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Illinois Living Revocable Trusts
It is often best to avoid probate, the court supervised process which makes sure that a deceased person’s assets are properly distributed. The probate process is costly and time consuming (usually 14...
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Estate Tax Deductions
When you die, your executor or other individual responsible for administering your final affairs will be required to pay from your estate or revocable trust many of your expenses. Many of these...
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10 Reasons to Create an Estate Plan
1. Loss of capacity. What if you become incompetent and unable to manage your own affairs? Without a plan the courts will select the person to manage your affairs. With a plan, you pick that person...
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Illinois Powers of Attorney
An agent, in the context of a Power of Attorney, is a person authorized by another to act for him. The principal (the person giving the power) and the agent must be adults who are both mentally...
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Long Term Care Insurance and Long Term Disability Insurance
Long Term Care Insurance is insurance that will cover the cost of long-term care from a disability due to illness, injury or age. This assistance includes care at home or at a nursing home. The...
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Special Needs Trusts
A Special Needs Trust (a/k/a Supplemental Needs Trust) is set up to ensure that a disabled individual received needed public benefits, such as Supplemental Security Income and Medicaid, while also...
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QTIP Trusts
Generally, to qualify for the marital deduction and avoid estate tax when you die, your property must pass to your spouse directly or in a trust where he has complete control over the principal. A...
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Duties of the Executor
An executor is the person responsible for managing the administration of a deceased individual’s estate. The Will specifies who the executor is. If there is no Will, an administrator is appointed by...
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Illinois Nursing Home Moves & Home Protection
You do not have to sell your home in order to qualify for Medicaid coverage of nursing home care in Illinois; however the state can file a claim against your house after you die.You can freely transfer...
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Annual Gift Tax Exclusion
The annual gift tax exclusion is a simple estate planning option that reduces federal estate taxes. You can give away $14,000 tax free each year to as many people as you would like. If you are married,...
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Custodial Accounts for Minors in Illinois
Custodial accounts are created by adults as custodians for minor children. Both the custodian and the minor must be residents or resident aliens of the United States. The accounts are established under...
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Education Funding for Young Beneficiaries
One way which a parent, relative or friend can help fund the education of a child is by the creation of a Crummey Trust. This kind of trust, which qualifies the parent or other donor for the gift tax...
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Estate Planning and Charitable Remainder Trusts
A Charitable Remainder Trust (CRT) allows you to donate to your favorite charity while benefitting yourself. It allows you to defer capital gains on the sale of appreciated asset, receive income, take...
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Estate Planning and Charitable Remainder Annuity Trusts
Conservative investors who want a predictable income year after year may prefer a Charitable Remainder Annuity Trust (CRAT) to a Charitable Remainder Trust (CRT). A CRT pays a fixed annuity which...
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Estate Planning and Charitable Remainder Unitrust
A Charitable Remainder Unitrust (CRUT) has advantages over a Charitable Remainder Asset Trust (CRAT).Unlike the CRAT, a CRUT allows you to make as many contributions as you would like. Also the asset’s...
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Naming Minors as IRA Beneficiaries
A minor can be a beneficiary of an IRA, and the advantages are many.When an IRA is inherited, the required withdrawals can be stretched across the life expectancy of the individual who is inheriting...
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No Contest Clauses in Illinois Wills
A No Contest Clause, sometimes referred to as an in terrorem clause, is used in wills to prevent a beneficiary from challenging provisions in a will. The No Contest Clause would state that if a...
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Chicago Law & Updating Your Estate Plan
Once you have created an estate plan, it is important to keep it up to date. The following is a list of events which may trigger an estate plan update.Whether it is your first marriage or a later...
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Wills vs. Trusts
Wills and Trusts are useful estate planning devices which serve different purposes. Both work together to create a complete estate plan.One main difference between a Will and a Trust is that a Will...
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Illinois Joint Tenancy Law Liberalized
The creation of and the termination of rights of parties who hold title to property as joint tenants have been liberalized in Illinois.In the case of Sathoff v. Sutter, 373 Ill. 3d App. 795, 869 N.E.2d...
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