On its face, estate planning might seem relatively simple, especially if you just want to evenly divide your assets amongst your spouse and your children. But the process isn’t always as easy as it seems, particularly if you’re estate planning in a blended family. In...
Estate Planning
Documents you need to set up an estate plan
Deciding to set up an estate plan is a wise and responsible decision. An estate plan helps ensure your loved ones will be taken care of after you pass away and provides you with a sense of security knowing that your financial affairs are in order. However, whether...
Is it possible to make a bequest and stop it from being sold?
Estate planning in Texas is a vital step for individuals seeking to preserve their legacy and fulfill their wishes. One common query among those crafting their plans is whether it is feasible to include provisions that prevent the sale of a bequeathed asset. This blog...
Trusts have some advantages over wills
Nearing or entering retirement often triggers major decisions and questions. For some, this might mean beginning the estate planning process; however, for many, it might look like revisiting their current plan for updating or modification. When creating an estate...
How a trust can benefit your young children
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...
What happens to your property if you die without a will?
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...
What is the Illinois estate tax?
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...
The key reasons you should draft a will
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...
Should you update your estate plan after your divorce?
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...
Estate planning tips for new parents
Estate planning is crucial for new parents, as it ensures the security and well-being of their child in case of any unforeseen circumstances. New parents must find a way to provide their children with a safe and stable future. Estate planning is not just for the...