One of the most important things that adults can do is make out their estate plan. This is a set of documents that's meant to help protect your loved ones when you pass away. There are several components that you need to think about when you're trying to determine...
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How COVID-19 could influence estate plans
The recent COVID-19 pandemic has caused instability in financial markets and significant disruptions to the lives of those living in Illinois and throughout the country. However, in addition to the challenges that it has caused, the recent outbreak may also create...
The case for timely estate planning
Illinois residents might want to take a closer look at their estate planning strategies to ensure that they will not struggle with costly tax implications. Those who have significant assets have opportunities available to them as far as protecting their wealth and...
Will disputes can be costly and unexpected
Illinois residents may wonder how they can save time and money while making a plan to pass their property on to their loved ones after their death. People can determine how to do so by making a will or creating a trust, but if they do not do so, their belongings will...
How an estate plan changes through life
Some people in Illinois may think that they are too young to need an estate plan or that an estate plan is only about making a will. However, all adults need some kind of estate plan. For people in college or recent graduates who have no dependents or serious...
Why people may choose irrevocable trusts
Many people in Illinois may be thinking about how to handle their assets in the future. People want to ensure that their loved ones are provided for while also avoiding excessive estate taxes and fees. Trusts may be a good option to include as part of the estate...
An overview of durable powers of attorney in Indiana
Estate planning refers to a series of decisions that a person is empowered to make under Indiana law prior to death. Many factors can affect a person's estate plan, including the amount and kind of assets owned by the person, the number of living children or children...
Some caution about special needs trusts
The estate planning device known as a "special needs trust" has become the cornerstone of financial and estate planning for families with a special needs child. Many families have used this estate planning tool with great success, but special needs trusts cannot be...
What is a “living will”?
Most individuals who live in northeastern Illinois and northern Indiana have heard about "living wills," but not everyone understands this legal term. A "will" is considered by many people to be a written document that directs the disposition of a deceased person's...
Critical points about a power of attorney
When Illinois residents are thinking about their estate planning needs, they will generally focus on the basics, like wills and trusts. There are other aspects to an estate plan, but it is important to tailor the documents to the individual's needs. For those who are...