Category: Estate Planning

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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When Co-Administrators Cannot Agree
Posted March 03, 2016

When Co-Administrators Cannot Agree Provided By: Alan G. Orlowsky While it is not commonplace, some individuals choose to nominate two co-executors over their estate in their wills (or the grantor of a trust will appoint two co-trustees). When such an arrangement is utilized, the purpose is generally to ensure that one executor trustee does not […]

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Four Estate-Planning Resolutions for 2016
Posted February 17, 2016

Four Estate-Planning Resolutions for 2016 Provided By: Alan G. Orlowsky The New Year is off to a roaring (tumultuous, if you are watching the stock market) start. What better time to take a moment and consider your estate planning needs? Here are four easy resolutions to help you protect your assets and provide for your […]

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