Estate Planning
What is a Laughing Heir – And Can It Be Avoided in Illinois?
Posted on August 26, 2024
Have you ever fantasized about receiving a notification stating that your great, great, great-uncle Henry has died, leaving you his entire huge estate? At one time or another, most of us have had this happy daydream. While it is extremely rare in most states for this to occur, there is a name given to those who unexpectedly inherit in this manner. A “laughing heir” is the heir of an estate who is so remotely related to the decedent that he or she feels no grief over the decedent’s death. The […]
What Are the Estate Plan Benefits of Establishing a Trust?
Posted on August 16, 2024
A widely held belief says that including a trust in your estate plan is only for the super-rich. Many even believe that having an estate plan at all holds no benefit for the “average” person and that a will is all that is necessary. In truth, trusts provide a wide variety of benefits for virtually every family, and including a trust in your estate plan can be a sensible choice regardless of your financial status. A trust offers benefits that cannot be achieved with only a will, thanks to the […]
What Mistakes Should You Avoid in Estate Planning and Updating?
Posted on August 10, 2024
Creating an estate plan is one way of showing your family members how much you care about them. While confronting our own mortality is never easy, having an estate plan in place and then updating it regularly can be beneficial for you and your loved ones. When you leave behind a well-thought-out estate plan, clear directives in the plan will help your family members avoid disputes and conflicts. If you have done well for yourself financially, proper estate planning can help preserve your wealth for future generations and establish a […]
How is a Special Needs Trust Created?
Posted on July 30, 2024
People with disabilities or other special needs often require financial assistance, which can come from multiple sources. Family members or other loved ones can provide much-needed support by assisting with expenses and in many cases, the best way to do so is through a special needs trust. This kind of trust helps ensure that a person with a disability will be able to receive financial support without jeopardizing eligibility for government benefits. An experienced attorney can help a disabled person, his or her family members, and other involved parties navigate […]
What Is a Spousal Lifetime Access Trust?
Posted on July 19, 2024
During the estate planning process, a married couple can take steps to protect their assets and ensure financial security for themselves and their loved ones. For couples who are looking to minimize estate taxes while retaining access to their money and property, a spousal lifetime access trust (SLAT) can be an effective solution. An experienced attorney can help couples who own substantial assets understand how SLATs work and determine whether this solution is right for their financial situation. Understanding Spousal Lifetime Access Trusts A spousal lifetime access trust is an […]
How Can I Transfer Business Assets to Family Members?
Posted on July 10, 2024
For business owners, the estate planning process involves a variety of complex financial issues related to the assets they own, the transfer of these assets to family members, and the plans that ensure that their businesses will be able to continue operating successfully. If you are a business owner, you should begin making plans for how you want to transfer business assets to family members during your lifetime or after your death. Taking the right steps now is essential for ensuring the continuity and longevity of a family business. Family […]
How Can Dynasty Trusts Be Used to Protect and Transfer Assets?
Posted on July 3, 2024
People and families with a high net worth will want to make sure they take the correct steps to protect their assets and transfer them to future generations as efficiently as possible. Dynasty trusts offer a powerful solution for doing so. They can secure wealth, protect against financial losses, and ensure that assets are transferred to heirs correctly. An attorney who is experienced in estate planning for wealthy families can help ensure that dynasty trusts are created and managed correctly. What Are Dynasty Trusts? A dynasty trust, also known as […]
Should I Choose a Domestic or Offshore Asset Protection Trust?
Posted on June 26, 2024
If you own extensive or valuable assets, you will likely want to take steps to ensure that they are protected so that they can be used to address specific needs or passed on to your loved ones. While there are multiple options for asset protection, some of the best tools to use include asset protection trusts. These powerful legal tools are designed to shield your assets from creditors and potential lawsuits. However, understanding which type of asset protection trust to use may be a complicated matter. An experienced attorney can […]
What Steps Should Beneficiaries Take During Probate Litigation?
Posted on June 20, 2024
When a person passes away, her assets are distributed to her heirs through the probate process. During this process, beneficiaries may become concerned about the proceedings, and may need to take legal action to address certain issues. Sometimes this results in allegations of misconduct by the executor of the estate, or a beneficiary who disputes the validity of a will that was filed in probate court. Probate litigation may be necessary to protect the rights of beneficiaries or address other legal issues. The probate litigation process can be complex, but […]
How Can Beneficiaries Protect Their Rights During Probate?
Posted on June 12, 2024
The probate process, in which a person’s assets will be distributed to heirs after the person’s death, can be stressful for everyone involved. Complex estates usually involve a variety of legal and financial issues, and beneficiaries who expect to receive an inheritance may need to resolve concerns that arise during the probate process. Understanding your rights as a beneficiary and knowing when to seek legal action is crucial to make sure your loved one’s wishes will be honored while protecting your inheritance. An experienced attorney can help you navigate these […]
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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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