Your parents own a business, and you know that the succession plan they’re putting in place is the focus of most of their estate planning -- either that, or they’re going to sell the company and give the assets to you and your siblings. Either way, this is a...
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LAKE FOREST ILLINOIS TRUSTS AND ESTATES LAW BLOG
Tax planning for your estate will preserve your lasting legacy
Whether you make your money by working a job, investing your assets or renting out real estate to tenants, you pay taxes on that income as you earn it. Unfortunately, if you don't start planning now to protect your heirs and the legacy you want to leave them, it is...
Warning signs that you may need to challenge an executor
Most people coping with the death of their loved ones are grateful that they don't have to be the ones to handle the estate's administration. Being a beneficiary and not needing to worry about handling taxes or other financial obligations can make it easier to handle...
Adding charitable giving to your estate plan
Estate planning helps you make sure that your estate and your loved ones are cared for when you pass. It can be a great way to take inventory of your life and protect your family. Estate planning can also be a way for you to reinforce the legacy that you are leaving....
How to prevent others from contesting your will
When you create an estate plan, you do so for many reasons. At the top of your list is the ability to decide where your assets end up upon your death. While there are many estate planning tools you can use to your advantage, there’s no guarantee of preventing a will...
How to prevent others from contesting your will
When you create an estate plan, you do so for many reasons. At the top of your list is the ability to decide where your assets end up upon your death. While there are many estate planning tools you can use to your advantage, there’s no guarantee of preventing a will...
When can a family member challenge a will?
If you are an executor for your parents’ or family member’s estate, you likely will face challenges when settling your loved one’s estate. The process takes time, it can be complicated, and you can face difficulty with heirs who are unhappy about what their share is...
Heirs of Boy Scouts founder purchased dams to avoid taxes
When the sale of a property occurred in connection with the estate of the man who founded the Boy Scouts of America, the money from the sale needed to be reinvested. If the heirs of the BSA founder did not reinvest the money within a year, they would have to pay taxes...
Probate litigation: Is it avoidable?
When an Illinois resident dies, his or her will must be validated in probate court. However, if someone contests the will, it can lead to probate litigation, which can be a complex and stressful process. If an estate owner wishes to protect his or her loved ones...
Maximizing the value you get for a home sale as executor
As the administrator or executor of an estate, you will likely find yourself in a situation where you have to make difficult decisions about assets, especially if the last will or estate plan instructs you to liquidate physical assets and distribute the proceeds among...
