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…
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…
The grief and adjustment after losing a loved one is hard on the strongest of families. Yet it is frequently compounded by complex legal issues, especially if the deceased did not plan ahead for the distribution of their assets. Planning ahead can defuse this fraught situation with the help of an experienced estate planning attorney….
When a loved one dies, family members often want to account for their belongings and to make sure any division and distribution of assets is done fairly and legally. It raises the question, how are bank accounts handled after the account holder’s death? Do the funds automatically get transferred to a family member? Who decides?…
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