Newland Law Centers, LLC
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Intra-Family Loans Are Often An Effective Estate Planing Tool

Written by Charles Newland

hand holding Loans words, estate planningIntra-family loans are an excellent way for families to share the wealth without disrupting their estate and gift tax exemptions. These types of loans, however, aren’t always easy to structure.

While individuals can put intra-family loans together themselves, the services of an experienced estate planning attorney and possibly a tax advisor should be considered to avoid possible complications or having the loan contested by the IRS. Read More

Why Honesty Pays Off in Bankruptcy

Written by Charles Newland

A dummy in rain with insolvent words, bankrupcyPeople who choose to file for bankruptcy protection in Illinois must be honest, and if they are not, they could face criminal charges and have their bankruptcy petitions dismissed. While criminal charges are not always filed, bankruptcy courts may still impose other penalties against people who try to hide or conceal assets or who lie on their schedules. When a person is honest with his or her bankruptcy attorney and with the trustee, then it will pay off in the long run when the person obtains financial relief through his or her bankruptcy discharge. Read More

Can a Special Needs Trust Disrupt Government Benefits for Your Disabled Loved One?

Written by Charles Newland

A wheelchair, special needs trust A special needs trust can allow a disabled loved one to receive supplemental care while maintaining their Medicaid and/or SSI benefits. Drafting and administering the trust must happen with a clear understanding of how the SNT works in conjunction with government benefits. If the trustee, or their special needs trust attorney, does not follow the process correctly, the beneficiary could lose their government benefits.

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Recent Developments In Estate Planning

Written by Charles Newland

A house, estate planningEstate tax laws were overhauled by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (“Improvement Act”), by IRS proposed regulation § 2801, and by a series of cases which addressed estate planning issues. These recent developments, while not expansive, could significantly impact some estate and individual tax returns. Furthermore, Congress expanded the number of tax returns that could be subjected to penalties and interest for improper or late filings. Read More

Family Feud: Contesting a Will

Written by Charles Newland

Estate Planning AttorneyValuable estates can easily become war zones. The desire for land, possessions, or other assets can quickly sever family ties. Estates are typically distributed per the wishes of the deceased. But not always. There are cases when a court determines legitimate grounds exist to question a will’s validity. These contests, however, can trigger the beginning of a never-ending, bitter family feud. They are costly legal actions that take years to resolve. Three common grounds used to contest a will, include:

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Settling An Estate Without A Will

Written by Charles Newland

A closeup of signing, probateProperty that is not settled with a will or trust must either pass automatically to the heirs or be devised through probate. Probate is a legal process through which a will is accepted (or “probated”), or assets are devised to beneficiaries. Probate allows potential beneficiaries to submit claims to a person’s estate.

Wills that are not contested avoid probate; the estate administrator need only file a copy with the court as a public record.

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Preparing to Declare Bankruptcy in Illinois

Written by Charles Newland

A couple are calculating, bankruptcyThorough planning and preparation are required when filing for bankruptcy. Individuals preparing to file bankruptcy must complete several steps in order to ensure that best outcome of the proceedings. A bankruptcy lawyer can help prepare the necessary documentation that shows the financial position of the individual and their inability to pay the debts they owe.

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Dying Intestate in Illinois

Written by Charles Newland

A sick old person, estate planningWhen an Illinois resident dies without establishing a will, the State of Illinois will provide an “estate plan” for the deceased. Unfortunately, the state’s plan for asset distribution may not always coincide with the wishes of the deceased. When a will or other estate planning documents are absent upon an individual’s death, it is referred to as the person having died “intestate”. Upon an intestate death, the deceased’s property is passed to his or her heirs under the Illinois intestacy succession laws.

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We represent clients in Arlington Heights, Chicago, the Northwest Suburbs, and Lake County. Contact our office at (847)797-9300 to schedule a free consultation.

Cook County OFFICE

3601 W Algonquin RD, STE 990
Rolling Meadows, Illinois 60089

LAKE COUNTY OFFICE

728 Florsheim Dr
Libertyville, Illinois 60048

CONTACT US

Phone: (847) 797-9300
Fax: (847) 797-9301