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Plain-English articles on estate planning in Illinois.
LLC vs. S Corp in Illinois: Which Is Better for Your Tax Situation?
If you’ve had your head down and nose to the grindstone, preparing to launch a business, it’s understandable if you don’t understand the ins and outs of corporate entities. But filing the right paperwork and making the right choices for your business can make a big difference in the taxes you pay and the way
July 25, 2025
How to Avoid Penalties When You Owe Taxes in Illinois
Illinois tax structure isn’t considered onerous for individuals, who pay a flat income tax rate. Small and large businesses, however, have many hurdles to clear to stay on the right side of the State Department of Revenue because Illinois ranks 37th in the country for its business tax burden. Knowing what to pay and when
July 24, 2025
How to Avoid Common Illinois State Tax Filing Mistakes
Filing taxes is everyone’s least-favorite task, and it’s even more onerous for small businesses which struggle to find time for all of the work involved. It’s no surprise that many individual and business tax returns are rejected or sent back to correct errors of all sizes. Read on to understand the most common tax filing
July 14, 2025
How to Avoid a Lengthy Probate Process in Illinois
Probate is the legal process of settling the estate of a person who has died. It’s a distinct division of Illinois circuit court that deals only with estates and guardianships. Avoiding probate can save your loved ones time, stress, and expense. Read on to learn about the role of estate planning professionals, the tools they
July 8, 2025
When and Why Should You Update Your Estate Plan in Illinois?
An estate plan is a careful accounting and forward-looking plan for your assets. Estate plans can include trusts, a will, power of attorney, and long-term tax planning considerations. Keeping these documents updated is crucial to their proper synchronization when a triggering event occurs. An estate law specialist is the best person to consult regarding current
July 8, 2025
Changes to Illinois Tax Law in 2025 That You Should Know
The tax landscape in Illinois is changing, and it’s up to business owners and individuals to stay on top of new requirements. Navigating these shifting sands can be challenging, and failure to properly file the necessary paperwork carries legal and financial implications. A qualified business or estate attorney can help you understand how your holdings
June 29, 2025
10 Tax and Legal Mistakes to Avoid in 2025
Everyone makes mistakes now and then, but some are more costly than others. Often, the biggest mistake is continuing to do things the way you’ve always done them, rather than examining the assumption that your information is accurate. There are almost 35 million small businesses in the country, each with taxes to file. Getting professional
June 27, 2025
Top 10 Tax Terms Every Illinois Business Owner Should Know
Illinois is in the top third of states with high business taxes at 9.25 percent, but the tax environment is offset by the economic strength of the state, which features major corporations in agribusiness, healthcare, and farm machinery. Related businesses like suppliers, service providers, transportation and logistics services, and human resources assets stay in Illinois
June 23, 2025
The Probate Process in Illinois: Timeline and Key Steps
Probate courts oversee settling estates when people die, as well as naming guardians for those unable to care for themselves. Most people experience probate when a loved one dies and their estate is settled through the probate process. An uncomplicated probate case takes about a year to conclude, but those settling modest estates can petition
June 19, 2025
What assets go through probate in Illinois?
Probate is the legal process to settle an estate after the owner dies. All estates worth $100,000 or more are probated unless accounts meet certain standards or everything belonging to the owner is covered by a trust. Through the probate process, a person’s property is accounted for and distributed to their heirs. It is a
June 10, 2025
Can a Revocable Trust Become Irrevocable in Illinois?
Trusts are estate planning tools that are used in place of or in addition to wills, for legal and financial reasons. Trusts preserve a person’s (the grantor’s) assets for their heirs or beneficiaries. These accounts are classified as revocable or irrevocable. Revocable trusts can also be converted to irrevocable. It’s not unusual for people to
May 19, 2025
Do I Need a Will if I Already Have a Trust in Illinois?
Wills and living trusts are not mutually exclusive, nor does one override the other – if they are created to work together. If you’ve spent your life working hard, you want assurance that your family members will enjoy that legacy by inheriting your estate. Making that happen is the job of an estate planning attorney.
May 12, 2025