Tag: Naperville estate planning attorney
Tips for Choosing a Guardian for Minor Children in Your Estate Plans
Posted on August 3, 2021
There is a misconception that estate planning is not a concern for people in their 20s, 30s, and 40s. Many falsely assume that younger people do not need to worry about establishing a will, trust, advanced directive, or other estate planning documents until they reach retirement age. The reality is that it is never too soon to start building your estate plan. This is especially true of parents. If you are a parent with minor children, estate planning allows you to choose a guardian for your children if you die or are […]
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 […]
What Does a Comprehensive Estate Plan Protect?
Posted on July 13, 2021
Most people have a vague idea of why it is important to have a last will and testament. However, few recognize just how wide-reaching a comprehensive estate plan can be. A comprehensive estate plan contains much more than a will. By utilizing a combination of different estate planning instruments, you can address not only inheritance concerns but also how medical and financial decisions should be made if you are incapacitated, who should care for minor children if you die, and other critical matters. Most importantly, an estate plan protects your […]
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 […]
Tax Planning in Your Estate Plan
Posted on April 8, 2021
Benjamin Franklin is attributed as having said that only two things are certain in life: death and taxes. The way you structure your estate plan will have considerable tax consequences, so it is important to plan accordingly. There are different tax-related advantages and disadvantages associated with each type of estate planning tool. Failure to plan for estate planning tax consequences can leave your surviving loved ones with unexpected and unpleasant tax-related surprises. An estate planning attorney can explain the potential tax implications and help you minimize your tax liability through […]
Preparing for the Unexpected: Living Wills and Death-Delaying Procedures
Posted on January 14, 2021
The law in Illinois expressly recognizes the rights of its citizens to make their own decisions regarding the medical care they wish to receive, even after the diagnosis or acquisition of a terminal condition. According to the law, a person may choose to have death-delaying procedures withheld or withdrawn in accordance with his or her own personal desires, regardless of his or her ability to make such decisions in the moment. To address these types of concerns, many individuals will utilize a living will to formalize their wishes regarding death-delaying […]
Getting Divorced? Be Sure to Review Your Estate Plan
Posted on January 8, 2021
If you are going through a divorce, or you feel that a divorce is a strong possibility in the near future, you are probably facing—or are about to be facing—a number of challenges and obstacles. Even in the best situations, it can be very stressful to negotiate the various aspects of a divorce agreement, including the division of marital assets and spousal maintenance. Couples with minor children often have even more to worry about. Once your divorce is finalized, however, it is probably time to take another look at your […]
5 Important Considerations for an End-of-the-Year Estate Plan Review
Posted on December 21, 2020
In addition to opening Christmas presents and toasting the new year, the end of the calendar year is also a time to review your estate plan and create a strategy for reaching your financial goals in 2021. This time of year is a good time to do an estate plan “check-up.” An up-to-date estate plan can ensure that your final wishes are clear, offer peace of mind that your family is taken care of after you have passed, and protect your rights and financial interests. When a person passes away […]
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 […]
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