Filing for bankruptcy can be overwhelming, particularly when an Illinois resident does not understand the process. They may hear terms related to bankruptcy and experience confusion when they attempt to understand what it all means. Readers should understand that the...
The old adage of the only things guaranteed in life are death and taxes continue to be as true today as it ever was before. And, the realities of death have never been more acute than they have been in recent memory. This is why we often get questions from business...
You may have executed what you believe is a comprehensive estate plan including a will, living trust, power of attorney, advance medical directive and other important documents. But just having an estate plan is not the end of the story. There are additional steps to...
The year 2020 was a tough economic time for many in Geneva, especially if they were furloughed or lost their jobs. This financial predicament was only escalated when they acquired a significant amount of medical debt that they have no means of paying back. They are...
Parents experience indescribable and immeasurable joy as their children grow. They shudder at the thought of life without their kids – or of their children’s life without them. No wonder, then, that only 36% of parents with minor children have written a last will and...
Trusts are a potentially valuable part of estate plan to consider and to understand. For that reason, estate planners should be familiar with the benefits of including a trust in their estate and what they do. Advantages of a trust There are a variety of different...
Many people in Illinois probably think of bankruptcy options as a “last resort” when it comes to financial problems. And, some will even think that there is “shame” involved in considering bankruptcy options. In many cases, these concerns may come from a lack of...
Like other states, Illinois has a law which determines how a deceased person’s property will be divided if the person did not leave a will. The law also applies if the person did leave a will, but the will does not get admitted to probate or later gets invalidated in...
When residents of the western Chicago suburbs are considering estate planning, the last thing on their minds might be the filing of a bankruptcy However, depending on a person’s circumstances, a Chapter 7 bankruptcy may be in their best interests as they move into...
There are a variety of important reasons to have an estate plan. Estate planners should understand why an estate plan is needed and how they can develop an estate plan that protects the estate planner and expresses their wishes. Avoid the probate process One reason to...
