Tag: trust
What Role Do Trusts Play in Legacy Planning?
Posted on May 24, 2024
While planning for the future is essential for anyone, it can be especially important for people and families with a high net worth. Legacy planning can ensure that loved ones are taken care of and that a person’s assets will be distributed according to the person’s wishes, while also upholding the person’s values, promoting causes he or she believes in, and establishing a positive framework that a family can continue to follow. Trusts are a powerful tool in legacy planning, providing flexibility, control, and tax benefits that can help a […]
How Should Intellectual Property Be Addressed in an Illinois Estate Plan?
Posted on April 18, 2024
Intellectual property (IP) can sometimes be overlooked during the estate planning process. However, these assets can be among the most valuable parts of an estate. Authors, artists, inventors, or entrepreneurs who own intellectual property will need to understand the value of these assets, the steps that may be taken to protect their family’s financial interests, and the best options for addressing these concerns in an estate plan. By doing so, a person can ensure that his assets will be managed according to his wishes both during his lifetime and after […]
6 Common Mistakes to Avoid When Creating a Special Needs Trust
Posted on April 10, 2024
Creating a special needs trust is a critical step for families that are looking to protect the financial well-being of a loved one with disabilities and ensure that the person’s needs will be provided for. These trusts are designed to provide supplemental support without jeopardizing the beneficiary’s eligibility for government benefits like Medicaid or Supplemental Security Income (SSI). However, the process of establishing a special needs trust is fraught with complexities, and missteps can have significant repercussions. By being aware of the common pitfalls that may arise and working with […]
Why it Is Important to Update Your Estate Plan Regularly
Posted on March 26, 2024
Whether you own complex assets or simply need to make sure your affairs are in order, an estate plan is crucial for your peace of mind. It is important to take steps to ensure that your assets will be distributed according to your wishes, and your estate plan can also make sure your property and finances will be managed correctly. However, creating an estate plan is not a one-time task—it requires regular updates to remain effective, especially for those with a high net worth. An experienced attorney can provide invaluable […]
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 […]
When Do You Need to Build or Change an Estate Plan?
Posted on July 27, 2021
Considering your own mortality is not enjoyable. While it may seem grim and burdensome to decide who should receive your belongings after you pass away, estate planning is essential to carrying out your final wishes and protecting your loved ones when you are gone. Estate planning allows you to provide a set of instructions that direct which assets will go to which individuals and when. Estate planning tools such as wills and trusts provide you the power of making the right choices for your situation. Your estate plans can also […]
The Basics of Intestate Succession From a Naperville Estate Planning Lawyer
Posted on August 12, 2016
For many people, even beginning the conversation about estate planning can be difficult. It is not easy to confront the fact that you will not live forever and drafting a will, trust, and other estate planning documents forces you to look beyond the end of your life. As an estate planning attorney with decades of experience, I truly understand the challenges involved in the process, but I also recognize how crucial it is to have a plan in place. If you die without having executed a will, there is a […]
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