […]
When Do You Have Grounds to Contest a Will in Illinois?
Posted on May 31, 2025
As most people know, a last will and testament is a legal document that outlines a person’s wishes concerning the disposition of their assets and the care of dependents after their passing. If properly executed, it can be a powerful way to ensure that their family is taken care of after their death. One significant drawback of wills for the testator — the person who makes the will — is that it must go through a court process called probate, where the will is officially proved. In probate, certain interested […]
How Can an Irrevocable Life Insurance Trust (ILIT) Protect Your Family’s Assets?
Posted on May 12, 2025
When you are crafting your estate plan, there are multiple tools that you can use to maximize your family’s wealth. One of those is an Irrevocable Life Insurance Trust (ILIT). Life insurance can be a powerful estate planning tool, and the ILIT offers many advantages that harness this power, including estate tax reductions, asset protection, and plenty of control over how your life insurance proceeds are distributed to beneficiaries. However, as with most factors in estate planning, it is important to be aware of how best to utilize this tool […]
8 Tips for Establishing a Foreign Trust
Posted on April 30, 2025
A trust is a key tool in the world of estate planning. Particularly for high-net-worth and global families, an attractive option to consider when planning how to handle family wealth is a foreign trust. And for good reason: trusts offer unparalleled flexibility and asset protection. They can be used as a way to diversify assets, ensure wealth is passed down thoughtfully and strategically, and guard against political and economic issues that may threaten assets. Foreign trusts can help protect and preserve a family’s wealth, and serve the needs of family […]
Integrating Family Governance Into High Net Worth Estate Planning
Posted on April 20, 2025
Large, multi-generational families often rely on traditional estate planning to meet their needs. For wealthy families, the most comprehensive estate planning strategies may be insufficient to truly ensure that the family’s wealth and success are protected through the generations. This is where family governance comes in, helping not only to preserve family wealth but also to cement a family legacy that is true to the family’s values. Family governance strengthens communication among family members, reducing disputes and making decision-making easier. An experienced Naperville, IL estate planning attorney can advise your […]
How Should You Manage Foreign Tax Treaties in Your Estate Tax Plan?
Posted on March 27, 2025
In today’s increasingly interconnected world, many multicultural and international families have assets around the world. Expats, U.S. citizens married to noncitizen spouses, global families splitting their time between the United States and other countries, and international investors in the United States all require estate planning strategies that take into account foreign tax treaties. High-net-worth individuals who fit this bill are particularly vulnerable to international taxation issues. These cross-border estate taxation issues make estate planning for global families complex and require thoughtful planning. An experienced Naperville, IL estate planning attorney can […]
Building a Liquidity Plan Into Your Estate
Posted on March 17, 2025
When creating your estate plan, it is important to keep multiple factors in mind, from the values that drive your estate plan, to the individuals and entities that you want as beneficiaries, to the way you want to utilize the estate plan to ensure that your wishes about your health are executed when you are no longer able to do so. Likewise, the need to incorporate tax considerations into an estate plan is widely known, as is the role of charitable giving in estate planning. However, there is an additional […]
How to Balance Family and Philanthropy in Your Estate Plan
Posted on February 28, 2025
Estate planning for high-net-worth individuals involves more than just asset distribution and tax considerations — it is an opportunity to shape your legacy. Many affluent families wish to support charitable causes while also ensuring their loved ones are financially secure. Striking the right balance between family wealth preservation and philanthropy requires thoughtful planning and strategic decision-making. An Illinois estate planning attorney can help craft a comprehensive approach that aligns with your values and long-term goals. Why Balancing Family and Philanthropy Matters For those with substantial wealth, philanthropy is a deeply […]
What Are the Best Ways to Use Philanthropy in Your Estate Plan?
Posted on January 30, 2025
Much of what goes into creating your estate plan involves making difficult decisions about the future, such as planning for incapacity or setting up the estate plan to boost family assets and provide for generations. However, there is another aspect of estate planning that can be deeply rewarding. Crafting your estate plan presents an opportunity to give back to the causes you care about and to plan for how to use your assets to make an impact in the world. An experienced Naperville, IL estate planning attorney can help you […]
How Can I Reduce the Overall Amount of Estate Taxes I Pay?
Posted on January 13, 2025
Also known as “death taxes,” estate taxes are the taxes that must be paid on the transfer of assets upon death. They are separate from income taxes. Both the federal government and Illinois currently levy estate taxes. The Internal Revenue Service (IRS) imposes taxes on assets worth over $13.99 million per person in 2025. This is called the federal estate tax exemption. An individual can make gifts during life using the exemption; any portion of the exemption left over at death will offset estate taxes. Meanwhile, Illinois is one of […]
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