Tag: estate plan
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 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 […]
The Importance of Retaining Representation as a Beneficiary in an Estate Plan
Posted on March 25, 2021
If you have been named as a beneficiary or heir in a loved one’s will or any type of trust, you might be happy to know that the person cared about you enough to include you in his or her estate plan. In many cases, you might be able to receive the benefits intended for you without any hassle. In other situations, however, you might encounter virtually endless obstacles to overcome before you can receive your intended inheritance. When things get complicated, it might be in your best interest to […]
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 […]
The Basics of Intestate Succession From a Naperville Estate Planning Lawyer
Posted on August 12, 2016
For many people, even beginning the conversation about estate planning can be difficult. It is not easy to confront the fact that you will not live forever and drafting a will, trust, and other estate planning documents forces you to look beyond the end of your life. As an estate planning attorney with decades of experience, I truly understand the challenges involved in the process, but I also recognize how crucial it is to have a plan in place. If you die without having executed a will, there is a […]
The Rights of Surviving Spouses and Dependent Children
Posted on January 26, 2015
Preparing an estate plan is a wise decision. However, even with a valid estate plan in place, your express wishes might not be carried out. For example, Illinois probate law affords special rights to surviving spouses and minor children that could contravene specific provisions in your will. Electing to Take a Statutory Share The surviving spouse has the right to renounce the decedent’s will in favor of taking a statutory (or elective) share of the decedent’s probate assets. This statutory share amounts to one-third of the estate if there are […]
How to Proceed in Probate When the Life Status of the “Decedent” is Unknown
Posted on April 29, 2014
Nine years after Samuel Zagaria disappeared, his sister Joanne petitioned the Cook County probate court for a presumption of death. The court complied and appointed Joanne, Zagaria’s only heir, the administrator of her brother’s estate. But in the course of administering the estate and trying to collect insurance benefits, Samuel turned up alive. Unfortunately for Samuel, that was not the end of the story. The physical fact of his existence did not immediately invalidate the legal presumption of death. Samuel had to ask the court to revoke the presumption and […]
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