Establishing charitable trusts provides Illinois residents with a number of significant benefits. Charitable trusts can be important components of tax management and estate planning strategies, and they allow people to fulfill their philanthropic objectives while providing them with flexibility and control. Trusts can be set up to make charitable donations in the form of lump sums or income streams, and people are able to determine how and when these payments will be made.
Illinois parents of special needs children face challenges that others are not required to deal with. Among the biggest issues tied to raising a special needs child is finance. Parents are put in a position where they must not only provide for specialized treatment and care during their lives, but they must also plan to provide for their child after they're gone.
Same-sex couples or people who have been in same-sex marriages in Illinois may have certain concerns in estate planning. While same-sex marriage has been legal nationwide since 2015, the variations in state law prior to that point created some uncertainties. People who married in a state in which gay marriage was legal prior to 2015 and moved to a state where it was not may not have bothered with a divorce and may not realize they are married. Furthermore, some states converted domestic partnerships to marriages.
Illinois residents may be interested to know that 97 percent of all farms are family owned, according to the United States Department of Agriculture. However, there are many challenges that may result when family members choose to pursue other fields, such as volatile commodity prices, tougher lending standards and increased regulation.