Estate Planning
Considerations When Selecting an Estate Planning Attorney
Posted on December 28, 2020
If something tragic were to happen to you tomorrow, do you have any idea what would happen to your assets and property? Would you children, grandchildren, or other would-be heirs appropriately receive the inheritance you intend for them? If you are not sure about the answer to questions to like these, chances are, you do not have a comprehensive estate plan. In my practice as an estate planning attorney, I have helped hundreds of clients draft wills, create trusts, and implement other planning tools necessary in preparing for the future. […]
5 Important Considerations for an End-of-the-Year Estate Plan Review
Posted on December 21, 2020
In addition to opening Christmas presents and toasting the new year, the end of the calendar year is also a time to review your estate plan and create a strategy for reaching your financial goals in 2021. This time of year is a good time to do an estate plan “check-up.” An up-to-date estate plan can ensure that your final wishes are clear, offer peace of mind that your family is taken care of after you have passed, and protect your rights and financial interests. When a person passes away […]
Talking to Your Family About Your Estate Plan
Posted on December 14, 2020
In my practice as an estate planning lawyer, I meet with clients almost every day who are at least a little bit intimidated by the process. For many, it is not the logistics that bother them; it is the difficult subject matter. It can be quite uncomfortable to face the reality that we will not live forever and just as difficult to talk about money and property concerns that extend beyond our lifetime. As challenging as it may be to have these conversations with a stranger—albeit an estate planning professional—it […]
Consider Charitable Donations in Your Estate Plan
Posted on December 7, 2020
For many people, the day after Thanksgiving marks the beginning of the winter holiday shopping season, and in most years, retail outlets attempt to lure customers by offering great “Black Friday” deals. “Small Business Saturday”—an event created by American Express—immediately follows Black Friday, and it is a day for shoppers to focus their spending on family-owned stores instead of major chains and big-box stores. “Cyber Monday”—a day dedicated to online shopping deals—is two days after Small Business Saturday. After more than a full weekend of consumerism, the day after Cyber […]
What You Should Know About the Power of Attorney for Health Care and Living Wills
Posted on November 25, 2020
It is easy to think that estate planning primarily addresses how to divide your property and provide for your loved ones in the event of your death. However, a significant portion of the estate planning process can be dedicated to ensuring that you are properly cared for while you are alive. As an experienced estate planning attorney, I am regularly asked about some of the various tools that can be used to specify a person’s wishes regarding medical care and health decisions. There are several options from which to choose, […]
Why Estate Planning Is Especially Important for Snowbirds
Posted on November 12, 2020
As a resident of Northern Illinois, I am all too familiar with the harsh weather we often experience during the winter. In fact, I know many people—many of them retirees—who maintain a separate home in a warmer climate to be used during the coldest months of the year. Affectionately known as a “snowbirds,” those who literally “go south for the winter” are like most people when it comes to estate planning. They should absolutely take steps to protect their assets and their loved ones, and they must adhere to applicable […]
Black Panther Star Reportedly Died Without a Will
Posted on November 6, 2020
The entertainment world was shaken in August when Chadwick Boseman, the Oscar-nominated star of Marvel’s Black Panther, died following a four-year battle with colon cancer. Boseman’s death came as a surprise to fans around the world because the 43-year-old actor chose to keep his diagnosis private, even as he continued to work. Playing the role of a superhero in the Marvel Universe, Boseman has largely been seen as a source of inspiration to people around the world, but it turns out that his story also highlights a serious mistake to […]
Should I Use Incentive Trusts in My Estate Plan?
Posted on October 29, 2020
As you approach the often-difficult topic of estate planning, it is understandable that you want what is best for your heirs—especially if they are your children or grandchildren. We would like to believe that our descendants will be responsible and mature enough to handle a sizeable inheritance, but deep down, we know that this is not always the case. Some people simply struggle to establish healthy spending habits, and for these people, money tends to burn a hole in their pocket. As an estate planning attorney, I am often asked […]
Report: Wealthy Americans Are Changing Their Estate Plans Over Concerns of Tax Increases
Posted on October 15, 2020
A few weeks ago, a post on this blog discussed former Vice President Joe Biden’s plans regarding the United States Tax Code if he were to be elected president in this year’s general election. Of course, with every new presidential administration comes certain changes to the nation’s tax policies. With this in mind, Mr. Biden’s campaign maintains that his policies would not raise taxes on anyone making less than $400,000 per year. But, what about those who make over $400,00 per year? In short, they stand to be the most […]
What Is a Pour-Over Will and How Does It Work?
Posted on September 18, 2020
Within the realm of estate planning, there are many terms and phrases that can be very confusing to the average person. At times, it can feel like planning for your family’s future requires learning a new language altogether, just so you can know what tools and instruments to utilize. Most people are familiar with the idea of a will and have probably heard of trusts. But, did you know that wills and trusts are used in conjunction with one another in a comprehensive estate plan? As an experienced estate planning […]
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