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…
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…
When a spouse dies without a will in Illinois, the state takes over—and the results are unlikely to match what was expected or intended. Dying without a will can introduce financial complications and add stress to an already difficult time. Having a will can help your family avoid this bureaucratic turmoil and additional uncertainty. An…
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…
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