Estate Planning
How to Address Complex Investments in Your Estate Plan
Posted on March 14, 2024
When you have worked to build up assets and increase your net worth throughout your lifetime, you will want to make sure you and your family will be protected in the future. Estate planning is a crucial process that ensures that your assets will be distributed according to your wishes after you pass away. You can also make decisions about how your assets should be used during your lifetime through legacy planning and charitable giving. However, when you own complex investments, creating a comprehensive estate plan can be particularly challenging. […]
What Are the Benefits of Establishing a Private Foundation?
Posted on March 8, 2024
Charitable giving is a goal of many people and families, especially those who have a high net worth. While there are many options available, establishing a private foundation can offer a unique opportunity for a person or family to create a lasting philanthropic legacy while enjoying significant financial, tax, and legal benefits. When integrated into an estate plan, a private foundation can also serve as a strategic tool for managing wealth and promoting important causes. An attorney with experience in complex estate planning matters can provide guidance on the best […]
What Non-Traditional Families Need to Know About Estate Planning in Illinois
Posted on February 27, 2024
Estate planning is crucial for anyone who is looking to secure their family’s financial future and ensure that their plans and desires will be honored. For non-traditional families, including LGBTQ+ couples and blended families, estate planning can present unique challenges and considerations. Understanding these nuances and taking proactive steps to address potential legal and financial concerns can help safeguard a family’s future. An experienced attorney can provide invaluable guidance in these matters to ensure that all of a family’s concerns will be addressed correctly. Estate Planning Essentials for Non-Traditional Families […]
Do I Need to Address Cryptocurrency in My Estate Plan?
Posted on February 20, 2024
In recent years, cryptocurrency has become increasingly popular. Virtual currencies such as Bitcoin or Ethereum may be bought, sold, transferred, exchanged, or received as income. They can be used to conduct secure, private transactions, and many people have been able to realize large profits through trading, mining, and other activities. However, many people may be unsure about how to handle cryptocurrency and other digital assets in their estate plans. If you own cryptocurrency, an experienced attorney can help you include provisions in your estate plan to ensure that your loved […]
What Are the Tax Benefits of Charitable Trusts?
Posted on February 13, 2024
A charitable trust is a legal arrangement in which assets are transferred to the control of a trustee, and the income generated from those assets is then distributed to one or more charitable organizations. Charitable trusts offer several tax benefits for people and families who wish to support their favorite charitable causes, and they can also provide other financial advantages. An attorney who provides estate planning services for high-net-worth families can help determine the best charitable giving strategies while addressing other related legal and financial issues. Some benefits that charitable […]
What Are the Benefits of a Special Needs Trust?
Posted on February 5, 2024
There are multiple types of trusts and other estate planning tools that can be used to provide for the needs of family members or ensure that a person and their family will have sufficient financial resources at all times. Special needs trusts are one type of important legal tool that can provide financial support and security for family members or other loved ones with disabilities. These trusts are designed to protect a person’s eligibility for government benefits while also providing supplemental funds for their care and well-being. If you have […]
How a Power of Attorney Can Protect Your Financial Privacy
Posted on January 29, 2024
Financial privacy is something that many people and families value. Everyone wants to protect their personal information, especially when it comes to their finances, but this can be especially important for people with a high net worth, including business owners, entrepreneurs, wealthy families, and people who are involved in legal disputes. One legal tool that can help safeguard your financial privacy is a power of attorney. A power of attorney will give another person the authority to handle certain issues and make certain decisions on your behalf. A power of […]
How Do Non-Probate Assets Affect Estate Administration?
Posted on January 22, 2024
When someone passes away, their assets are typically distributed through a legal process known as probate. During this process, the representative of the estate will identify and determine the value of the deceased person’s assets, pay taxes, address any outstanding debts, and distribute the person’s assets to their heirs or beneficiaries. However, not all assets go through the traditional probate process. Some assets are considered non-probate assets because they have designated beneficiaries or joint owners who automatically receive ownership rights upon the owner’s death. These non-probate assets can significantly impact […]
5 Tax Planning Strategies to Help Protect and Preserve Wealth
Posted on January 12, 2024
When it comes to building and maintaining wealth, effective tax planning is a crucial component of an asset protection strategy. By taking advantage of various tax strategies, you can minimize your tax liabilities while preserving and protecting your hard-earned assets and ensuring that they can be passed on to future generations. An attorney who understands the best estate planning tools for high-net-worth families can provide guidance on the best strategies to use. These strategies may include: 1. Utilize Tax-Advantaged Accounts Certain types of accounts can be used to minimize the […]
Legacy Planning for High-Net-Worth People
Posted on January 4, 2024
Legacy planning is critical to estate planning, especially for those with significant wealth. For those with estates worth over $5 million, there are specific considerations and strategies to maximize the preservation and distribution of assets. If you are a high-net-worth person interested in legacy planning, a dedicated lawyer can provide the guidance necessary to ensure you can achieve your estate planning goals. Estate Tax Planning High-net-worth individuals with estates worth over $5 million should be aware of the potential impact of estate laws in Illinois. Proper tax planning can help […]
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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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