estate planning

When should people update their wills?

Plans can change throughout people’s lives as circumstances change. When people are forced to change different aspects of their lives, it can affect more than just the specific part of their life where the change in circumstances occurred. People need to take time to...

Are retirement accounts probated?

If you're trying to get your financial affairs in order, it's important to know which accounts can be probated. Your retirement accounts can go into probate after you pass away. However, if you choose the right beneficiaries during the estate planning process, you can...

Estate planning for young adults

Many younger people think that estate planning is only for the very wealthy or the very old, and so they put it off. Many of these people continue to put it off for years simply because they don't want to think about all that estate planning implies. This kind of...

Why would I consider a spendthrift trust?

Many people in Will County and Kankakee County want to leave their fortunes to their loved ones despite their faults. Realistically, though, they may be worried that a loved one may receive an inheritance only to have it taken by their creditors. In other cases, the...

Understanding the Illinois estate tax

The federal estate tax is widely misunderstood. That goes double for the Illinois estate tax. In this post, we will give a brief introduction to both taxes. First, let's define our terms. After a person's death, all their assets and debts become known as their estate....

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