Estate Planning

Passing wealth to the next generation is a meaningful act that is best accomplished with proper planning and thorough knowledge of state and federal tax law.  An experienced tax and estate planning attorney can prevent you from making common tax mistakes that unnecessarily erode inheritances. Careful attention to details can help Illinois families when faced…

If a parent dies when their children are young, a guardian steps in to care for them. However, if the parent did not leave the correct documents naming a guardian for their children, a court will make the decision about who raises them. An experienced estate planning attorney can help parents secure their children’s futures…

An estate plan is a comprehensive portfolio of your assets, prepared to maximize distribution to your selected heirs, carry out your healthcare directives, and minimize tax impacts and administrative fees paid through probate.  After working with an estate planning attorney to establish accounts and directives, signing the document isn’t the end of the process. An…

A mortgage doesn’t simply disappear when you die. Your heirs, your estate, or your co-borrower must resolve the mortgage. An experienced estate planning attorney can help you understand your end of life options, including the disposition of a mortgage. Accounting for it and other debts in a comprehensive estate plan will save your family time…

Wills and living trusts are two common estate planning tools. Knowing how they work and when you need them can impact your family’s future.  An experienced estate planning attorney can demystify the tools and objectives of end-of-life planning, particularly one trained in Illinois probate process and state statutes. They can explain the purposes and interactions…

When preparing an estate plan, deciding to put a beloved vacation home into a trust should be a simple matter. It’s one of the best ways to transfer the property to heirs. Leaving your vacation property unprotected by a trust can create headaches for your heirs. An attorney who specializes in estate planning can explain…

Day-to-day care giving demands are significant for children with special needs. Thinking ahead to their future and long-term financial security, as well as legal protection, can be overwhelming to consider.   To quiet understandable concerns about your child’s future, don’t put off learning about the legal tools, savings vehicles, and proactive planning methods available to parents….

Planning is an important part of understanding and controlling your finances. While it’s nice to receive an inheritance, not knowing how it might impact your taxes and other income-based reporting can cause stress.  The short answer to whether you pay taxes on an inheritance is no, yet there are exceptions to that rule.  Discussing your…

Passing a business along to the next generation is an admirable milestone but it requires many complex steps. There are many things to consider before starting the process, including a careful analysis of family dynamics, tax implications, and legal requirements. Having the guidance and thorough knowledge of an experienced business law attorney is critical to…