Estate Planning
Estate Planning Considerations for Family-Owned Businesses
Posted on September 5, 2023
When it comes to estate planning, family-owned businesses have their own unique set of considerations. By addressing these issues, a business owner can help ensure the smooth transition of a family business from one generation to the next while also minimizing their tax burdens. If you own a family business in DuPage County, it is important to understand these considerations and work with an experienced attorney who can assist with business succession planning and other related concerns. Why Estate Planning Matters for Family-Owned Businesses Estate planning involves making arrangements regarding […]
What Types of Charitable Trusts Can Be Used in an Estate Plan?
Posted on August 29, 2023
A well-crafted estate plan will not only ensure the smooth transfer of assets to a person’s loved ones after they pass away, but it also allows them to leave a lasting legacy through charitable giving. Charitable trusts are powerful tools that can be utilized as part of an estate plan, and they can not only benefit charitable organizations, but they can also help a person and their family meet their own financial goals. For those who are considering how to incorporate charitable giving into their estate plan, an experienced attorney […]
When Should I Update Beneficiary Designations in My Estate Plan?
Posted on August 23, 2023
Planning for the future is an essential part of life, and this includes creating an estate plan. Your estate plan will determine how different types of assets you own will be allocated among your heirs. This can help you make sure your family members and other loved ones will have the resources they need in the future. However, it is crucial to regularly review and update your estate plan, especially when it comes to beneficiary designations. The Importance of Beneficiary Designations In an estate plan, beneficiary designations specify who will […]
How You Should Update Your Estate Plan After Getting Divorced
Posted on August 16, 2023
Divorce is a significant life event that can have a major impact on your estate plan. It is crucial to review and update your estate planning documents after getting divorced, especially if you are someone with a high income or extensive assets. By addressing the following issues, you can make sure you will be prepared to address the concerns that you and your family may encounter in the future: Updating Beneficiary Designations Following a divorce, it is important to revisit the beneficiary designations specified in various financial accounts and insurance […]
5 Common Estate Planning Mistakes to Avoid
Posted on August 7, 2023
Estate planning is an important process that allows individuals and families to protect their assets and ensure a smooth transfer of wealth to loved ones after a person passes away. However, many people make common mistakes during the estate planning process that can lead to unintended consequences and legal challenges for their heirs. These mistakes include: Failing to Create an Estate Plan One of the biggest estate planning mistakes is simply not having a plan in place. Many people assume that they do not need an estate plan because they […]
When Can Assets Be Transferred to Beneficiaries Outside of Probate?
Posted on July 27, 2023
Probate is the legal process in which the assets a person owned will be distributed to their heirs and beneficiaries after their death. However, not all assets need to go through probate. In certain circumstances, assets can be transferred directly to beneficiaries without the need for court involvement. Understanding when this is possible can help simplify the estate administration process and ensure a smoother transfer of assets. When creating a comprehensive estate plan, it is important to understand how the following types of assets may be passed to beneficiaries: Joint […]
Can a Living Trust Help Me Protect My Assets?
Posted on July 21, 2023
Protecting your hard-earned assets is a crucial aspect of estate planning. One effective tool that can help you achieve this goal is a living trust. This type of trust allows you to maintain control over your assets while providing some protections. However, while a living trust can provide a variety of benefits, it may not be the best method for protecting assets in certain situations. By understanding how living trusts may be used and what other options may be available, you can determine the best options for preserving your wealth […]
Do I Need to Address Estate Taxes in My Estate Plan?
Posted on July 17, 2023
When considering your estate plan, it is essential to understand the potential impact of estate taxes and other types of taxes that may apply when you transfer your assets to others. Estate taxes, which are sometimes referred to as death taxes or inheritance taxes, may apply when a person’s assets are transferred to their beneficiaries after they pass away. For high-value estates, these taxes can be a significant issue that can greatly reduce the amount of wealth that is ultimately passed on to beneficiaries. By understanding when estate taxes may […]
Do I Need a Living Will in My Estate Plan?
Posted on July 12, 2023
Addressing issues related to your estate is an essential and responsible step you can take to ensure that your wishes will be honored after you pass away. However, your estate plan can also address your health care wishes prior to your death. When making decisions about incapacity planning, you may use several different types of legal documents, including a living will. By understanding what exactly a living will does, you can make sure you follow the proper procedures to address end-of-life care. What Is a Living Will? A living will […]
Essential Estate Planning Documents: Protecting Your Assets
Posted on July 5, 2023
Estate planning is about protecting more than your assets. It is about protecting you and the people you love and care about. Part of estate planning involves protecting yourself while you are still alive. The other important part is protecting your loved ones after you are gone. By protecting your assets with the right estate planning documents, you can maximize the benefit to your survivors. You will likely need a variety of different documents. Modern estate planning involves far more than making a will. In fact, a will might not […]
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