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...
Estate Planning
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...
Can you change your will’s executor?
The executor of your will plays an integral part in your estate planning – they ensure your wishes are fulfilled. Thus, chances are you considered several factors to appoint the right party. But circumstances may change. Accordingly, you may need to find another one....
Estate planning options to support your grandchildren
Part of the joy of estate planning is financially providing for your loved ones. But to do so effectively, you have to know how to use legal documents to achieve your goals. That can get complicated depending on what you want out of your estate plan, but don’t let...
Should your estate plan include more than a will?
Many people think an estate plan is just for the wealthy and having a will should be sufficient. However, there are many things to consider besides the distribution of your assets after you pass away. Why do you need more than a will, and what should you include in...