Tag: trusts

What Happens to The House When Someone Moves to a Nursing Home?

Posted on August 4, 2022

naperville estate planning lawyer

Millions of adults move into nursing homes as they get older. If you are planning to move into a long-term care facility, assisted living facility, or nursing home or you intend to move an aging relative to a facility, you may have many questions. Most people in your position wonder what will happen to the nursing home resident’s home when he or she moves to a nursing home. Will the home be sold? Will the home pass to the homeowner’s beneficiaries? Can proceeds from the home sale be used to […]

Posted in Estate Planning

Planning For Illness or Incapacitation Should Be a Priority

Posted on July 26, 2022

naperville estate planning lawyer

Surprisingly, approximately 67 percent of Americans do not have a will or other estate planning documents in place. This means that 67 percent of Americans have no way to ensure that their final wishes are followed. They have given up the chance to direct how their worldly possessions are distributed to loved ones upon their death. Perhaps even more importantly, these individuals have given up the right to have a say in medical and financial decision-making if they become incapacitated. Although it is sad to consider, heart attacks, car accidents, […]

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Can A Lawyer Be Your Executor in Your Estate Plan?

Posted on June 28, 2022

naperville estate planning lawyer

Determining how assets will be distributed to heirs is just one aspect of building a comprehensive estate plan. You must also decide who will serve as the executor of your estate. The executor has the crucial duty of carrying out your last wishes. The list of executor responsibilities is long – especially for individuals with high-value or complex estates. The executor of an estate files the decedent’s will with the county court, notifies beneficiaries and heirs, pays creditors, and distributes assets to the correct parties. Who you choose as your […]

Posted in Estate Planning

Should You Plan and Finance Your Funeral?

Posted on June 9, 2022

naperville estate lawyer

Although it can be uncomfortable to think about, it is important for everyone to consider how their final arrangements should be made. The average funeral costs upwards of $7,000. This can be a major expense for grieving family members to contend with. Consequently, many people choose to finance their funeral and burial ahead of time. They also make sure family members are aware of their preferences regarding funeral arrangements such as music or religious ceremonies. If you are creating your estate plans, take some time to think about pre-planning and […]

Posted in Estate Planning

Have You Included Your Pets in Your Will? 

Posted on April 27, 2022

naperville estate planning lawyer

Whether it is your fluffy cat, loyal dog, or prized pony, you need to think about and plan for who will take care of your pets should you become incapacitated or pass away. It is important to find the right people to care for your animals and the right homes for them. It is also important to discuss those plans with the intended caregivers since not everyone has the desire or ability to take care of pets.  Animal Companions in Your Estate Plans Taking care of pets can be expensive, […]

Posted in Estate Planning

The Tax Consequences of Leaving No Will or Estate Plan

Posted on April 7, 2022

naperville estate planning lawyer

This time of year, everyone is thinking about taxes, but taxes are something you should plan for long before April 15. When you do not leave a will or, better yet, a full estate plan, you may incur tax consequences that take money away from those you love and want to take care of. By planning ahead and using the correct financial instruments, you will be able to reduce your tax burden and have more control over your assets.  Why Have a Will and Estate Plan?  Without a will, your […]

Posted in Estate Planning

What Assets Should Be Included in a Trust?

Posted on March 17, 2022

naperville trust lawyer

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. […]

Posted in Estate Planning

What MacKenzie Scott and Melinda Gates Can Teach Us About Charitable Giving

Posted on August 10, 2021

Naperville estate planning lawyers

Charitable giving allows us to contribute to the causes we believe in and, ultimately, make the world a better place. Philanthropy also gives us an avenue through which we can leave an enduring legacy. If you have the means to donate to charitable causes, you may be interested in including charitable giving in your estate plans. Two women who have recently been making headlines with their philanthropic pursuits are Melinda Gates and MacKenzie Scott. These women married two of the wealthiest men in the world. Now, they are using part […]

Posted in Estate Planning

Smart Estate Planning Moves for Complex Estates

Posted on July 6, 2021

naperville estate planning lawyer

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 […]

Posted in Estate Planning

If You Have Complex Assets, Your Estate Plan Requires More Assistance

Posted on June 3, 2021

Naperville estate planning lawyers

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 […]

Posted in Estate Planning

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