Category: Estate Planning

Important Estate Tax Law Changes
Estate Tax Law
Posted January 18, 2018

For years there has been talk about doing away with the Federal estate tax. The tax bill, passed in the closing days of 2017, partially achieved that goal for most American taxpayers. The new law increases the amount that a single person can pass during life or at death to $10M. This amount is to […]

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Family Limited Partnerships
Estate Planning
Posted January 11, 2018

Those who leave behind large estates run the risk of getting stuck with significant estate or gift taxes. Fortunately, there are a few ways to avoid this, one of which is to create a family limited partnership (FLP). To learn more about establishing an FLP, you should consider contacting an experienced Evanston estate planning attorney […]

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Creating a Joint Will
Estate Planning Attorney
Posted November 09, 2017

Couples who are beginning the process of planning their estate and are also concerned about protecting the inheritances of their children may want to consider creating a joint will. These wills govern the estate of more than a single person and are considered jointly binding, which means that if one person passes away, the other […]

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How to Prepare Your Estate Plan to Protect Your Minor Children
Estate Planning Attorney
Posted October 19, 2017

As a parent, planning and caring for the well-being of our children takes priority over most things in life. Without question, we want to be sure should anything happen to us, our minor children will be well looked after and that money or property we leave for them will be used wisely for their care. […]

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Creating a Transfer on Death Instrument
Estate Planning Attorney
Posted October 09, 2017

When a person passes away, his or her will must go through probate. Unfortunately, this can be a costly and time-consuming process. Fortunately, there are some ways to avoid probate, one of which is to create a Transfer on Death Instrument (TODI), which was made possible by the passage of The Illinois Residential Real Property […]

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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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