Tag: Estate Planning

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 […]

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 […]

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 […]

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 […]

The death of a beloved relative is one of the most difficult ordeals a person can go through, losing access to a bank account shouldn’t be added to the problems. 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 […]

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 […]

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, […]

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 […]

Many people who are considering or have begun to draft an estate plan do not realize that Illinois and the federal government have different taxes for estates and gifts. This issue has caught many families unaware and the resulting tax bill can come at a major cost to heirs. It is important to understand the […]