Category: Estate Planning

Why New Parents Should Consider Creating an Estate Plan
Estate Planning Attorney
Posted September 06, 2017

Having a child can be one of the most momentous occasions in a person’s life, and while caring for a new child can be a joyous experience, it also comes with an enormous amount of responsibility. For instance, parents will need to begin contemplating how to provide for their child in the event of a […]

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The Importance of Beneficiary Designations
Estate Planning Attorney
Posted August 03, 2017

Most people associate estate planning with creating wills or trusts to dispose of personal property, real estate holdings, and bank account balances. However, in order to prevent a will or trust from being contested, testators and trustors must also be sure to designate beneficiaries who will collect insurance, pensions, and retirement benefits. Failing to take […]

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Why Would I Need A Buy-Sell Agreement?
Estate Planning Attorney
Posted June 16, 2017

Many of our clients are business owners. Although these businesses tend to be successful, we have found that many of the owners do not have clearly defined succession plans. This month, we will look at one of the best ways to outline a succession plan, especially when partners or family members are involved in a […]

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Letters of Instructions
Estate Planning Attorney
Posted May 23, 2017

Properly created wills explain how a testator wishes his or her assets to be distributed after death. While this document is crucial in estate planning, it can also be extremely helpful to draft another more informal document, known as a letter of instructions. Although the creator of a will or trust does not have to […]

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Reviewing Your Estate Plan
Estate Planning Attorney
Posted March 08, 2017

Many people believe that estate planning is a one-time event and that after creating a trust or drafting a will, a testator’s work is done. In reality, testators are urged to monitor their wills and trusts regularly to ensure that they reflect any changes in the testator’s circumstances. If you live in Illinois and are […]

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New Illinois Law Amends Inheritance Rights of Unborn Children
Posted November 22, 2016

This year, the Illinois Legislature passed the Illinois Parentage Act, which makes a significant change to probate law in regards to posthumous children. Under the terms of the new provisions, a posthumous child will not be considered a decedent’s child for inheritance purposes unless the child was in utero at the time of death. Although […]

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The Truth is Stranger than Fiction
Posted November 17, 2016

The Truth is Stranger than Fiction Provided By: Alan G. Orlowsky This story is based on a real case involving a man who created a solid plan for his estate that, unfortunately, went completely wrong. Here is what happened. In 2005, Joe Bartlett, owner of Optimum Manufacturing, created a will leaving everything except his business […]

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Planning for the Family Vacation Spot
Posted September 23, 2016

Planning for the Family Vacation Spot Provided By: Alan G. Orlowsky Your family cabin, cottage, or vacation home may be one of your most significant financial assets. It is also likely to be the one with the most enduring memories and emotional ties. The property may have been in your family for decades with your […]

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Important Decisions in Illinois Estate Planning
Posted August 22, 2016

Important Decisions in Illinois Estate Planning Provided By: Alan G. Orlowsky Estate planning is an extremely important process that individuals with significant assets need to take seriously in order to ensure their final wishes are carried out as desired, and to mitigate the possibilities of legal challenges to those intentions. While some may dread the […]

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The Top Ten Estate Planning Issues
Posted August 18, 2016

The Top Ten Estate Planning Issues Provided By: Alan G. Orlowsky A colleague of ours recently assembled a list of the top 10 estate planning issues. This list is a great tool to assure that key items are not overlooked. All of these issues deserve thoughtful consideration. They can also create major problems if not […]

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