Category Archives: Estate Planning
Illinois Rules for Estate Planning
Estate planning isn’t merely about preparing for the end. It’s a critical process that provides you with peace of mind knowing your hard-earned assets and your loved ones will be taken care of according to your wishes, while also ensuring you are adequately cared for and protected financially during your lifetime. Below you’ll find… Read More »
Protecting Yourself from Rising Costs of Long-Term Care
The costs of nursing homes, assisted living facilities, and full-time caretakers are skyrocketing. Right now, the average annual cost for long term care in Illinois is around $84,000. That cost may go as high as $152,000 in 2040. Many people are surprised to find out that Medicare generally does not cover these services. Thankfully,… Read More »
Intestate Succession: What Happens When Someone Dies Without a Will?
Ideally, when you pass away, all of your affairs will be in order. You will have set up your insurance policies, your trusts, and your will so that your assets will be distributed in accordance with your wishes and your family will be well-cared for. Not everyone plans ahead, however, and unexpected events occur…. Read More »
The SECURE Act: Elimination of the Stretch IRA and New Rules for Younger Participants
On January 1, 2020, the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) became law and it significantly and fundamentally alters retirement in the United States. The SECURE Act potentially affects anyone with a defined contribution plan, which includes 401(k)s, defined benefit pension plans, individual retirement accounts (IRAs), and… Read More »
What is a Lifetime Trust?
Estate planning can be complex. Many people think they only need a will, and their assets will be protected. In fact, there are many more options for protecting the welfare of your family and ensuring that your assets are distributed according to your wishes. Events may arise in your life that can derail your… Read More »
Issues and Rights of Transgendered Individuals in Estate Planning
On June 15, 2020, the United States Supreme Court issued a landmark decision in Bostock v. Clayton County, Georgia that protected transgendered individuals from workplace discrimination. This has brought the rights of transgendered individuals and, more broadly, rights of the LGBTQIA+ community to the forefront of the national consciousness. This article examines some of… Read More »
What is a Small Estate Affidavit?
When a person passes away and leaves behind an estate with little guidance, complications concerning the administration of their estate are likely to ensue. Ideally, the estate can avoid court and probate, and the inheritance process can be effectuated smoothly and efficiently. One way to avoid probate court when administering qualifying estates is to… Read More »
What Are Common Types of Executor Misconduct
We entrust executors with the authority to administer our estates or those of our loved ones. That trust and authority come with a significant duty, a responsibility to respect the wishes of the deceased and legally honor the rights of the beneficiaries. Not all executors are created equally, and not all have the best… Read More »
Types of Probate Estate Claims in Illinois
Claims against an estate are not determined on a first-come, first-served basis. Instead, different types of creditors have different levels of priority. The administrator of the estate is responsible for ensuring that each class gets paid out appropriately. Learn below about the different types of probate estate claims under Illinois law, and reach out… Read More »
How to Remove an Executor?
An executor of an estate is a person appointed to administer the estate of a deceased person. The executor is responsible for faithfully executing the will and overseeing the probate process. The executor could be appointed by the person who made the will, or by the court if there was no prior appointment. Not… Read More »