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Principled Advocacy For Families And Individuals With Disabilities And The Professionals Who Serve Them
An irrevocable trust can be a powerful estate planning tool. However, it’s not the right choice for everyone. Unlike a revocable living trust, an irrevocable trust generally can’t be changed or revoked simply because the trust’s creator (grantor) later changed their...
Putting together an estate plan is an important step towards caring for your loved ones. In addition to designating the distribution of assets, the conversations that come with putting together your plan can also lead to a better understanding of your financial...
Having an estate plan in place is not nearly as common as many people imagine. According to some reports, roughly 1/3 of Americans have made an estate plan, while the other 2/3 have not. This means that, on average, most Americans do not have a plan at all. The...
A diagnosis of dementia, Alzheimer’s disease or another condition affecting a person’s mental abilities does not necessarily mean that an Illinois resident can no longer make a will. What matters is whether the person still has the mental capacity required to...
What happens to your estate after you pass away? The outcome of your estate can be determined by your will. However, you may not want to draft a will. This can lead to issues for your loved ones. Dying without a will is called dying intestate. Here is what you should...
Estate planning is about more than deciding who receives your assets. If you live in Illinois, it should also include careful planning to reduce unnecessary estate taxes and preserve more of your wealth for your family. Because Illinois has its own estate tax rules,...
When you create an estate plan, one of the most common questions is whether you need a trust. In Chicago and throughout Illinois, trusts can offer important benefits, but they are not required for everyone. The right choice depends on your goals, your assets and how...
There are three key issues to address when establishing a special needs trust. Choosing the right trustee or successor trustee is important. Ensuring there is adequate funding for the trust is also a top priority. Establishing a reasonable structure for the trust is...
The trustee who manages an irrevocable trust is typically a competent, ethical person chosen by a grantor. They may also be a professional fiduciary. In either scenario, the trustee has a fiduciary duty to act in the best interests of the beneficiaries of the trust....
Estate taxes can diminish what people inherit. When an estate is large enough to be subject to estate taxes, state and federal tax authorities can demand a portion of the total estate value before beneficiaries or heirs receive their inheritances. Estate taxes...
