Tag: Naperville estate planning attorney
How Do You Divide Jewelry in an Estate?
Posted on June 22, 2022
Rings, necklaces, bracelets, and other types of jewelry often have great sentimental value as well as significant financial value. Determining how to address jewelry in your estate plan can sometimes be overwhelming. Should you leave all the jewelry to one individual or split jewelry up between your loved ones? Do you need to have the pieces appraised before assigning them to heirs through your will? Can children, grandchildren, and other loved ones figure out how to divide jewelry on their own after your passing? Whether it is your high school […]
Do You Need a Contingent Beneficiary on Your Estate Planning Documents?
Posted on June 2, 2022
Estate plans allow you to pass on assets of both financial and personal value to your loved ones upon your death. The individuals you choose to designate assets to are called beneficiaries. Choosing beneficiaries and deciding how to distribute your possessions is no easy feat and there are many different factors to consider. This is why most estate planning lawyers encourage people to take their time and weigh their options carefully when creating a will, trust, or other estate planning document. When choosing beneficiaries, many people overlook a crucial question: […]
Have You Included Your Pets in Your Will?
Posted on April 27, 2022
Whether it is your fluffy cat, loyal dog, or prized pony, you need to think about and plan for who will take care of your pets should you become incapacitated or pass away. It is important to find the right people to care for your animals and the right homes for them. It is also important to discuss those plans with the intended caregivers since not everyone has the desire or ability to take care of pets. Animal Companions in Your Estate Plans Taking care of pets can be expensive, […]
The Tax Consequences of Leaving No Will or Estate Plan
Posted on April 7, 2022
This time of year, everyone is thinking about taxes, but taxes are something you should plan for long before April 15. When you do not leave a will or, better yet, a full estate plan, you may incur tax consequences that take money away from those you love and want to take care of. By planning ahead and using the correct financial instruments, you will be able to reduce your tax burden and have more control over your assets. Why Have a Will and Estate Plan? Without a will, your […]
What MacKenzie Scott and Melinda Gates Can Teach Us About Charitable Giving
Posted on August 10, 2021
Charitable giving allows us to contribute to the causes we believe in and, ultimately, make the world a better place. Philanthropy also gives us an avenue through which we can leave an enduring legacy. If you have the means to donate to charitable causes, you may be interested in including charitable giving in your estate plans. Two women who have recently been making headlines with their philanthropic pursuits are Melinda Gates and MacKenzie Scott. These women married two of the wealthiest men in the world. Now, they are using part […]
Tips for Choosing a Guardian for Minor Children in Your Estate Plans
Posted on August 3, 2021
There is a misconception that estate planning is not a concern for people in their 20s, 30s, and 40s. Many falsely assume that younger people do not need to worry about establishing a will, trust, advanced directive, or other estate planning documents until they reach retirement age. The reality is that it is never too soon to start building your estate plan. This is especially true of parents. If you are a parent with minor children, estate planning allows you to choose a guardian for your children if you die or are […]
Why Do Some Estate Plans Need a Professional Executor?
Posted on July 20, 2021
In the realm of estate planning and administration, an executor is responsible for managing the deceased person’s estate, distributing assets to beneficiaries, paying taxes and other financial obligations, and more. Often, the executor of an estate plan is a family member or close friend of the deceased person. However, there is no rule that this must always be the case. In many situations, a professional executor such as an estate planning attorney, trust company, or bank is better suited for the executor role. Some Individuals Choose a Professional Executor for […]
What Does a Comprehensive Estate Plan Protect?
Posted on July 13, 2021
Most people have a vague idea of why it is important to have a last will and testament. However, few recognize just how wide-reaching a comprehensive estate plan can be. A comprehensive estate plan contains much more than a will. By utilizing a combination of different estate planning instruments, you can address not only inheritance concerns but also how medical and financial decisions should be made if you are incapacitated, who should care for minor children if you die, and other critical matters. Most importantly, an estate plan protects your […]
Why Your Estate Plans Need Periodic Review and Revision
Posted on May 13, 2021
If you have created a will, trust, or other estate plans, you are already ahead of most people. Although estate planning is an essential responsibility, many people avoid creating an estate plan or procrastinate it indefinitely. However, estate planning does not end once you draft and sign the estate planning documents. Your estate plans need to be periodically reviewed and updated as you and your family grow and change. Experts generally recommend reviewing your estate plan every five years to be sure that it still meets your needs and those […]
Tax Planning in Your Estate Plan
Posted on April 8, 2021
Benjamin Franklin is attributed as having said that only two things are certain in life: death and taxes. The way you structure your estate plan will have considerable tax consequences, so it is important to plan accordingly. There are different tax-related advantages and disadvantages associated with each type of estate planning tool. Failure to plan for estate planning tax consequences can leave your surviving loved ones with unexpected and unpleasant tax-related surprises. An estate planning attorney can explain the potential tax implications and help you minimize your tax liability through […]
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