Category: Estate Planning

Understanding Estate Taxes in Illinois

Planning for federal estate taxes with a large estate can be incredibly challenging. Attorneys spend years learning and mastering the various approaches to helping clients maximize their estates and leveraging tax advantages. This is so that their loved ones can benefit as much as possible. The state of Illinois adds an additional layer to this  … Read more

Establishing a Trust for Your Child

We love our kids and would do nearly anything for them. We want to keep them safe and to provide for them. However, they can drive us absolutely crazy sometimes because they are prone to making terrible decisions. For example, when your pre-teen rang up a $300 bill making in-app purchases playing “Pokemon Go.” Or  … Read more

The Duties of an Executor

When a person dies with a will, the will designates an executor. This is a person trusted by the deceased to take all of the legal steps necessary to make sure that the will is carried out. Sometimes, this person knows that they will be the executor, and sometimes it comes as a complete surprise.  … Read more

Should I Consider a Living Will?

Nobody wants to contemplate a disaster befalling them. To take it further, no one wants to plan for it, because it feels morbid and unnatural. However, if you become terminally incapacitated due to illness or injury, consider this: who is going to make medical decisions for you? Also, did you communicate your medical desires with  … Read more

How Not To Plan Your Estate

  Estate planning combines several things that people dread, in no particular order: (1) accounting for ALL of your money, assets, and debts; (2) facing your own mortality; and (3) sitting for a prolonged amount of time with a lawyer. In all seriousness, there are some proven mistakes that I have seen over the years  … Read more

Revoking Your Will: What You Should Know

  Our lives are fluid. We marry, have children, divorce, get new jobs, come into money, and lose money. For this reason, it is important to regularly update your will, as a will from five years ago may be a snapshot of your family and finances at that time, but your circumstances may now be  … Read more

An Overview of Estate Tax Returns

  Whether you are estate planning or trying to petition an estate through a probate court, taxes are constantly at the forefront of your thoughts. Estate taxes are taxes collected on the transfer of a deceased person’s estate. There is a federal estate tax levied by the IRS, and there are several states that collect  … Read more