When a loved one dies, family members often want to account for their belongings and to make sure any division and distribution of assets is done fairly and legally. It raises the question, how are bank accounts handled after the account holder’s death? Do the funds automatically get transferred to a family member? Who decides?…
When a parent or guardian dies, the expectation is for their heirs to receive the benefit of the deceased’s estate, including properties, family heirlooms, and investment accounts. But there may be strings attached to the inheritance. One or all of the heirs may be required to meet specific criteria to receive their portion of the…
Passing assets and property to heirs after a life of hard work is the goal of many Americans. Understanding estate taxes, exemptions, and how they apply to your assets is key to strategic estate planning. A qualified estate planning attorney can guide you, explaining the tools available and how each interacts with your wishes. Taxes…
Keeping a piece of property in the family can be a point of pride and a sentimental touchstone. It’s also a way to transfer wealth to your children and grandchildren. Understanding and properly using the tools available to transfer real property requires planning. The counsel of an estate planning attorney can protect your assets and…
Coping with the death of a family member can be a trying and stressful time. In some families, these situations bring long-simmering disputes to the surface, particularly regarding inheritances and promises. When siblings can’t agree on ownership, a family member’s final wishes, or the execution of estate plans, legal expertise is required. An experienced estate…
Blended families constitute nearly 40 percent of all living arrangements in the United States. These occur when one or both parents remarry, adding stepchildren and additional grandchildren to the mix. These can be joyful groups and result in many new friendships but when considering estates and inheritances things can get sticky. An experienced estate planning…
Inheritances can be a mixed blessing. Cash can be a welcome infusion during a busy time of life, such as when children are in college. Inheriting property can be emotionally draining and burdensome. Receiving financial assets always prompts questions about taxes. An experienced estate planning attorney can help you determine how best to structure inheritances…
Traditionally, heads of families attempt to build a nest egg that they can be proud to pass along to their children and grandchildren. But creating a legacy is not as simple as putting away a few dollars from each paycheck; it takes planning. The first step is finding the right estate planning attorney to assist…
When you start the process of comprehensive estate planning, keep in mind that there are implications for family members in states other than Illinois. The estate planning attorney you work with should be aware of this situation so specific action is taken. A qualified estate planning attorney will certainly ask about your heirs, including their…
Estate taxes are the sums paid to state and federal government when a person dies. They seem to be simple, in concept, but having a clear understanding of how state and federal taxes apply and interact, and how they impact your financial legacy is critical. An experienced estate planning attorney can help you understand how…
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