Probate is a time-consuming, expensive property, especially if you have significant assets and no solidified estate plan, including a will or trust. However, you may wonder about a transfer on death deed. This type of deed allows you to designate a beneficiary for...
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Estate Planning
What to know about estate tax in Illinois
When a person dies, their assets get distributed to their heirs through their estate. Illinois has an estate tax that gets charged based on the estate's total assets. The federal government also has an estate tax, but the exemption amount for federal estate tax is...
The steps of estate planning
When you have spent a lifetime working hard to acquire assets, you want to make sure that upon your death, or should you become incapacitated, your treasures go to the right people. This is one of the main purposes of estate planning. Estate planning can be complex,...
How to choose a guardian for your children
Estate planning is necessary when you have young children. A crucial part of the plan is selecting a guardian for them. There are many different details to consider when choosing a guardian, so consider all of your options before making a declaration. Think long-term...
What are the most important traits you need in an executor?
When you think about estate planning, many ideas may come into your head. You may wonder what you should write in your will or what items you want to leave to your beneficiaries. One such topic is often who you should choose as your executor. This person needs a set...
Intestate succession and estate planning in Illinois
Illinois has particular laws about inheritance. Your assets will pass along to your heirs according to intestate succession when you pass away. Without an estate plan, your assets are at risk of mismanagement. Continue reading to learn more about how you can protect...
Estate planning considerations for new parents
According to Experian, 76% of American adults believe that estate planning is important. However, many of those same people do not have a will. Whether you have started already started estate planning or not, the birth of a child has significant implications for your...
What is a special needs trust?
If you are raising a teenager who has a serious disability, you may already recognize he or she will be unable to work as an adult. Fortunately, you have the financial means to support your son or daughter during your lifetime. After your death, though, your child may...
Illinois residents can electronically sign wills
The Illinois legislature has made a temporary order allowing residents to sign wills electronically and witness signatures remotely permanent. Advocates believe this legislation increases safety and efficiency and lowers the risk of fraud. What does this change mean...
When should I update my estate plan?
Creating an estate plan is an ongoing process. Often, you experience a significant event that moves estate planning up your to-do list, like having a baby or investing in real estate. However, putting together your estate plan is not a one-and-done type of document....