Some Illinois residents make the mistake of believing that only the very wealthy need estate planning. However, if you plan to leave any assets behind to your loved ones, estate planning may make the inheritance process go more smoothly for them. Last will and...
End-of-life discussions are difficult for everyone. But the discussions are even more challenging when individuals with intellectual and developmental disabilities are involved. If you live in Illinois and you have a loved one with special needs, you should be aware...
Medicaid is a government program that pays the bills for most people in long-term care. Qualifying for Medicaid, however, requires that you have next to nothing left in terms of income or assets. In Illinois and other states, the system forces you to spend your life...
Estate planning is an important step that all Illinois adults should take. It allows you to safeguard your assets and heirs. It’s crucial to pay attention to your beneficiary designations for a variety of reasons. Marriage, divorce or remarriage If you get married,...
All Illinois adults should create an estate plan to protect their assets and loved ones. Because everyone is human and no one is perfect, it’s easy to make mistakes. These are some of the most common ones to avoid and that can result in litigation. Not naming a...
When it comes to estate planning, one of the most important decisions you will make is who will be in charge of carrying out your wishes. Two of the most common choices are a trustee and/or an executor. Both have their own set of responsibilities, so it's important to...
Illinois residents who are at the beginning of their estate planning journey might think there’s only one type of last will. However, there are many different types of wills that can be used as extra protection for your estate plan. What is a pour-over will? A...
Illinois residents with significant investments often look for ways to shelter their profits. For many years, a Clifford Trust was a means to reduce federal taxes on income from high-net-worth assets. However, changes in the tax law reduced the popularity of this type...
Many Ilinois residents combine various financial instruments when devising their estate plan, including trusts. One of the lesser-known trusts is a qualified terminable interest property (QTIP) trust. Is this type of trust right for your situation? What is a QTIP...
If you want to take care of estate planning in Illinois, you have many ways to accomplish this task. Understandably, most people want to complete the estate planning process quickly. That's why some people choose to distribute their assets through a taxable-on-death...