Buying a home is one of the most significant financial decisions many Illinois residents make in their lifetimes. As such, home buyers should explore various options that can protect their assets and provide potential benefits in the long run. One such option is...
One of the most important parts of estate planning is naming a beneficiary. This allows Illinois residents to distribute their assets to their family, friends, or organizations. Sometimes, a beneficiary is unable to receive the assets. By naming a contingent...
As a millennial, you may have a lot of expenses, including student loans, mortgages, car payments and the like. Creating an estate plan is possibly one of the furthest things from your mind. Nevertheless, it's essential to start thinking about certain aspects, even if...
If you haven't started developing an estate plan in Illinois, you may have some misconceptions about the process. It's not a lofty document only for extremely wealthy individuals, but an essential set of papers that define your wishes for your care before your death...
If you are creating an estate plan in Illinois, you may be wondering whether a dynasty trust would be a good option for your situation. If you want to preserve wealth across generations, it may be the right choice for you, but it is important to understand what a...
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One of the biggest problems in estate planning and probate involves outdated wills.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...