Tag: trusts

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 […]

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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 […]

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Take Care of Your Loved Ones with Proper Estate Planning

Posted on February 14, 2023

naperville estate planning lawyer

Whether it is family, friends, pets, or other loved ones, we all have people in our lives that we want to take care of. Proper estate planning is one of the best ways to do this. Estate planning not only allows you to ensure that your wishes are followed after your death, it also saves your loved ones a significant burden upon your passing. Benefits of Estate Planning Go Beyond the Financial Estate planning is often used to reduce taxes and other costs associated with transferring assets after death. However, […]

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Essential Questions Regarding Safety Deposit Boxes and a Loved One’s Death

Posted on January 26, 2023

naperville estate planning lawyer

Safety deposit boxes are used to store important items such as jewelry, legal documents, family heirlooms, and more. Items stored in a safety deposit box often have significant financial and sentimental value.  When a person passes away, there may be many questions regarding safety deposit boxes. What happens to a safety deposit box if it is not listed in the decedent’s will? Who receives the items in the safety deposit box? What if a recently deceased relative has a safety deposit box that no one knows about? Is there a […]

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What You Need to Know About Joint Trusts

Posted on January 17, 2023

naperville estate planning lawyer

There are seemingly countless estate planning instruments to choose from when creating your estate plans, and each has its own unique advantages. Trusts offer many benefits when compared to transferring assets through a will. Unlike property transferred through a will, assets transferred through a trust usually avoid probate. Furthermore, the trust maker, or grantor, enjoys greater control over how and when trust assets are distributed to heirs. There are many different types of trusts to consider when building your estate plans. In this blog post, we will discuss the basics […]

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How Do You Set Up a Trust For Your Grandchildren?

Posted on January 10, 2023

naperville estate planning lawyer

One of the greatest joys of being a grandparent is leaving a legacy for your grandchildren. Establishing a trust is one way to ensure that your grandchildren will benefit from the fruits of your labor even after you are gone. There are many different types of trusts to choose from and the type of trust you utilize will depend on your personal and financial objectives, your financial circumstances, and the type of assets you want to transfer to your grandchildren. When transferring wealth to children, grandchildren, or other loved ones, […]

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Does Your Estate Plan Have All The Needed Pieces?

Posted on December 6, 2022

naperville estate planning lawyer

According to a recent poll, only 46 percent of adults in the United States have a will. Even fewer have comprehensive estate plans. A last will and testament is the fundamental estate planning instrument. Through a will, you can specify who will receive your assets, personal possessions, and real estate after you pass away. You can also name a guardian for your minor children in the event that you and the other parent pass away before the children are adults. Without a valid will, state law determines how your property […]

Posted in Estate Planning

Get Your Charitable Giving Done Before The New Year

Posted on December 1, 2022

naperville estate planning lawyer

There are so many worthwhile charitable causes you can contribute to that help people, animals, and the environment in many needed ways. Helping others is part of being human – it makes the world a better place for all of us. There are also tax advantages associated with charitable giving that can help you financially. So, it is truly a win-win situation. There is still time to get your charitable giving before the end of the year so it qualifies on your upcoming tax return. Read on to learn about […]

Posted in Estate Planning

Talk About Death Openly To Make Things Easier For Your Loved Ones

Posted on November 29, 2022

Naperville estate planning lawyer

Many people shy away from discussing death openly, but it is something that should be talked about as a part of life. Talking about your eventual passing ensures that everyone who cares about you knows how to best deal with things once you do pass away. Death can happen to anyone at any time, so it is important to have some ideas regarding funeral and burial services and what you want to be done for your children, pets, and important assets. When loved ones understand your wishes, they do not […]

Posted in Estate Planning

Plan How To Best Distribute Items To Family And Friends

Posted on November 8, 2022

naperville estate planning lawyer

One of the greatest gifts you can give your family is detailed information about how to distribute your property upon your death. It can be a daunting task for surviving loved ones to take care of things once you have passed away. The more information you can provide in advance, the better. You may wish to leave some decisions to their discretion but leave detailed directions for certain items. The specifics are up to you, but getting a blueprint from you will help your loved ones get through the process […]

Posted in Estate Planning

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