There are plenty of reasons for Illinois residents to want to downsize. Minimalism continues to become a popular lifestyle choice for millions of people across the country, and many people choose to downsize when they get older and begin the estate planning process....
The unequal inheritances for children is a controversial and sensitive issue for Illinois families. While some parents choose to distribute their assets equally among their children, others may divide their estate unequally, leaving more to one child than another....
In December 2017 President Trump signed the Tax Cuts and Jobs Act. This reform impacts different financial and tax planning areas, particularly estate planning. What does this mean for your estate plan in Illinois? Changes to the estate tax exemption The estate tax...
A trust is a component of a comprehensive estate plan that dictates how you want your assets distributed when you die. Your named beneficiaries will receive what you wish them to get in a trust. Unlike a will, a trust cannot be challenged or overturned in an Illinois...
One of the biggest problems in estate planning and probate involves outdated wills. Unfortunately, it’s not uncommon for Illinois residents to either forget to update their wills, or to assume that they don’t need to make formal changes to the documents. Here are...
As Illinois residents set up their estate plans, they might consider appointing someone to act as their attorney-in-fact. An attorney-in-fact is someone who, despite not having any sort of legal training, is able to make legal decisions on behalf of a different...
Learning that you’re going to be a parent is exciting for any Illinois resident. Your priority now lies in ensuring that you do everything possible to care for your bundle of joy. Estate planning is one of the best ways to start. Create a will Your last will and...
Regardless of your age, writing a will helps ensure that your wishes are respected after you die. Understanding the nature of wills can help you develop an estate plan to provide for your heirs. History of Last Wills and Testaments Ancient Greek and Roman citizens...
Estate planning in Illinois is crucial to managing finances and ensuring that assets are distributed according to your wishes after you pass away. In planning your financial future, it's helpful to understand the different tools and strategies available to help you...
As part of a tax-minimizing strategy for your Illinois estate, you can set up an irrevocable life insurance trust (ILIT) to protect your assets. You can provide your beneficiaries with certain protections while reducing the value of your taxable estate by purchasing...