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So far Chicago Estate Lawyer has created 28 blog entries.

Obtaining a Power of Attorney for Health Care in the State of Illinois

By | June 9th, 2018|Estate Planning, Wills & Trusts|

If you reside in the State of Illinois and are looking to obtain a power of attorney, you should know that there are two basic types of forms available. The first one is a power of attorney that will grant power to a person concerning your property and/or assets. The second one, which concerns health care, will be addressed in this article. (755 ILCS 45/) Illinois Power of Attorney Act "Sec. 2-1. Purpose. The General Assembly recognizes that each individual has the right to appoint an agent to make property, financial, personal, and health care decisions for the individual but [...]

Qualifying for a Court-Ordered Guardianship in Illinois

By | May 21st, 2018|Estate Planning, Guardianship|

A guardianship can be important for people to obtain for many reasons. A guardianship is necessary when a person in Illinois needs to manage the affairs of another individual who is typically referred to as a ward. Through this process, the overseer will be appointed by the Probate Court. The overseer can be an individual, an institution, or even an agency. This article will cover important factors to consider when deciding if seeking a guardianship is the right process for you. Who Would Typically Qualify for a Guardianship? The law in the State of Illinois will generally presume that individuals [...]

Drafting a Will in the State of Illinois

By | April 12th, 2018|Estate Planning, Probate, Probate Law|

A will is commonly referred to as a "last will and testament" in many regions, including Illinois. A will can help you to protect your family, other survivors, and even your property in the aftermath of your passing. You can draft a will in order to: Give your property to a specific person or even to an organization, In order to name a guardian to look after your children, To name an individual to be held responsible for the assets you have left for your minor children, or To name a responsible person who will ensure that your last wishes [...]

Important Factors When Obtaining a Power of Attorney in Illinois

By | March 16th, 2018|Conservatorship, Estate Planning, Probate, Wills & Trusts|

Obtaining a power of attorney in the State of Illinois can give another person, agent, or party the legal right to make financial or health care decisions on your behalf in the event that your because incapacitated to make these on your own. When a power of attorney is obtained, this power can be flexible and it can also be valid for an indefinite and definite period of time. Factors To Consider When Assigned a Power of Attorney While a power of attorney can be formulated without the assistance of a lawyer, it can nonetheless be beneficial to obtain the [...]

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 [...]