Tag: Estate Planning

How to Protect Your Estate From Excessive Taxes
estate planning
Posted September 20, 2021

People create estate plans to help protect their assets and to ensure that they are distributed according to their wishes, even after they pass away. Estates are, however, still subject to taxes, which can leave heirs and beneficiaries with much less than they anticipated. Fortunately, there are a few different strategies that testators and trustors […]

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How to Protect Your Estate in Case of Being Declared Incompetent
mentally incompetent
Posted August 27, 2021

Life is unpredictable, which can make it difficult to plan for the future. When it comes to estate planning, however, there are steps that we can take to help protect ourselves in the event of physical or mental incapacity. To learn more about putting a contingency plan in place to help protect your own interests, […]

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Protect Your Assets from Legal Challenges with Proper Estate Planning
Estate Planning
Posted June 03, 2021

Never assume that your heirs will do what you want with your assets after you are gone, this is why proper estate planning is crucial. While we may have people in our lives who we trust enough to dispose of our assets after our deaths, taking this approach is almost never a good idea. In […]

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Proper Estate Planning to Pass Assets Tax Free
Chicago Estate Planning
Posted January 06, 2021

While taxes may be the last thing on your mind when planning your estate, the reality is the repercussions of certain bequests can have significant tax-related repercussions down the road. One of the best ways to avoid a surprise come tax time is to speak with Alan G. Orlowsky, an experienced Chicago estate planning lawyer […]

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Removing an Executor from an Estate
Executor of an Estate
Posted December 23, 2020

When a person passes away with a will in place, his/her assets will be distributed according to that estate plan. However, administering these bequests does require the help of an executor, who is also usually named in the will. While these individuals owe a fiduciary duty to the beneficiaries of the estate they administer, an […]

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Accounting Income Taxes in Your Estate Plan
Chicago Estate Planning
Posted December 09, 2020

The estate planning process is complex. It involves more than just deciding which heirs or beneficiaries will receive a person’s assets. Testators will need to grapple with complicated tax-related issues when planning their estates, including how to save their loved one’s from paying excessive income and transfer taxes upon inheritance. While this was often more […]

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Avoiding a Freeze on Your Bank Account
Estate Planning Attorney
Posted October 07, 2020

The death of a beloved relative is one of the most difficult ordeals a person can go through. While it is true nothing can prepare a person for such a loss, taking certain steps ahead of time can help ease some of the financial burden shouldered by those left behind. Are Joint Bank Accounts Frozen […]

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An Unfunded Estate Plan is Like an Empty Bucket
Posted March 03, 2015

An Unfunded Estate Plan is Like an Empty Bucket By: Alan G. Orlowsky When it comes to estate planning in Illinois, you will often hear the phrase “title equals result.” The phrase means that the ultimate results of an estate plan will depend on how each asset in the estate is titled. If something is […]

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Wealth Transfer Strategies for Minors – Estate Planning
Posted January 27, 2015

Wealth Transfer Strategies for Minors By Alan G. Orlowsky A favorite practice for many grandparents is making financial gifts to grandchildren or even great-grandchildren to help provide future educational expenses. Most grandparents, however, know better than to simply hand cash to the grand kids. They understand that the money would probably go to video games, […]

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Contesting a Will in Illinois
Posted December 04, 2014

Contesting a Will in Illinois By: Alan G. Orlowsky While around 99 percent of all wills that go through probate pass through without incident, sometimes issues arise surrounding the distribution of assets or other areas within the will. When this happens, the will is deemed “contested.” Only certain people involved in the estate can contest […]

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