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 the probate document in this article. What is a Probate Caveat? Probate caveat is a legal notice to a court to suspend the probate process.The notice [...]

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 [...]

What Should You Know About Pour-Over-Wills?

By | January 17th, 2018|Estate Planning, Wills & Trusts|

A lot of people ask what will happen to assets that are not included in a trust. How can such assets be transferred at the time of death? The answer is through a pour-over-will. A pour-over-will can be used in conjunction with a living trust to ensure that your near and dear ones benefit the most from your assets after your death. There are many reasons all the assets are not transferred to a trust. Sometimes people just forget to transfer newly acquired asset. A pour-over-will ensures that the assets are distributed according to your exact wishes. Let's explore this [...]

What is Meant by a Durable Power of Attorney?

By | January 9th, 2018|Conservatorship, Estate Planning, Guardianship|

Planning for your future is not just about getting your affairs in order when you are in good health, but also when you become mentally disabled. You should make plans regarding who should have the power to make financial and medical decisions if you become incapacitated. This is where a power of attorney comes into play. Assigning a power of attorney will ensure that your affairs are handled by a competent person in the event you are not able to manage on your own due to old age or infirmity. A lot of people get confused about the term 'durable' [...]

5 Invaluable Tips for Successful Estate Planning

By | January 5th, 2018|Estate Planning, Wills & Trusts|

Effective estate planning will ensure that your assets are transferred efficiently, and your legacy is protected after your death. You should look at the best interest of your loved ones when it comes to preservation of family wealth. Here are five invaluable tips that we believe can prove invaluable for successful estate planning. 1. Charitable Contributions Charitable contributions can provide benefits in multiple ways. Not only will it result in personal satisfaction, it will also help you maximize the amount received by the beneficiaries from the estate. Charitable contributions can be deducted from the estate taxes. In this way, you [...]