Most Illinois residents have an estate plan for a house, a bank account, or a life insurance policy, but few have planned for what happens to their Venmo balance, a cryptocurrency wallet, or a Facebook profile when they die. These digital assets can be difficult or impossible for loved ones to access and may therefore…
Most trusts have a defined termination date. Under the common law “rule against perpetuities,” a trust generally must terminate and distribute its assets within a set period after the death of everyone living when it was created, typically about 21 years. A dynasty trust is designed to get around that limit. An experienced estate planning…
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…
A car accident, a stroke, or other sudden illness can leave any adult unable to manage money or make medical decisions. Many people assume a spouse or adult child can step in, but that’s not how Illinois law works. Without the right documents, your family may face delays, disputes, or even a court proceeding during…
Among the many property ownership options in Illinois is the “land trust.” It is an instrument with several potential applications, including preserving a person’s estate for their heirs but a land trust is limited to real property. An experienced estate planning attorney can help determine if a land trust is right for your circumstances and,…
Taxes are an unpleasant part of inheriting a house, farm, or brokerage account. But it’s critical to understand how capital gains rules apply, particularly in Illinois. An experienced estate planning attorney can explain how capital gains rules apply to inherited property. It can be the difference between a manageable transition and an unexpected tax bill. …
Consistently rated as one of the best places in Illinois to raise a family, Naperville has good schools and a strong sense of community. Yet living in such a sought-after location isn’t enough to ensure your family’s future security. Busy parents often overlook creating an estate plan. Estate planning isn’t only for new parents or…
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…
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