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...
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...
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...
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...
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...
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...
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...