Estate Planning

A dynasty trust is a rare estate planning tool built to last for generations, shielding assets from estate taxes, creditors, and divorce settlements at each generational transfer. While a typical trust usually terminates once the beneficiaries reach a certain age or the assets are distributed, a dynasty trust can hold and grow wealth indefinitely. An…

Many in Illinois assume a married couple shields double the amount from estate taxes when they die. While that’s true at the federal level, it is often not the case in Illinois. Although there is an effort afoot to change Illinois’ estate tax law, residents currently must rely upon a comprehensive estate plan created with…

Filling out a beneficiary form is standard practice when opening a 401(k) or IRA retirement account. Most Illinois residents never give it another thought, but that form carries significant importance.  When you die, retirement accounts pass according to the beneficiary designation on file with the plan or custodian, not according to instructions in a will….

When a loved one’s savings runs low, Medicaid becomes the primary way that many Illinois families provide nursing home care. Qualifying for this federal financial benefit is not as easy as spending down a savings account a month before applying. Under federal law, state Medicaid agencies review an applicant’s financial history. Understanding how this look-back…

Many people assume that any generous gift comes with a tax bill attached, either for the giver or the recipient. In reality, federal law lets most people give away substantial sums every year without owing a dime in gift tax or even filing paperwork.  Understanding the annual exclusion and how it interacts with Illinois’s own…

Most people buy life insurance to protect their families, only to discover the policy can create a tax problem. If you own your policy outright, its full death benefit is added to your taxable estate when you die, even though the payout goes directly to your beneficiaries. Illinois residents must realize that the state’s low…

When deciding how to pass on their estates when they die, most people consider their real estate holdings, retirement accounts, and vehicles. But what about their email inbox, social media accounts, Venmo records, and crypto wallets?  Digital assets are commonplace now, so when working with an experienced estate planning attorney, a full accounting of your…

Most people imagine that “Medicaid planning” means moving an elderly parent to a nursing home, yet there’s more to it. Medicaid planning is about protecting a family’s finances against the cost of long-term care, regardless of a person’s age. The same eligibility rules that apply to the elderly can damage the finances of someone who…