If you have a substantial amount of money to leave your family in your estate plan, it’s often wise not to leave it to them in a lump sum. This can have significant tax implications for them. If you have more than one child, they may each benefit from having a...
A trust is a legal arrangement whereby you give another party the power to control and manage your assets on behalf of a third party, usually your beneficiaries. For a revocable trust or living trust, the property you grant the trust remains within your control, and...
As you start your estate planning, you likely already know that one of your goals should be helping your estate avoid probate – or at least a long, complicated one that will put your loved ones through the added expense and stress at an already difficult time. If...
If you have always been ahead of the crowd in adopting new technology, you need to make sure your estate plan is as up-to-date as you are. When cryptocurrency launched, it touted two main advantages -- security and tax avoidance. While the first bitcoin came out in...
Unexpected events can often result in significant financial stress, leading to a higher amount of debt. Bankruptcy can be a practical and viable option for Chicago area residents who find themselves with debts that have become unmanageable. Deciding to file for...
Most people have no experience with wills or the probate process. As a result, if you’ve been named the executor of a will, you’re likely wondering what you have to do, what is the process like and whether there is any way to simplify things. There may be, but it...
The passage of time occurs more quickly than anticipated and unexpected events can arise anytime. Regardless of your level of wealth, you should start an estate plan and have these documents prepared. Power of attorney A durable power of attorney is one of these...
Chapter 7 bankruptcy is a liquidation bankruptcy process. There are different Chapter 7 bankruptcy exemptions that can protect some of the filing party’s property from the process of selling property to repay creditors. Those interested in Chapter 7 bankruptcy...
It is a wise and responsible decision for Illinois residents to have an estate plan. Even if it is a barebones will that details how the person’s property will be distributed at the time of death, it is a key document to have. This is true for people of any age. For...
There are many unexpected events that occur throughout people’s lives in Illinois. Some of these unexpected events can be pleasant surprises and benefit people. This is not always true though. Some of the unexpected events can create hardships for people. It could be...
