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Abraham Lincoln, Springfield’s most famous resident, left behind more than just a political legacy. His approach to personal matters, including estate planning, offers valuable lessons for modern residents. While Lincoln’s brilliance as a leader is well-known, his...
A trustee is tasked with ensuring that a trust is properly managed. They’re responsible for tracking income and expenses, and they must distribute trust assets to identified beneficiaries in accordance with the terms of the trust’s documentations. These are heavy...
Estate planning can be a great way to keep your legacy intact and provide for your loved ones after you're gone. But life sometimes throws curveballs that complicate even the most carefully laid plans. Things can go awry if a beneficiary you named in your estate...
End-of-life planning isn't just for older adults or those facing health crises. It's a valuable process for any adult who wants to maintain autonomy and protect their loved ones from unnecessary burdens. Understanding its importance is a good first step towards...
Estate planning is essential for everyone, but for same-sex couples in Illinois, it involves unique considerations that require careful attention. Although same-sex marriage was legalized in Illinois in 2014, these couples might face specific challenges that are not...
As you consider your estate planning options, you might find that certain types of trusts don’t have the flexibility that you want for your beneficiaries. Another type, known as a discretionary trust, could give you the ability to modify asset distribution over time,...
Payable-on-death accounts, such as annuities, life insurance and federal FERS accounts, are designed to transfer assets directly to a named beneficiary upon the account holder’s death, bypassing probate. They are essential to many people’s estate plans because they...
It’s taken you decades to build your wealth. Now you’re in the position where you get to decide how you want those assets to be passed down to your loved ones. But if you’re like a lot of people, then you’re worried about how inheritances will be spent. After all,...
A will is a crucial legal document that dictates how your assets are distributed after your death. However, an estate plan is a more comprehensive strategy that includes a will and additional legal instruments to manage your affairs both during your lifetime and after...
Estate planning is essential to protect your assets and ensure your wishes are honored after your passing. Many people wonder whether they need a will, a trust, or both. In Illinois, having both a will and a trust can provide comprehensive protection for your estate....