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April 2020 Archives

Choose the right trust for your estate plan

You've been looking for a way to manage your assets. You want to reduce the value of your estate and make it easier to pass on assets to your heirs and beneficiaries in the future. You want to shield your assets against creditors and prevent taxation.

Estate planning tips Illinois residents should keep in mind

Some people simply do not like to discuss their own mortality. Others see it as just a part of life. Whichever side of the topic a person's opinions fall on, one thing in life is certain -- everyone dies at some point. Illinois residents who want to protect their assets and do what they can for their loved ones may consider estate planning a valuable tool that allows them to make decisions and leave instructions that will be carried out after they're gone.

Incident sparks change in beneficiaries in woman's estate plan

When an Illinois resident executes an estate plan, it may not be enough to sign off on the documents and then be done with it. To the contrary, it is important to periodically review one's plan, especially if life changes prompt a need to update an existing plan. A woman in another state decided to act after she learned that her husband had had an affair, which she believes may have resulted in his fathering a child.

Probate litigation: Things Illinois heirs should know

Every Illinois state must pass through a probate process when an estate owner dies. Most estates are uncontested. During probate, the assets of the estate owner are collected. Taxes and debts must be paid, and remaining property distributed among heirs and beneficiaries. If someone wishes to contest a will, he or she may take the proper legal steps for probate litigation.

Estate planning: Issues for Illinois elders to consider

Many elders in Illinois and beyond are trying to live as high quality a life as possible, some despite increased health concerns. It is not uncommon, however, for older people to want to avoid considering the possibility that they might one day become incapacitated and unable to make financial or medical decisions on their own. At the same time, many elders do not like the idea of government intrusion regarding their private affairs or health care and financial decisions. This is one reason why estate planning is such a valuable tool.

Plan now for your end-of-life health care

Many people know they should establish a will to outline who is going to get their assets when they pass away, but this isn't the only type of planning they need to do. Making plans for end-of-life medical decisions is another important duty that you have.

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