Year: 2021

There is a formal procedure for every step of estate planning. At some point, the beneficiaries have to be formally notified when a will is ready. This does not occur automatically after a person dies. In Illinois, a beneficiary must learn what to look out for and...

Funding your Illinois trusts with annuities could create a tax haven for you. When trusts are irrevocable, their status signifies how their assets are handled. A revocable trust can, instead, be changed without issue, but this results in lesser hedges when sheltering...

People in Schaumburg, Illinois, can choose several estate planning tools. One popular tool that people use is a trust, which helps control where assets go. Trusts are either revocable or irrevocable and have their own benefits. Revocable trusts The grantor, or...

Probate in Illinois is a transparent process that strives for an equitable disbursement of someone's assets. A loved one who dies soon has their estate administered through a probate trial. During this period, the assets of an estate are accounted for, and a public...

You don't need to own cryptocurrency or be a social media influencer to have digital assets in Illinois. Digital assets are records kept electronically that you either control, own, or license. If you don't make the necessary arrangements for these unique assets...

In Illinois, estate planning gives you the legal right to set up a power of attorney, or POA. Managing your estate may call for others to have equal authority over your business or finances, so granting others authority on your behalf is what a power of attorney does....

One of the most important steps Illinois residents make during the estate planning process is choosing an executor for their will. This is a vital decision because the individual chosen should be trustworthy with respect to following directions. Many testators will...

All adults in Illinois should have an estate plan. The bare minimum for that is a last will and testament. Should someone die intestate, it can cause real problems for their loved ones and result in a long probate court process. Even when people have wills, they often...

Many people in Illinois make a habit of donating to charitable causes. Besides enjoying the feeling that comes from helping others, giving back to charities also helps reduce tax expenses for you and your beneficiaries. Here are a few tips to help you benefit from...

Many seniors may be concerned that they will need long-term nursing care in the future. However, the costs of this type of skilled nursing care may be out of reach for large numbers of people, even if they have saved a some funds that they would like to pass on to...