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Principled Advocacy For Families And Individuals With Disabilities And The Professionals Who Serve Them
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...
Estate planning becomes more complex when you are part of a blended family. With children from previous relationships, current spouses and various family dynamics to consider, you may want to ensure you protect everyone you care about. Why does your family structure...
When a will and a life insurance policy give different instructions regarding beneficiaries, it is generally the life insurance policy that takes precedence and will be followed. For example, say that a person purchases a life insurance policy when they have two...
Family is one of life's greatest gifts, but managing that gift comes with real challenges. You work hard to build wealth to support your children long after you are gone. However, sometimes adult children struggle with money management and need ongoing guidance. How...
In Chicago and across Illinois, pooled trusts let people with disabilities save money without losing eligibility for benefits like Medicaid or Supplemental Security Income (SSI). A nonprofit runs the trust, pools funds for investment and keeps a separate account for...
You want the best for your child. Your parents likely feel the same way about their grandchildren. Many grandparents in Illinois want to leave a financial legacy to help with future care. However, a standard gift in a will can create an "inheritance trap." If a child...
