Approximately 12% of the US population is physically or mentally disabled. Many of these individuals reside with or receive financial support from their parents or other family members. Estate planning for these dependents is crucial for ensuring their long-term care and welfare. Read More
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
Estate 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
Valuable 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:
Property 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.
When 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.
Bankruptcy to relieve debt is an option for many senior citizens on a fixed income. However, bankruptcy may not make sense in every situation. Bankruptcy lawyers can help senior citizens considering bankruptcy determine the best course of action.
Living wills, advanced directives and health care powers of attorney are all estate-planning documents that allow people to control their end-of-life treatment and who will be able to make medical decisions for them. When people near death, they may be unable to tell their medical team what kinds of care that they would like to receive. End-of-life care is a highly personal decision, and if a person Read More
An individual works hard to accumulate assets and build their net worth. Over a lifetime, assets such as real estate, businesses, art work, investment accounts, and cash savings can grow into a sizable sum. An estate plan helps shield these assets from taxes and ne’er-do-wells eager to get their hands on them.