Tag: will

For most people, retirement accounts like IRAs and 401(k)s represent a lifetime of careful saving and investing. These accounts are often major assets within an estate, and they play a key role in how wealth is passed on to loved ones.  However, few people realize how complex the rules are for what happens to these funds after death, or how many layers of taxation can apply. Without proper estate planning, a large portion of your retirement savings could be lost to federal and state taxes before your beneficiaries ever receive […]

Challenging the validity of a will often involves allegations that someone manipulated the testator into changing their estate plan. In Illinois, undue influence is one of the most frequently cited grounds in will contests. Courts take these claims seriously because they call into question whether the testator’s final wishes were truly their own.  Understanding how undue influence works under Illinois law, what evidence courts consider, and how to file or defend against such a claim is critical if you are involved in a probate dispute. If you are defending yourself […]

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 […]

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 […]