Tag: estate planning
What to Do When Your Spouse Refuses to Participate in Estate Planning
Posted on January 29, 2021
In my practice as an estate planning attorney, I have helped many married couples create wills, trusts, and other estate planning instruments designed to offer long-term security and peace of mind. On occasion, however, I am approached by individuals who recognize the importance of estate planning but who cannot get their spouses to participate in the planning process. If this describes your situation, keep in mind that begging, nagging, or threatening your spouse will probably not do much good. Instead, there are a number of things that you can do […]
Preparing for the Unexpected: Living Wills and Death-Delaying Procedures
Posted on January 14, 2021
The law in Illinois expressly recognizes the rights of its citizens to make their own decisions regarding the medical care they wish to receive, even after the diagnosis or acquisition of a terminal condition. According to the law, a person may choose to have death-delaying procedures withheld or withdrawn in accordance with his or her own personal desires, regardless of his or her ability to make such decisions in the moment. To address these types of concerns, many individuals will utilize a living will to formalize their wishes regarding death-delaying […]
Considerations When Selecting an Estate Planning Attorney
Posted on December 28, 2020
If something tragic were to happen to you tomorrow, do you have any idea what would happen to your assets and property? Would you children, grandchildren, or other would-be heirs appropriately receive the inheritance you intend for them? If you are not sure about the answer to questions to like these, chances are, you do not have a comprehensive estate plan. In my practice as an estate planning attorney, I have helped hundreds of clients draft wills, create trusts, and implement other planning tools necessary in preparing for the future. […]
5 Important Considerations for an End-of-the-Year Estate Plan Review
Posted on December 21, 2020
In addition to opening Christmas presents and toasting the new year, the end of the calendar year is also a time to review your estate plan and create a strategy for reaching your financial goals in 2021. This time of year is a good time to do an estate plan “check-up.” An up-to-date estate plan can ensure that your final wishes are clear, offer peace of mind that your family is taken care of after you have passed, and protect your rights and financial interests. When a person passes away […]
Talking to Your Family About Your Estate Plan
Posted on December 14, 2020
In my practice as an estate planning lawyer, I meet with clients almost every day who are at least a little bit intimidated by the process. For many, it is not the logistics that bother them; it is the difficult subject matter. It can be quite uncomfortable to face the reality that we will not live forever and just as difficult to talk about money and property concerns that extend beyond our lifetime. As challenging as it may be to have these conversations with a stranger—albeit an estate planning professional—it […]
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 […]
Why Estate Planning Is Especially Important for Snowbirds
Posted on November 12, 2020
As a resident of Northern Illinois, I am all too familiar with the harsh weather we often experience during the winter. In fact, I know many people—many of them retirees—who maintain a separate home in a warmer climate to be used during the coldest months of the year. Affectionately known as a “snowbirds,” those who literally “go south for the winter” are like most people when it comes to estate planning. They should absolutely take steps to protect their assets and their loved ones, and they must adhere to applicable […]
Black Panther Star Reportedly Died Without a Will
Posted on November 6, 2020
The entertainment world was shaken in August when Chadwick Boseman, the Oscar-nominated star of Marvel’s Black Panther, died following a four-year battle with colon cancer. Boseman’s death came as a surprise to fans around the world because the 43-year-old actor chose to keep his diagnosis private, even as he continued to work. Playing the role of a superhero in the Marvel Universe, Boseman has largely been seen as a source of inspiration to people around the world, but it turns out that his story also highlights a serious mistake to […]
Should I Use Incentive Trusts in My Estate Plan?
Posted on October 29, 2020
As you approach the often-difficult topic of estate planning, it is understandable that you want what is best for your heirs—especially if they are your children or grandchildren. We would like to believe that our descendants will be responsible and mature enough to handle a sizeable inheritance, but deep down, we know that this is not always the case. Some people simply struggle to establish healthy spending habits, and for these people, money tends to burn a hole in their pocket. As an estate planning attorney, I am often asked […]
Report: Wealthy Americans Are Changing Their Estate Plans Over Concerns of Tax Increases
Posted on October 15, 2020
A few weeks ago, a post on this blog discussed former Vice President Joe Biden’s plans regarding the United States Tax Code if he were to be elected president in this year’s general election. Of course, with every new presidential administration comes certain changes to the nation’s tax policies. With this in mind, Mr. Biden’s campaign maintains that his policies would not raise taxes on anyone making less than $400,000 per year. But, what about those who make over $400,00 per year? In short, they stand to be the most […]
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