Tag: Naperville estate planning attorney
What Role Does Life Insurance Play in Estate Planning?
Posted on September 21, 2023
Estate planning can ensure that your assets will be distributed to your heirs according to your wishes after you pass away. When you create an estate plan, you will make important decisions about how your property, finances, and personal belongings will be managed and transferred to your loved ones. During the estate planning process, many people will focus on creating a will or establishing trusts. However, life insurance is an often overlooked but crucial aspect of estate planning. An attorney who understands how to address complex legal issues related to […]
What Are the Options for Asset Protection in an Estate Plan?
Posted on September 14, 2023
An estate plan is a crucial tool that allows people to protect their assets and distribute their property according to their wishes after they pass away. However, when you create an estate plan, you will not just be concerned about distributing your assets. You will also want to take steps to protect your assets during your lifetime. Asset protection is an essential aspect of a comprehensive estate plan, especially especially for those who have complex estates. By working with an experienced attorney, you can take steps to safeguard your hard-earned […]
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 […]
Six Signs it is Time to Update Your Will
Posted on June 2, 2023
Your last will and testament is the foundation of your estate plan. Your will explains how your property should be distributed to beneficiaries, designates a guardian for minor children, and describes your final wishes. It can be thought of as an instruction manual in probate showing how you want your assets to be distributed. Creating a will is essential. However, it is not a one-and-done task. Many different life changes and circumstances will necessitate an update of your will and other estate planning documents. In this blog, we will explain […]
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