While planning your estate in Illinois, knowing about federal estate and gift taxes can help you maximize your annual exclusion limits. Donating to charity, using the annual exclusion and starting a grantor-retained annuity trust offer a few potential solutions....
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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....
What happens if someone dies without a will?
Perhaps the best way to explain why creating a will is important is to explain what happens when a person dies without one. Here, we need to use some legal terminology. The legal term for a person who leaves a will is "testator." A person who has died with a will in...
What estate planning should a person do at age 18?
You may not think that someone who just turned 18 years old needs an estate plan. However, you would be incorrect because estate planning is about more than protecting assets. Once you turn 18, you become an adult in the eyes of the law, which can create many...
Why do new parents need to start or update their estate plan?
Welcoming a new child into your home is always a supremely happy event. However, it also expands your to-do list to almost overwhelming proportions. With everything else you now must take care of, estate planning probably never enters your mind, let alone makes it...
What to consider when choosing an executor
An executor plays an important role in administering the estate planner’s estate. For that reason, an executor should be thoughtfully chosen and estate planners should know what to consider when selecting an executor. Responsibility An executor does not need to be a...
What should I include in my advance healthcare directive?
Having an advance healthcare directive is an important part of ensuring any estate plan is complete. An advance healthcare directive is intended to help guide medical staff through the medical care and treatment that estate planner wants to receive if they are unable...
Young adults are getting their house in order
It used to be that the topic of estate planning was something that only older people who’ve already lived a full life talked about. The past year has changed all that. Younger adults are talking about and planning for the future in ways not seen for a long time. The...
Three estate planning mistakes
The estate planning process is complex. The forms, the legal documents, the terminology – it’s all enough to make a person’s head spin. It’s no surprise then that Illinois residents frequently make mistakes when planning their estate. Unfortunately, such oversights...
A special needs trust can help you care for a disabled loved one
Competent estate planning is perhaps the best way to ensure that your loved ones are financially cared for in the long-term. This is especially true if you have a loved one who is disabled. These individuals can struggle to find financial stability on their own,...