Tag: trusts
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 […]
How Can Young Professionals Benefit from an Estate Plan?
Posted on October 29, 2024
If you are a young professional, you may understandably hesitate to create an estate plan. However, whether you have family wealth or are building your own, by creating an estate plan now you can safeguard your and your family’s interests, and have more peace of mind knowing you are planning for possible future eventualities as well as putting in place a strategy to safeguard your assets today with the help of a knowledgeable Illinois estate planning attorney. Reasons Young Adults Should Have an Estate Plan Preliminary Young Professional Estate Planning […]
What is a Laughing Heir – And Can It Be Avoided in Illinois?
Posted on August 26, 2024
Have you ever fantasized about receiving a notification stating that your great, great, great-uncle Henry has died, leaving you his entire huge estate? At one time or another, most of us have had this happy daydream. While it is extremely rare in most states for this to occur, there is a name given to those who unexpectedly inherit in this manner. A “laughing heir” is the heir of an estate who is so remotely related to the decedent that he or she feels no grief over the decedent’s death. The […]
What Are the Estate Plan Benefits of Establishing a Trust?
Posted on August 16, 2024
A widely held belief says that including a trust in your estate plan is only for the super-rich. Many even believe that having an estate plan at all holds no benefit for the “average” person and that a will is all that is necessary. In truth, trusts provide a wide variety of benefits for virtually every family, and including a trust in your estate plan can be a sensible choice regardless of your financial status. A trust offers benefits that cannot be achieved with only a will, thanks to the […]
What Are the Options for Asset Protection in an Estate Plan?
Posted on September 14, 2023
An estate plan is a crucial tool that allows people to protect their assets and distribute their property according to their wishes after they pass away. However, when you create an estate plan, you will not just be concerned about distributing your assets. You will also want to take steps to protect your assets during your lifetime. Asset protection is an essential aspect of a comprehensive estate plan, especially especially for those who have complex estates. By working with an experienced attorney, you can take steps to safeguard your hard-earned […]
What Types of Charitable Trusts Can Be Used in an Estate Plan?
Posted on August 29, 2023
A well-crafted estate plan will not only ensure the smooth transfer of assets to a person’s loved ones after they pass away, but it also allows them to leave a lasting legacy through charitable giving. Charitable trusts are powerful tools that can be utilized as part of an estate plan, and they can not only benefit charitable organizations, but they can also help a person and their family meet their own financial goals. For those who are considering how to incorporate charitable giving into their estate plan, an experienced attorney […]
When Can Assets Be Transferred to Beneficiaries Outside of Probate?
Posted on July 27, 2023
Probate is the legal process in which the assets a person owned will be distributed to their heirs and beneficiaries after their death. However, not all assets need to go through probate. In certain circumstances, assets can be transferred directly to beneficiaries without the need for court involvement. Understanding when this is possible can help simplify the estate administration process and ensure a smoother transfer of assets. When creating a comprehensive estate plan, it is important to understand how the following types of assets may be passed to beneficiaries: Joint […]
Can a Living Trust Help Me Protect My Assets?
Posted on July 21, 2023
Protecting your hard-earned assets is a crucial aspect of estate planning. One effective tool that can help you achieve this goal is a living trust. This type of trust allows you to maintain control over your assets while providing some protections. However, while a living trust can provide a variety of benefits, it may not be the best method for protecting assets in certain situations. By understanding how living trusts may be used and what other options may be available, you can determine the best options for preserving your wealth […]
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