Tag: Probate
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 Steps Should Beneficiaries Take During Probate Litigation?
Posted on June 20, 2024
When a person passes away, her assets are distributed to her heirs through the probate process. During this process, beneficiaries may become concerned about the proceedings, and may need to take legal action to address certain issues. Sometimes this results in allegations of misconduct by the executor of the estate, or a beneficiary who disputes the validity of a will that was filed in probate court. Probate litigation may be necessary to protect the rights of beneficiaries or address other legal issues. The probate litigation process can be complex, but […]
How Can Beneficiaries Protect Their Rights During Probate?
Posted on June 12, 2024
The probate process, in which a person’s assets will be distributed to heirs after the person’s death, can be stressful for everyone involved. Complex estates usually involve a variety of legal and financial issues, and beneficiaries who expect to receive an inheritance may need to resolve concerns that arise during the probate process. Understanding your rights as a beneficiary and knowing when to seek legal action is crucial to make sure your loved one’s wishes will be honored while protecting your inheritance. An experienced attorney can help you navigate these […]
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 […]
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 […]
Top Illinois Estate Planning Questions Answered
Posted on June 22, 2021
Did you know that only 40 percent of Americans have a will? Even fewer have a comprehensive estate plan. A surprisingly large percentage of adults simply avoid estate planning or put it off until it is too late. Estate planning is important for anyone, but it absolutely crucial for those with high-value or complex estates. Read on to learn answers to some of the most common estate planning questions. At What Age Should I Start Building an Estate Plan? Many people wonder, “Am I old enough to write a will, […]
A Well-Designed Estate Plan Can Help You Avoid Probate
Posted on May 6, 2021
Proper estate planning is key to ensuring that your assets are distributed according to your wishes. You have worked hard to earn the property you own and you deserve to choose how that property is allocated after your death. Numerous estate planning tools can help you accomplish your goals and provide for your family’s future. The type of estate planning instruments that you utilize depends on your unique needs and objectives. For many, a key goal is avoiding the probate process. What is Probate and Why Would I Want to […]
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 […]
Attorney-Client Privilege During a Will Contest
Posted on March 26, 2015
Lately, I have been hearing a great deal of talk about a case currently before the Illinois Supreme Court. The high court recently heard oral arguments in a case called Brunton v. Kruger, which asks the court to consider the scope of the accountant-client privilege during probate. Specifically, the court must determine what happens to the privilege after the client dies and to what extend this privilege can be waived. Here are the basic facts of the case: An elderly couple hired an accounting firm to perform estate planning services. […]
How to Proceed in Probate When the Life Status of the “Decedent” is Unknown
Posted on April 29, 2014
Nine years after Samuel Zagaria disappeared, his sister Joanne petitioned the Cook County probate court for a presumption of death. The court complied and appointed Joanne, Zagaria’s only heir, the administrator of her brother’s estate. But in the course of administering the estate and trying to collect insurance benefits, Samuel turned up alive. Unfortunately for Samuel, that was not the end of the story. The physical fact of his existence did not immediately invalidate the legal presumption of death. Samuel had to ask the court to revoke the presumption and […]
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