Christmas is a time when we give gifts to our relatives, friends and other important people in our lives. We want to show our love and appreciation for them. Some of these gifts are very valuable, costing thousands of dollars. Some high-value gifts are subject to the...
Experienced Representation In Business Law, Estate Planning And Tax Law
Experienced Representation In Business Law, Estate Planning And Tax Law
Experienced Representation In Business Law, Estate Planning And Tax Law
estate planning
Governing your estate after you die
You may not necessarily lose control or the ability to assure that your estate is being handled responsibly and in accordance with your wishes after you die. You can impose conditions as part of your estate planning and probate to assure that your conditions are being...
Can I move my assets into a trust to qualify for Medicaid?
While young and middle-aged estate planners may not care about Medicaid now, unless they have a disease or medical condition that requires hospice or other long-term care. However, for these people and our more elderly clients, planning to qualify for Medicaid is...
The trustee can be just as important as the trust
When we plan our estates, we rely on our friends and family to be there for us. We choose them as guardians for our children, executors for our estates and as healthcare proxies to make sure a random medical provider does not make our healthcare decisions. However,...
Essential points about revoking a will in Illinois
Estate planning is a wise step in Illinois. This is true for everyone whether they believe they have enough property to warrant it or not. It is especially true for those who have achieved significant success in life by building a business, accruing vast assets and...
New rules for inherited IRAs
Estate planning strategies that can reduce the tax burden are always welcome news for Illinois residents who want to take care of loved ones after they are gone. With ever-changing tax laws, however, it can be challenging to keep up with the new rules and how these...
A pet trust can protect your pet after you are gone
As many people consider pets as part of the family, pet trusts are a tool many families count on time protect their pets if they pass away. Historically, pets were considered property in the eyes of the court, but nowadays, courts recognize that pets are living beings...
The basics on the federal estate tax for high-asset individuals
Estate taxes will not apply to most estates in Illinois, but for those high-asset individuals with significant wealth, the payment of estate taxes upon death is important. The following is a basic overview of the federal estate tax. The gross estate The gross estate...
Is having a will enough of an estate plan?
As we all know, estate planning can get complicated. This is because a full estate plan covers multiple scenarios, and includes both end-of-life and post-life solutions. This brings many to wonder whether simply having a will is enough. In most cases, it is not....
What is a power of attorney and why is it important?
One of the most important decisions individuals can make when getting their estate in order is whether or not to include a power of attorney (POA) to help with financial or health concerns. Along with all the other important estate planning documents, a POA is...