Comments Off on 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
Comments Off on 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
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
Many people simply do not leave behind sizeable estates when they pass away. In fact, so many people leave “small” estates behind that if probate courts had to fully flesh out these cases, the entire probate system would collapse with completely unmanageable dockets. The Illinois state legislature recognized this, as well as the fact that … Read more
Comments Off on The Benefits of Mediation in a Probate Proceeding
Probate proceedings are often an emotional, tedious, and expensive process. You may be locked into a legal battle with another family member, which is painful enough as it is. Unfortunately, the problem may be compounded by court delays and growing expenses related to litigation as you approach trial. In addition, probate courts, like most … Read more
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
Comments Off on Considering Your Grandchildren’s Inheritance
You love your grandchildren. You want them to be safe, happy, and well provided for. You want to leave them a sizeable inheritance. However, when planning what you want to leave them in your will, there is one giant roadblock in your path: estate taxes. Making the wrong choices can significantly increase your estate … Read more
Creditors can be an unavoidable nuisance in life. In death, there is still no avoiding them as they can make claims against a deceased person’s estate. In fact, if you have been named the executor of an estate greater that $100,000, or if you plan to become the administrator of an estate without a … Read more
Comments Off on Family Feud! When Beneficiaries Fight Over an Estate
Families are torn apart over inheritance money, courtroom battles, lies, manipulation, and dirty tricks! These are things we’ve all seen on television dramas. But it doesn’t happen in real life, does it? The answer is yes; families often fight over an estate. However, before you drop everything and begin regularly observing probate hearings, I’ll … Read more
Comments Off on Probate Proceedings? You Need an Expert
Probate proceedings are complex, time-consuming, and can be fraught with peril. In fact, did you know that there is an entire body of statutes in the Probate Act of 1975 which describe the legal requirements of bringing an estate through the probate courts? On top of that, there is constantly evolving case law in the … Read more