When you and your spouse decide to get a divorce, you need to divide your assets. Unfortunately, your spouse may not be happy with you or with the divorce itself. They may try to keep more of the assets for themselves, rather than dividing them fairly. One way that...
Several estate planning tools can be used to make sure your loved ones are taken care of financially and otherwise after you pass away. A will is typically the most common estate planning document and are often used to distribute assets, as well as name guardians for...
Dying without a will is known as dying intestate. If that happens, the person’s property must be distributed based on a one-size-fits-all plan under Illinois’ law of intestate succession. The result may not be at all what the person would have intended had they...
One of the most challenging situations that families may ever encounter is divorce. The entire divorce process is stressful and emotionally charged, and it affects the entire family, not just the divorcing couple. Often, some well-meaning person will remind you that...
According to the IRS, an estate tax is a tax on one's ability to transfer property after their death. This can be a highly controversial topic. Critics denounce it as the "death tax." Proponents of the tax say it furthers the cause of equal opportunity, serves as an...
One of the most contentious aspects of divorce cases is property division. In Illinois, marital property has to be distributed equitably. This means that each spouse obtains their fair share based on their financial circumstances. Unfortunately, all parties may not...
Americans love having the freedom to pick up stakes and move somewhere else for a fresh start. That may be especially true for people in Illinois. A report from last year noted that our state has experienced 10 years in a row of population decline, a change driven...
For divorced parents, the biggest adjustment to get used to is usually child visitation and custody. Usually, one parent will have the children live with them permanently and the other parent has visitation rights. The extent of these visitations will largely depend...
Estate planning involves providing instructions on how your assets should be divided upon your death. While this is the main focus, there are several other benefits to estate planning. One of the foundational documents of every estate plan is the will. Despite the...
Divorce is a life-changing event that alters your personal and financial landscape. After the paperwork is finalized, there are a myriad of things that need to be considered and updated. If you are making a list, be sure to add "update estate plan." Here's why. The...