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January 2020 Archives

Is estate planning one of your 2020 goals?

When a new year unfolds, it is not uncommon for people in Illinois and elsewhere to want to become more organized, get their affairs in order, and set numerous financial or personal goals for themselves and their families. Many people include estate planning as a top priority when they want to devise a system that helps protect their assets and plan for the future. No matter what your current age happens to be, if you're an adult, it is never too soon to develop a strong estate plan.

Probate litigation: Tom Petty's loved ones at odds

When former rock music icon Tom Petty died of an accidental drug overdose at age 66, it not only sent a ripple of grief among his fans in Illinois and throughout the world, it also sparked contention between his loved ones. The situation prompted probate litigation between his widow and two daughters from a previous marriage. Things recently took a turn for the worse in court when Petty's widow called the actions of his daughters both erratic and abusive.

Family members are the most common estate executors. Is it wise?

Part of doing estate planning involves picking an executor for the estate plan. This person essentially carries out that plan and takes care of everything that needs to happen. For instance, they may have to pay taxes, take stock of the assets, distribute money to the heirs as named in the will, and the like.

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