It’s all too common for people to put off estate planning – even when they’re in their senior years. If you have parents who have still not done this, you may be getting anxious about them not having any estate planning documents in place and wondering what you can do...
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Estate Planning
Power of attorney versus a guardianship: What you need to know
As you age, there may come a time where you cannot take care of yourself. Whether from mental or physical limitations, it can become difficult to manage financial accounts while also trying to keep on top of your physical health. In these circumstances, the elderly...
3 strategies that can help you avoid major estate taxation
Very large estates are subject to federal estate taxation. Even modest estates of those with real estate holdings or a business in their name could be subject to Illinois estate taxes. Planning ahead is crucial for those who want to limit their tax liability after...
What are your alternatives when naming a trustee?
When you create a trust as part of your estate plan, you take control over what ultimately happens with your legacy. If all you have in your estate plan is a standard will, your authority over your legacy ends when your executor distributes property to your family...
Special needs trusts: Understanding how they work
A special needs trust can be an amazing lifeline for someone with special needs. It’s a way to provide them with additional assets and support without affecting their local, state or government benefits. Since many people with special needs outlive their parents or...
How much can you give family members tax-free this year?
Those with more assets than they need for retirement may start worrying about the financial implications of their property. When someone with substantial personal property dies, their executor and beneficiaries may need to pay estate or inheritance taxes. Having a lot...
June is Alzheimer’s and Brain Awareness Month
June is Alzheimer’s and Brain Awareness Month, and as such, now is a good time to talk about estate planning and how a degenerative neurological condition could affect you or someone you love in the future. Alzheimer’s disease, as well as other dementias, are serious...
Who should you pick as your charitable trust benefactors?
As someone who is disabled or who cares for a disabled loved one, you know how important it is to take steps to ensure continued eligibility for government benefits. One way in which you may be able to put any assets that you have aside is by funding a charitable...
What is the top estate tax rate in Illinois?
Estate taxes can have a profound negative impact on what you can leave behind for the people you love after your death. In Illinois, those with substantial assets are subject to not just federal estate taxes but also Illinois state estate taxes. In fact, more people...
Helping adults with Down syndrome to live independently
If you have an adult child with Down syndrome, you will want to make sure that they have all of the support and care that they need for the rest of their lives, even when you are no longer here to look after them. While this can be a difficult thing to address, it can...
