Estate Planning

/Estate Planning

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 [...]

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 [...]

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 ContributionsCharitable 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 can leave [...]

Can a Living Trust Help Protect Assets from Creditors?

By | January 3rd, 2018|Estate Planning, Wills & Trusts|

Creating a living trust helps in avoiding the costly probate process. The trust helps make sure that the beneficiaries receive the maximum possible amount from the estate. A common confusion regarding living trusts is whether they help protect the assets from creditors. The answer is not that straightforward. Here we will explain when a living trust can be used to protect your assets from creditors, and also when it cannot serve this purpose. Living Trusts: What are They? A living trust refers to a trust that is created during your lifetime. You can create a living trust with the [...]

The Difference Between a Conservatorship and Guardianship

By | December 18th, 2017|Conservatorship, Estate Planning, Guardianship|

In case an individual is unable to make life's important decisions, the relatives or friends may request the court to appoint a conservator or a guardianship. The courts assess the severity of the person's condition and make decisions accordingly. The court generally appoints a conservator or guardian for minors, mentally handicapped, or incapacitated persons. But what do these terms actually mean? And are there any differences between the two? You will find out the answers to the questions here in this article. What is Conservatorship? A conservatorship is a legal relationship between a minor or incapacitated individual who cannot take [...]