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...
As technology advances, Illinois has kept pace with the times by adopting laws that allow for electronic wills and remote witnesses. This technology is crucial for modern estate planning and administration, enabling individuals to create and execute their wills from...
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,...