Monthly Archives: February 2018

Home/2018/February

What is Meant by a ‘Probate Caveat’?

By |February 22nd, 2018|Probate, Probate Law|

Probate is the process of administering the will of a deceased person. The legal heirs have the right to challenge the will if they believe that it has been tampered with after the death of the grantor. The document that is filed in the court to halt the probate process is known as 'Probate Caveat'. What is meant by Probate Caveat? Why would anyone want to lodge a caveat? You will know more about probate and required documents in this article. What is a Probate Caveat? Probate caveat is a legal notice to a court to suspend the probate process.The [...]

How the New Tax Cuts and Jobs Act (TCJA) Affects Estate and Gift Tax?

By |February 20th, 2018|Estate Planning|

The Tax Cuts and Jobs Act (TCJA) introduced sweeping changes to many aspects of the Internal Revenue Code (IRC). The Act was passed by the Senate and House of Representative and signed by President Trump on December 22, 2017. While the Act covers a broad range of income, estate, corporate, and other tax related matters, here we will focus on the effects one state and gift tax. How TCJA Impacts Estate and Gift Tax Exemption? The estate and gift tax exemption provides additional protection to the estate assets. Prior to the passing of TCJA, an individual could shield $5.49 million [...]

5 Different Types of Legal Guardianship in Illinois

By |February 15th, 2018|Guardianship|

A parent has the legal responsibility of taking care of a child. However, in certain cases, a parent is no longer able to look after the child. In such a situation, a person other than the parent can assume the position of legal guardian. Guardianship is the process of filing a petition in the court to assign a guardian for a child. You should understand the different types of legal guardianship before making a petition in the court. Here you will learn about the five different types of legal guardianship allowed in Illinois. 1. Permanent Guardianship A permanent guardianship is [...]

5 Benefits of Hiring a Guardianship Attorney

By |February 12th, 2018|Guardianship|

Guardianship is generally established for minors and senior adults who cannot make financial or health-related decisions. If you ever need to establish a guardianship for your near and dear one, you should strongly consider hiring a guardianship attorney. A guardianship attorney can help you in navigating through the complex court procedures. Let's take a look at some of the ways you can benefit from hiring a guardianship attorney in Chicago, IL. 1. Help in Preparing Initial Petition A petition needs to be made in the court for assigning a guardian. Preparing the petition is no easy task. You need to [...]