Estate Planning
What Does an Estate Executor Do?
Posted on November 10, 2024
Following a person’s death, all their assets and property become part of an estate. An estate executor is the person who administers the estate. The executor’s specific role will vary depending on the estate and on whether or not the person who died, called the decedent, left a will. Generally, the role includes the distribution of assets, payment of debts and taxes, and other important tasks related to settling an estate. There are certain requirements for who may be an executor, but most executors are usually family members. An attorney […]
How Can Young Professionals Benefit from an Estate Plan?
Posted on October 29, 2024
If you are a young professional, you may understandably hesitate to create an estate plan. However, whether you have family wealth or are building your own, by creating an estate plan now you can safeguard your and your family’s interests, and have more peace of mind knowing you are planning for possible future eventualities as well as putting in place a strategy to safeguard your assets today with the help of a knowledgeable Illinois estate planning attorney. Reasons Young Adults Should Have an Estate Plan Preliminary Young Professional Estate Planning […]
How Do Powers of Attorney Complement an Estate Plan?
Posted on October 21, 2024
Often when individuals consider estate plans, they think about planning for a person’s death. While the purpose of an estate plan is, to a large extent, to make a plan for disposing of assets following death, powers of attorney are an important element of an estate plan for the living. An experienced Illinois estate planning attorney can advise on how the power of attorney can work alongside the rest of your estate plan. What is a Durable Power of Attorney? A durable power of attorney is an estate planning document […]
Why Make a Family Limited Partnership Part of an Estate Plan?
Posted on October 11, 2024
Illinois high net-worth families have unique interests to consider when setting up their estate plans to protect their assets for the future of their families. This is particularly important because Illinois is one of the few states that have passed a state estate tax. Estates in Illinois are also subject to the federal estate tax. An attorney who understands the complexities of structuring high-net worth Illinois estate plans may suggest the formation of a Family Limited Partnership (FLP) as part of an estate plan. What is a Family Limited Partnership […]
What Are Benefits of Establishing a Charitable Trust?
Posted on October 4, 2024
When creating an estate plan, one attractive option to consider is the creation of a charitable trust. A charitable trust is not only a way to leave a legacy and contribute through one’s estate to meaningful causes but also an important tax management and money-saving vehicle for your family. An Illinois trusted advisor can help you consider whether this estate planning tool is right for your family’s future. What Is an Illinois Charitable Trust? A charitable trust is an element of an estate plan that gives the grantor an opportunity […]
What Is the Amendment to the Probate Act of 1975? | IL
Posted on September 30, 2024
HB 1268 amends the Probate Act of 1975, providing that a person who has been convicted of a felony is qualified to act as an executor of an estate if: The bill’s sponsor stated during Senate debates that individuals who have committed a felony and served their time should be allowed to help their families. A person chosen to serve as an executor following incarceration for a felony must be at least 18 years of age and must not be unsound in mind or body. Another Senator argued against the […]
How Does Net Worth Affect Estate Planning? | IL
Posted on September 20, 2024
Estate planning is a necessary consideration for people from all walks of life. While some estate planning issues relate to everyone, those with a high net worth may have additional issues to consider to ensure full protection for themselves and their loved ones. Because larger, more complex estates are more likely to be exposed to business conflicts, family issues, creditors, and estate taxes, extra planning steps are necessary to mitigate these risks. If you have a high net worth and are considering your estate plan, having knowledgeable legal assistance can […]
Why Should You Prepare Now for 2026 Estate Tax Changes? | Illinois
Posted on September 13, 2024
Estate planning is rarely ever a “one-and-done” task. Estate plans must be revisited whenever there is a significant change in your life, including marriage, divorce, birth, a change in financial status, or a change in residence. Estate plans should also be updated when federal or state laws change. The Tax Cuts and Jobs Act of 2017 includes exemptions that expire in 2026. Under the TCJA, the lifetime estate and gift tax exemptions were significantly increased, but they will expire on January 1, 2026, unless new legislation leaves them in place. […]
What Are the Five Significant Risks of DIY Estate Planning? | IL
Posted on August 31, 2024
Many people put off estate planning as long as possible. The most common reasons for not having an estate plan include being too busy, not having sufficient assets, and not knowing where to begin. The thought of making an appointment with an estate planning attorney may create anxiety for those who are uncertain of how the process will go. In response to these feelings, some people will go on the internet and choose a DIY form that allows them to create their own estate plans. While some things in life […]
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 […]
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