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to Each Client.
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...
When drafting an estate plan, a major part of the process involves deciding which beneficiaries will receive specific assets. With family heirlooms and other items with sentimental value, this may mean assigning individual items. With bank accounts or other financial...
A payable on death account, or POD account, gives you a chance to select the beneficiary for your bank account. Ordinarily, if you pass away with a traditional bank account, it then has to go through probate and be distributed in accordance with your will. But with a...
When you make your estate plan, it is up to you how you want to divide your assets. Some people keep things simple and split their assets equally, but you can also use unequal bequests, leaving different amounts to different beneficiaries. For instance, say that you...
Leaving someone an inheritance can always change their life in certain ways. If you leave a beneficiary $200,000, even if you just give them the money directly, it will give them a lot of options. People may use the money to start a business, buy a home or save for...
It is important to address your assets, whether they are financial or tangible, when making an estate plan. You can select beneficiaries and choose people who get certain assets or tell them how they have to divide things amongst themselves, such as leaving joint...
