Tag: Naperville estate planning attorneys
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 […]
What is a Laughing Heir – And Can It Be Avoided in Illinois?
Posted on August 26, 2024
Have you ever fantasized about receiving a notification stating that your great, great, great-uncle Henry has died, leaving you his entire huge estate? At one time or another, most of us have had this happy daydream. While it is extremely rare in most states for this to occur, there is a name given to those who unexpectedly inherit in this manner. A “laughing heir” is the heir of an estate who is so remotely related to the decedent that he or she feels no grief over the decedent’s death. The […]
What Are the Benefits of a Special Needs Trust?
Posted on February 5, 2024
There are multiple types of trusts and other estate planning tools that can be used to provide for the needs of family members or ensure that a person and their family will have sufficient financial resources at all times. Special needs trusts are one type of important legal tool that can provide financial support and security for family members or other loved ones with disabilities. These trusts are designed to protect a person’s eligibility for government benefits while also providing supplemental funds for their care and well-being. If you have […]
How a Power of Attorney Can Protect Your Financial Privacy
Posted on January 29, 2024
Financial privacy is something that many people and families value. Everyone wants to protect their personal information, especially when it comes to their finances, but this can be especially important for people with a high net worth, including business owners, entrepreneurs, wealthy families, and people who are involved in legal disputes. One legal tool that can help safeguard your financial privacy is a power of attorney. A power of attorney will give another person the authority to handle certain issues and make certain decisions on your behalf. A power of […]
How Do Non-Probate Assets Affect Estate Administration?
Posted on January 22, 2024
When someone passes away, their assets are typically distributed through a legal process known as probate. During this process, the representative of the estate will identify and determine the value of the deceased person’s assets, pay taxes, address any outstanding debts, and distribute the person’s assets to their heirs or beneficiaries. However, not all assets go through the traditional probate process. Some assets are considered non-probate assets because they have designated beneficiaries or joint owners who automatically receive ownership rights upon the owner’s death. These non-probate assets can significantly impact […]
How to Protect Your Family’s Privacy in Your Estate Plan
Posted on December 28, 2023
When creating an estate plan, many people focus on ensuring that their assets are distributed according to their wishes and that their loved ones will be taken care of after they pass away. This is often the primary goal of estate planning, although there are several other considerations that may come into play. Another important aspect of estate planning is protecting your family’s privacy. In the digital age, where information is easily accessible and identity theft is a constant threat, it is crucial to take steps to safeguard your family’s […]
Taking Care of Beloved Pets: Your Estate Planning Options
Posted on December 9, 2023
Estate planning typically focuses on the management and distribution of assets to beneficiaries, guardianship for minor children, and legacy planning. However, it’s equally important to include provisions for your pets in your estate plans. If you are like many people, you consider your pet to be a family member.
How to Protect Your Digital Assets in Your Estate Plan
Posted on December 4, 2023
In today’s digital age, there are a variety of assets that people may own that may not have a physical form. Digital assets can include items such as social media accounts, online banking and investment accounts, email and cloud storage accounts, domain names, and even cryptocurrencies. These assets can hold both sentimental and financial value, and they should be properly addressed in your estate plan to ensure that they are protected after you pass away. An attorney who has experience addressing these concerns can work with you to make sure […]
What Is an Irrevocable Life Insurance Trust?
Posted on November 29, 2023
Creating a comprehensive estate plan is crucial to ensure that your assets are distributed according to your wishes after you pass away. One important tool to consider as part of that plan is an irrevocable life insurance trust (ILIT). An ILIT can offer several benefits, including potential tax savings and the seamless transfer of certain assets. An experienced attorney can provide guidance on the role that an ILIT may play in your estate plan, and they can help you take steps to implement your plans and ensure that your wishes […]
How Can Law Firms Build and Maintain Trust With Clients?
Posted on October 26, 2023
Building trust is crucial for any law firm. It forms the foundation of a strong attorney-client relationship, which is essential for successful legal representation. When clients trust their lawyers, they are more likely to be open and honest about their situation, follow the advice provided, and feel confident that their legal needs are being met. A trusted attorney can help clients address their estate planning needs, ensuring that they understand how to protect their assets and plan for the future. Some methods of building trust between an attorney and their […]
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