It’s common for Illinois families to preserve the family home or other real estate assets as their legacy. But passing property to heirs can be a major pitfall for estate planning. An experienced estate planning attorney can help you avoid common mistakes that can result in your family paying higher-than-necessary taxes on their inheritances. 7…
Estate plans are never static, and recent changes in federal tax laws should prompt a review of your long-term planning. Staying abreast of the shifting rules affects how much you are taxed, whether you gift assets, and your approach to your financial legacy. Having an experienced estate attorney who can help you determine the best…
Divorce is a milestone that requires recalibration of many things, particularly your finances. Whether you’re already divorced or planning to be, adjusting your estate plan should be top of mind. An experienced estate planning attorney can guide you through the process of correcting important documents so they reflect your current situation. Your attorney will ensure…
A vacation home or investment property is wonderful to have but add layers of complexity to estate planning. There are several scenarios (like type of ownership) that demand specific estate planning tools. Following the advice of an experienced estate planning attorneys, particularly one familiar with the Illinois Probate Act, ensures that the estate plan developed…
A family business is something you work hard to build. For many people, it’s their life’s purpose. Protecting that legacy is critical, but without the ability to see into the future, it’s best to plan for anything. That’s why succession planning is important: because you can’t always predict what will happen. A trusted business attorney…
Successful families want their heirs to share their good fortune. Some financial tools allow families to pass along wealth to generations far in the future, but the size of the estate can trigger significant state and federal taxes. Rather than losing large sums to taxes, it’s advisable to make a plan with an experienced estate…
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,…
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