A Commitment
to Each Client.
What happens to your assets after you pass away? This question is often decided by your estate plan. An estate plan is a legal arrangement that allows you to decide how your assets are distributed after you pass away. There are several important documents in an...
If you and your romantic partner have been in a long-term relationship with no plans to marry or to go your separate ways, you may “feel” married. It’s important to understand, however, that in some very important ways, you each lack legal protections that married...
Serving as a trustee can place you in difficult situations, especially if you are also a family member, business owner or beneficiary of the trust. A decision that seems practical may raise concerns if it appears to benefit you instead of the trust. That does not...
Both income taxes and estate taxes can affect what people inherit. An estate may need to pay the taxes owed by the person who died, as well as estate and income taxes incurred during estate administration. Heirs and beneficiaries do not receive the entirety of their...
Most adults know that they should have an estate plan in place to guide their loved ones about various matters if the creator becomes incapacitated or passes away. They may not realize that business owners need to have a component that other people don’t. Business...
Estate planners often find that adding a spendthrift trust can better suit the needs of an heir than a standard trust. These kinds of trusts add an effective barrier between the principal of the trust and your heir. Spendthrift trusts are especially useful when an...
When choosing someone to administer your estate, it’s better to choose someone yourself and get their approval than leave it to a court to have to appoint someone you may not have wanted. Naming the right person for this job is crucial. Here are three of the qualities...
Estate taxes can substantially reduce the positive financial impact that an estate may have otherwise had on an individual's heirs or beneficiaries. Frequently, testators with valuable property plan in advance to minimize or even eliminate estate tax obligations. For...
Planning your estate is an important step in protecting your assets and making sure your wishes are respected. Before any documents are prepared, it is essential to take time to understand your situation and priorities. Estate planning is not only for those with...
When a parent names one child as executor, family tension often follows. You may wonder if being named executor by your parent gives you more authority than your siblings. Under Illinois law, the answer is more limited than most expect. Understanding these limits can...
