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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...
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...
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...
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....
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...
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...
Whether you are young or old, an estate plan is always a good thing to have. Not only does it allow you to provide for your loved ones, but it can also make your passing easier for them: You will already have made some of the most important decisions that need to be...
A common misconception about estate planning is that only older people do it. However, young adults can benefit from creating an estate plan too. Over time, you can update your estate plan as you go through significant milestones, such as having your first baby. Why...
People often agree to be the executor of a will in Illinois without really knowing what it means. They may understand the very basics of their duties, but most do not understand the probate process. People usually agree to be the executor because they are close with...