Power in Collaboration®
When an Illinois estate planner is worried that his or her heirs cannot handle receiving a large sum of money all at once, a spendthrift trust could be appropriate. A spendthrift trust will dole out your heirs’ inheritances to them slowly over time — perhaps in monthly distributions — so that there’s less danger of… Read more »
IICLE Special Needs Conference Lisle, IL – September 23, 2016
Imagine that you want to provide money and income to a specific beneficiary in your estate plan; however, you want to ensure that additional assets will be available to someone else after the first beneficiary dies. For example, maybe you want your spouse to benefit from your estate, but you want the core of your… Read more »
Illinois is one of the few states that still charges its residents a death tax. This means that when you die, depending on the size of your estate, your estate may be subject to pay part of its value to the state of Illinois. The question is, will your estate be subjected to the death… Read more »
A mutual will is a common estate planning tool that governs the estate of more than just one person. Usually, the people who enter mutual wills with one another are married couples or couples who are in seriously committed relationships. Your mutual will is considered “mutually binding.” This means that if one person passes away,… Read more »
If you’re planning your estate in Illinois — and you want you and your family to benefit from potential tax savings, privacy and the ability to avoid probate — you may want to consider one of many different trust options. Trusts allow you to remove yourself as the owner of certain assets, so that you… Read more »
If you work for an employer in Illinois that deducts tax money from your paycheck each week, you may have noticed that more deductions are being applied to your salary. Since last July, human resources departments throughout the state have been notified of the increased state income tax obligations that Illinois workers must pay. How… Read more »
If you want to protect your heirs from incurring large capital gains taxes on an asset that has increased significantly in value — or if you want to sell an asset and benefit from the profits without getting hit with the taxes — a charitable trust could be the right choice for your needs. With… Read more »
Were you named as the executor or administrator of a deceased loved one’s estate? The responsibility can easily feel overwhelming, especially if you’ve never had to undertake this kind of role before. Illinois residents have a lot of important duties they will be responsible to fulfill when they serve as the administrator or executor of… Read more »