Creating a comprehensive estate plan is the best way to preserve your legacy and ensure that you’re leaving your loved ones with a clear plan to follow when you pass away. There are many ways to accomplish this, but two of the most common methods people use to leave clear instructions and provide for their…
Leaving a lasting legacy is a priority for many people, and creating a good plan with the help of an Illinois estate planning attorney can help you do just that. But before you start drafting a will, it’s helpful to make sure you understand the order of inheritance in Illinois. This determines who inherits what…
Estate plans are far from static things. They can and should grow with you throughout your life. But many people end up creating an estate plan and letting it sit for years on end. Reviewing your plan regularly is the best way to make sure it adequately represents your wishes and protects your full estate…
There are a lot of misconceptions circulating about estate planning, and those misconceptions can encourage people to put it off for far longer than they should. Your Illinois estate planning lawyers at Legacy & Life Law Firm want you to be able to prepare for your future with confidence. Here are a few key things…
A benefit of working hard is sharing the fruits of your labor with your loved ones. However, gift or estate tax consequences may impact high net worth clients when they share their wealth. By crafting a comprehensive estate plan, we can address these concerns and protect high net worth clients and their loved ones. The…
About two out of three Americans will die without a will. This is known as dying intestate. While the reasons for not having a will vary, the end result is the same for everyone: they do not get to choose who receives their property when they die. Instead, their money and property are distributed according…
Probate is the legal process for recognizing the validity of a person’s will after their death and appointing the nominated decision maker. This person, also known as an executor or personal representative, administers the deceased person’s estate and ensures that their money and property are transferred to the beneficiaries specified in their will. If someone…
The box office success of the 2019 murder mystery Knives Out led to franchise status, with Glass Onion, the first sequel, released in late 2022. The original Knives Out featured whodunit intrigue surrounding the murder of a wealthy author and surprise changes to his will. While Knives Out endeared itself to fans because of its…
None of us likes to think about our own death or enjoys planning for that occasion. However, if you do not create an estate plan or fail to update it regularly, you are likely setting your loved ones up for even more stress and grief after you pass away. It may add to your own…
Joint trusts are beneficial for many married couples, especially if they have a stable relationship, do not have many creditors, and do not live in a state where their estate may be subject to a state death tax. Compared to separate trusts, they are easier to fund, allow the surviving spouse to have complete control…
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