Tag: trusts

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 […]

Posted in Estate Planning

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 […]

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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 […]

Posted in Estate Planning

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 […]

Posted in Estate Planning

Six Signs it is Time to Update Your Will

Posted on June 2, 2023

naperville estate planning lawyer

Your last will and testament is the foundation of your estate plan. Your will explains how your property should be distributed to beneficiaries, designates a guardian for minor children, and describes your final wishes. It can be thought of as an instruction manual in probate showing how you want your assets to be distributed.  Creating a will is essential. However, it is not a one-and-done task. Many different life changes and circumstances will necessitate an update of your will and other estate planning documents. In this blog, we will explain […]

Posted in Estate Planning

Estate Planning Instruments for Transferring Real Estate

Posted on May 17, 2023

naperville estate planning lawyer

For many people, real estate properties are the most valuable assets they own. Personal residences, vacation homes, and other real estate properties also have significant personal and sentimental value.  Many people include their home in their will, but there are many different estate planning instruments above and beyond a will that allow for the transfer of real estate. If you intend to leave one or more real estate properties to your loved ones, make sure you are using the right legal tool for the job. Joint Tenancy with Right of […]

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Understanding Testamentary Capacity in the Context of Estate Planning

Posted on April 28, 2023

naperville estate planning lawyer

Anyone who signs a legal contract must do so of their own free will. An individual cannot be forced, manipulated, or tricked into signing a contract. These rules also apply to estate planning documents such as wills and trusts. Testamentary capacity refers to a person’s ability to create and agree to a valid will. An individual must be of sound mind to create a will that holds up against a will contest. Whether you are planning to create your will or you have concerns about the validity of a deceased […]

Posted in Estate Planning

Using a Special Needs Trust for a Child With a Severe Disability

Posted on April 18, 2023

naperville estate planning lawyer

If you are the parent of a disabled child, you are probably all too familiar with the expenses that come with a serious disability. The cost of special education, medical care, assistive devices, and other needs can be significant.  For now, you may be able to cover these expenses by directly paying for your child’s needs. But what happens when you pass away and can no longer directly provide financial assistance to your child? A special needs trust is an estate planning tool that parents of disabled children can use […]

Posted in Estate Planning

Most Common Estate Planning Mistakes Everyone Should Avoid

Posted on March 9, 2023

naperville estate planning lawyer

Estate planning is important for individuals of all ages, races, income levels, and backgrounds. With a proper estate plan, you can ensure that your assets are distributed to beneficiaries in the way you want them to be. You can also use estate planning instruments to reduce estate taxes, avoid probate, donate to charitable causes, plan for incapacitation, set up financial support for a disabled loved one, and much more. Unfortunately, many people make costly mistakes when creating their estate plans. Here are some of the most common estate planning mistakes […]

Posted in Estate Planning

Do All Wills Go Through Probate? 

Posted on March 7, 2023

A last will and testament is generally considered to be the most fundamental element of an estate plan. With a will, you are given the chance to dictate how your worldly possessions are distributed to beneficiaries upon your death. Wills are also used to designate a guardian for minor children to take care of the children if the parents pass away. Unfortunately, there are many misunderstandings and misconceptions about how wills work. One question many people ask is, “Does my will have to go through probate?” Probate is a legal […]

Posted in Estate Planning

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