Inheritance tax in Illinois, a state-level tax, is levied on certain inheritances received by beneficiaries. It’s distinct from other forms of taxation related to death, such as estate tax, and is calculated based on the value of inherited assets. Unlike some states, Illinois has retained its inheritance tax, making it an essential consideration for estate […]
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You worked hard for what you have in life. When you pass on, you want your assets, money, and property to be given to your beneficiaries as you see fit. However, without effective estate planning, an estate can be contested. Thus, asset distribution might not go as you wanted, and there could be other problems. […]
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Did you win the Powerball or Mega Millions lottery? Will you buy a home, travel the globe, or buy a fleet of cars? You now have the financial freedom to do whatever you like! However, many lottery winners do not take the time to do estate planning after their financial windfall, which costs them. So, […]
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The vast majority of wills go through probate without significant problems. But sometimes, there is an issue with how assets are distributed or other will provisions. If this happens, there is a contested will, which can devastate the family. Thus, it is best to conduct comprehensive estate planning that minimizes the possibility of a contested […]
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