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February 2020 Archives

Avoid the contention these heirs and beneficiaries have faced

If adult children in Illinois are named as heirs in a parent's will, it is logical to assume they would hope to avoid legal obstacles when the time comes to administer their loved one's estate. In the past, several celebrities have taken legal steps to protect their assets and provide for their family after they're gone. The problem is that things do not always turn out as they might have hoped. In fact, there are numerous cases of heirs and beneficiaries battling it out in court.

Estate planning: Hot topic after Kobe Bryant's death

NBA fans, coaches, players and families in Illinois and around the globe recently mourned the tragic death of basketball icon Kobe Bryant, who was traveling with his daughter and several others when their helicopter crashed, leaving no survivors on board. Since the tragedy, news headlines have been filled with titles about Bryant's family, including speculation about estate planning. The question of whether the former basketball star had signed a last will and testament, so far, remains unclear.

Do you worry one family member may challenge your Illinois will?

There is a common saying that one bad apple spoils the bushel. The scientific basis for this statement is the fact that apples give off a ripening hormone. When one apple suddenly spoils, other apples in close proximity may wind up ripening prematurely and rotting as well.

Estate planning: Are you concerned with wealth transfer issues?

Thinking ahead is a valuable tool regarding wealth preservation. The Illinois estate planning process can help transfer wealth to heirs or beneficiaries in as tax efficient a manner as possible. The Internal Revenue Code is complex and often difficult to understand, and it is subject to ongoing revisions as well. This is why it pays to consult with someone who is well-versed in such issues before determining a best course of action regarding an estate plan.

How much do your heirs and beneficiaries know about finances?

When an Illinois resident executes an estate plan, there is often a last will and testament included. An estate owner might name heirs and beneficiaries to inherit certain assets after he or she has passed. If those so-named are not at all educated about financial issues, they may feel confused or overwhelmed about the probate process or other issues related to their inheritance.

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