Estate Planning
Tax Planning in Your Estate Plan
Posted on April 8, 2021
Benjamin Franklin is attributed as having said that only two things are certain in life: death and taxes. The way you structure your estate plan will have considerable tax consequences, so it is important to plan accordingly. There are different tax-related advantages and disadvantages associated with each type of estate planning tool. Failure to plan for estate planning tax consequences can leave your surviving loved ones with unexpected and unpleasant tax-related surprises. An estate planning attorney can explain the potential tax implications and help you minimize your tax liability through […]
The Importance of Retaining Representation as a Beneficiary in an Estate Plan
Posted on March 25, 2021
If you have been named as a beneficiary or heir in a loved one’s will or any type of trust, you might be happy to know that the person cared about you enough to include you in his or her estate plan. In many cases, you might be able to receive the benefits intended for you without any hassle. In other situations, however, you might encounter virtually endless obstacles to overcome before you can receive your intended inheritance. When things get complicated, it might be in your best interest to […]
Charitable Giving in Your Estate Plan Can Add to Your Legacy
Posted on March 18, 2021
When you think about the idea of estate planning, it is reasonable to primarily consider the variety of documents and tools that you will need to pass your assets and property on to your children—and possibly your grandchildren. The transfer of assets to future generations is, of course, an important goal of the estate planning process, but there other things to consider as well. For example, you might also wish to think about the legacy that you will leave behind. One of the most common ways for you to cement […]
Complex Estates and the Dangers of DIY Estate Planning
Posted on March 11, 2021
For more than 240 years, America has enjoyed a reputation as a nation of independent people who are willing and able to do things themselves. Bookstores and the internet are full of resources for those with a do-it-yourself attitude, as books and YouTube videos can show anyone how to do just about anything with the right tools. From auto repairs to home improvements to the basics of French cuisine, you can fairly easily find a way to get the job done. With just a few clicks of your mouse, for […]
The Dangers of Failing to Plan: Caregiving Misunderstandings
Posted on February 25, 2021
If you are like the vast majority of people, when you see or hear the words “estate planning,” you are likely to think about wills, trusts, and other formal instruments that are commonly used to transfer property from one generation to the next. While it is certainly true that the transfer and protection of assets are major components of any estate plan, there are several other elements that address quality of life concerns as a person ages. As an estate planning attorney, I realize that many important topics like these […]
Estate Planning Means More Than Just Drafting a Will
Posted on February 11, 2021
When some people hear the terms “estate plan,” “wills”, “trusts,” or “end-of-life planning,” their eyes glaze over. The subject of estate planning can be overwhelming because it is a multifaceted topic which covers many aspects of financial and healthcare planning, but also because it is often uncomfortable to talk about what will happen after you pass away. However, having an estate plan in place gives you control over the distribution of your assets, your legacy wishes, and could even help you pay less in taxes, fees, and court costs. As […]
Three Important Reasons You Need an Up-to-Date Estate Plan
Posted on February 4, 2021
For far too many people, estate planning is something they will take care of later, which is a nice way of saying that it is not very important right now. Unfortunately, “later” becomes “never” in a large number of situations, leaving family members and loved ones to make important decisions during a time already complicated by grief. In my practice as an estate planning attorney, I have witnessed first-hand the reluctance to address the future. I have also seen such hesitancy evolve into peace of mind as my clients put […]
What to Do When Your Spouse Refuses to Participate in Estate Planning
Posted on January 29, 2021
In my practice as an estate planning attorney, I have helped many married couples create wills, trusts, and other estate planning instruments designed to offer long-term security and peace of mind. On occasion, however, I am approached by individuals who recognize the importance of estate planning but who cannot get their spouses to participate in the planning process. If this describes your situation, keep in mind that begging, nagging, or threatening your spouse will probably not do much good. Instead, there are a number of things that you can do […]
Preparing for the Unexpected: Living Wills and Death-Delaying Procedures
Posted on January 14, 2021
The law in Illinois expressly recognizes the rights of its citizens to make their own decisions regarding the medical care they wish to receive, even after the diagnosis or acquisition of a terminal condition. According to the law, a person may choose to have death-delaying procedures withheld or withdrawn in accordance with his or her own personal desires, regardless of his or her ability to make such decisions in the moment. To address these types of concerns, many individuals will utilize a living will to formalize their wishes regarding death-delaying […]
Getting Divorced? Be Sure to Review Your Estate Plan
Posted on January 8, 2021
If you are going through a divorce, or you feel that a divorce is a strong possibility in the near future, you are probably facing—or are about to be facing—a number of challenges and obstacles. Even in the best situations, it can be very stressful to negotiate the various aspects of a divorce agreement, including the division of marital assets and spousal maintenance. Couples with minor children often have even more to worry about. Once your divorce is finalized, however, it is probably time to take another look at your […]
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Please note: These blogs have been created over a period of time and laws and information can change. For the most current information on a topic you are interested in please seek proper legal counsel.
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