Tag: estate planning
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 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 Can You Benefit from a Grantor Retained Annuity Trust? | IL
Posted on September 6, 2024
Those who want to secure their financial future and legacy might consider a Grantor Retained Annuity Trust, abbreviated as a GRAT. This type of trust allows those with a certain level of assets to pass those assets on to their beneficiaries while significantly minimizing estate tax liabilities. A GRAT is an irrevocable trust, meaning once it is put into place, it cannot be altered or dissolved. Because of this, it is essential that you speak to an experienced Naperville, IL, estate planning attorney from Gierach Law Firm, who can help […]
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 […]
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 […]
6 Steps to Follow When Updating Your Estate Plan
Posted on June 6, 2024
Planning for the future is important for everyone, and estate planning can ensure that your and your loved ones’ needs will be properly addressed in the years to come. A comprehensive estate plan can ensure that your assets are distributed according to your wishes, and it can provide peace of mind for your entire family. However, as life changes, your estate plan should change too. Understanding the steps for updating your estate plan is essential for ensuring that it will reflect your current circumstances while honoring your wishes. An experienced […]
How Should an Estate Plan Be Updated After a Divorce?
Posted on May 28, 2024
A divorce can upend the lives of spouses and multiple other family members. The end of a marriage will require multiple types of financial changes as each spouse determines how to address their needs on a single income. In addition, it is essential to update estate planning documents to ensure that they reflect the new circumstances of different family members. An experienced attorney can help navigate the complexities of estate planning post-divorce. The Importance of Updating Your Estate Plan Following a divorce, many aspects of a person’s life change, and […]
How Can Power of Attorney Be Used During Large Transactions?
Posted on May 17, 2024
Granting someone power of attorney (POA) can be an effective strategy to ensure that your financial affairs will be handled correctly during significant transactions. A seasoned attorney can help tailor a POA that will meet your specific needs while safeguarding your financial interests and ensuring that your wishes will be followed. Large transactions involving real estate purchases and sales, business dealings, or the management of substantial financial investments can be very complicated. If you are looking to protect your rights and interests in these transactions, the delegation of authority to […]
How Gift Taxes May Affect Your Estate Planning Strategies
Posted on May 3, 2024
For people with a high net worth, the estate planning process may involve a variety of complex concerns. It will be important to take steps to protect one’s assets and ensure that as much wealth as possible can be transferred to future generations or used to support charitable causes. One of the most important aspects of asset protection will involve minimizing the taxes that apply when an estate is transferred. Gift taxes and gift tax exclusions are a crucial factor in a high-net-worth estate plan. An experienced attorney can provide […]
When Do Beneficiaries Need Legal Representation During Probate?
Posted on April 25, 2024
The death of a family member can be difficult, regardless of the circumstances. As families deal with the emotional fallout of a loved one’s death, they will also need to address financial concerns, and they may need to make changes to their lives as they adjust to living without their deceased family member. In the midst of all of this, a family will need to address the legal concerns that may arise during the probate process. Navigating the complexities of probate can be challenging for all who are involved, but […]
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