Power of attorney is a practical, if often misunderstood, tool that allows a designated person to act on your behalf any time you need it or when you are incapacitated. In Illinois, powers of attorney can cover financial, property, and/or health care matters. The scope of duties can be as broad or narrow as the…
When a family member dies, ownership of their property should transfer to next of kin. Unfortunately, if the person dies without a will, state law determines who gets the property, through the probate court. With a little planning, individuals and family members can plan to avoid the probate process so that property is inherited without…
Without a valid will, a person is considered “intestate” when they die. It’s legal jargon that means your estate will be decided by state law—not the individual—in probate court. This situation is easy to avoid by completing the correct paperwork. It will make your family’s life easier, save time and money, and doesn’t require a…
Marriage and other major milestones in life should trigger emotion—joy or sorrow—as well as reckoning. They are events that estate planning professionals hope people recognize as prompts to reevaluate and document their end of life plans. It’s never too early to make an appointment with a professional estate planning attorney to discuss your assets, heirs,…
Blended families are those in which one or both partners have children from prior relationships. When these families merge—often sharing households—they are considered “blended.” Statistics show that about 16 percent of children in the U.S. are living in blended family situations with stepparents, stepsiblings, or half-siblings. Nearly 40 percent of marriages include one person who…
Planning for the disposition of your assets should be comprehensive, including your personal and business assets. Failing to plan for the succession of your business can turn into a complicated task for your family members, who may not have the hands-on skills or knowledge to avoid debilitating tax bills, forced liquidation, or management chaos. With…
Inheriting a house seems like a windfall, but such a generous gift comes with many obligations. The reality of inheriting property includes taxes, maintenance, security, and management issues. An experienced estate planning attorney can describe your options for inheriting real estate, whether you keep or sell it. Rather than burdening you with additional work and…
Growing retirement savings through a 401(k), REIT, and other investment accounts enables many people to put away a significant nest egg. Yet it’s dismaying to learn how much of a bite is taken out of those funds by taxes, especially upon transfer to an heir. In Illinois, an estate tax of up to 16 percent…
Your family home is likely the site of many happy memories that become more poignant as you age. As wonderful as it is to have a secure place that you enjoy, it’s an asset that must be included in your end of life plans. Passing the home along to a family member or heir takes…
Staying on the right side of the Illinois Department of Revenue (ILDOR) means getting small issues taken care of before they become significant problems. Some notices you receive from the state agency are as simple as confirming your identity while others may require financial documents to support recent tax returns or claims. It’s crucial to…
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