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....
Estate Planning
Choosing an executor of your will
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...
Were you left out of someone’s 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...
Making charitable giving a part of your estate plan
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...
Asset protection trusts for Medicaid planning
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...
Follow these steps to settle a trust as an appointed trustee
If you became appointed as a successor trustee in Illinois, it can feel overwhelming and confusing. Understandably, most people don't have prior experience in this role. Because of that, it's important to learn about your duties as a trustee. Here are some steps...
How to handle estate planning when you have a blended family
Blended families are more common than ever, with stepchildren and half-siblings joining into a new household after a divorce. If you are planning your estate in Illinois, the thought of incorporating your entire blended family may seem overwhelming. Learning about the...
What does incapacity planning involve?
Estate planning involves thinking about mortality, which is why Illinois residents may write a last will and testament. However, a will is not the only type of document that might be needed for estate planning. Many documents serve vital purposes when someone is still...
Estate planning with loved ones in mind
More and more Illinois residents decide to plan for a future when they won’t be here. They don’t want to burden loved ones with making decisions involving distributions. Besides that, many try to protect family members from having to pay an estate tax. Estate planning...
Can you use a trust to protect your lottery winnings?
You've hit the jackpot on the Illinois State Lottery, and your money worries are over, right? Not so fast. If you don't protect your lottery winnings, you could end up with a lot less money than you think. Protecting lottery winnings through trusts Proceeds from huge...