630-665-2500
128D S. County Farm Road, Wheaton, IL 60187
Recent Blog Posts
Not Updating Your Estate Plan After a Divorce Can Put Your Heirs at Risk
If you have an estate plan in place, congratulations! You are already doing better than most Americans. Estate planning documents are not evergreen, however. Instead, the guarantor must review them regularly and update them whenever a significant change occurs. Perhaps the most overlooked (and potentially devastating) issue is that of divorce. Learn more about how not updating your estate plan after a divorce can put your heirs at risk, and discover how our seasoned Wheaton wills and trusts lawyers can help set things right again.
Divorce and Your Estate Planning Documents
During a divorce, marital assets are divided and then distributed, which can drastically affect the value of your estate. As such, the exact details of your will or trust may change. There may be less to distribute to your heirs, or perhaps some specific assets went to your ex-spouse. In either case, your estate plan must be updated to reflect these changes in your net worth. Furthermore, you must practice due diligence to ensure that an oversight does not occur. For example, your divorce decree may state that your spouse is no longer entitled to any of your retirement pension plan, but if you do not change the designated beneficiary and you pass away unexpectedly, the money could still go to your ex-spouse, rather than the intended heirs.
Wills and Trusts - Understanding the Difference and Why It Matters
It can take decades to build wealth, so it only makes sense for guarantors to want a say over how their assets will be distributed upon their death. Wills and estate plans are valuable estate planning tools that can allow you to do just that. There are some distinct differences between these two options, however, and a variety of factors can dictate which option is most appropriate for your situation. Learn more, including how our seasoned estate planning lawyers can help protect your heirs, and your estate, immediately and long into the future.
What is a Will?
A will is a written document that explains how a guarantor’s assets should be distributed, upon their death. A guarantor can retract or amend a will at any point in their lifetime, and an update is recommended any time that a guarantor experiences a significant change in their situation (i.e. marriage, divorce, children, etc.). Wills can also be used to name guardians for minor children.
Giving Your Heirs “Lifetime Gifts” Can Benefit You During the Estate Planning Process
If estate plans were only about money, they would not be so difficult to create. Instead, parties must first come to terms with their own eventual death, and they must consider where and how they would like money to be distributed. Since family matters can be highly complex and sometimes volatile, and the rules for handling assets upon one’s death can vary by type and situation, such decisions regarding inheritances can be more than just difficult. One possible solution is to use “lifetime gifts” as your guide. Learn more in the following sections, including how our seasoned estate planning attorneys can help with drafting your initial estate plan.
What is a Lifetime Gift?
Lifetime gifts are often used as an estate-planning strategy for reducing federal and state taxes, which means they are most commonly used in estate plans that exceed either the $4 million Illinois state estate tax exemption or the $5.5 million federal estate tax exemption. Each gift, which may equal up to $15,000 in value each year ($30,000 maximum for married couples giving a joint gift), reduces the value of the estate, thereby reducing the amount that heirs will be taxed when they inherit it. Lifetime gifts can do more than simply lower the tax load of one’s estate, however. They can also benefit the guarantor during the estate planning process.
Assigning a Power of Attorney - Reasons, Considerations, and the Steps to Take
When drafting an estate plan, guarantors are often asked whether they have selected a power of attorney to represent them during a period of incapacitation. Do you really need such a person and how do you decide which person to name in your will or trust? More importantly, how can you ensure that the person you select is able to effectively represent your interests? Learn the answers to these questions in the following sections, and to discover how the assistance of a seasoned wills and trusts lawyer can protect the best interests of you, your heirs, and your estate.
Why Assign a Power of Attorney?
Although it can be unnerving to legally name and assign someone to handle your financial and healthcare decisions during a period of incapacitation, doing so can benefit you, your family, and your estate. First, it can ensure that you are not given medical treatments that you do not wish to receive. You are also less likely to experience the financial consequences that tend to occur when one’s finances go unmanaged (i.e. late fees, extreme loss in the stock market, unpaid bills, etc.), which can ensure your estate remains preserved for your heirs, should you eventually pass away.
Millennials Focus on Dog-Friendly Properties When Renting - What This Could Mean for Your Real Estate Portfolio
If you want to win over the millennial generation and expand your real estate portfolio, it may be time to let your properties go to the dogs - literally. Recent surveys indicate that this generation is not looking for design features or your typical amenities when deciding where to rent or buy. Instead, they are focused on finding a home that caters to their furry friends. Learn how you can better cater to this generation by adding more dog-friendly amenities, and discover how a seasoned real estate lawyer can help you to further expand your real estate portfolio to secure a better, healthier financial future.
Real Estate Has Gone to the Dogs
The millennial generation has finally reached the age where they are not just renting, but also purchasing homes. The reason is not to start a family, however. Instead, millennials are looking to give their dogs the best life possible. In fact, one survey found that 33 percent of the millennials who purchased a home did so because of their pets, which outranked marriage (25 percent) and the possibility of a child (19 percent). Another 42 percent of millennials who do not yet own homes say they are planning to eventually purchase one to accommodate a dog.
Estate Planning for Your Pet - What Pet Owners Should Know Before Writing Their Will
When creating an estate plan, most people ensure their children and spouse are covered. Sadly, few people consider how their death could impact their furry family members. In fact, statistics indicate that only about 18 percent of pet owners have considered making provisions for their pet in their will. This oversight, which may be partially attributed to the fact that not everyone knows you can estate plan for a pet, often results in a poor outcome for beloved animals. Learn how you can prevent such a fate for your family pet using a pet trust or comprehensive estate plan, and discover how a seasoned estate planning lawyer can assist you with the estate planning process.
Why Include Your Pet in an Estate Plan?
Examining the Most Common Estate Planning Myths
People may put off estate planning for a variety of reasons. Most are born out of estate planning myths - assumptions that simply are not true. Learn why estate planning is an important task for everyone, regardless of their situation, and discover how a seasoned estate planning lawyer can assist you with the process in the following sections.
“Only the Rich Need an Estate Plan”
Perhaps one of the biggest estate planning misconceptions is that the process is only for the extremely wealthy. While, yes, a comprehensive estate plan is important for reducing the tax load of the wealthy, even those with moderate to small estates can benefit from the process. Often, people do not know their true value. They may have assets that they have forgotten about, or their savings and retirement accounts may have accrued more interest than expected. If the individual has children, this alone facilitates the creation of a will, as it is important that families ensure their children end up with the guardian or guardians they feel to be the most suitable.
Single and Retired? Try These Strategies When Creating Your Illinois Will or Trust
While those who are married or have kids typically have a built-in plan, should anything happen to them, singles rarely have this option. As such, they may find themselves incapacitated or ill with no one to protect their interests. Even worse, if they pass away, their entire life’s earnings could be lost. Thankfully, there are ways that single people can protect themselves from such a fate. Learn more, and discover how a seasoned will an trust lawyer can assist with the process.
Examining the Role and Responsibilities of a Proxy or Trust
A trust or proxy is someone who makes medical, financial, or estate decisions for an incapacitated or deceased party. Used by single and married people alike, this person must be appointed by the individual in question ahead of time, and their roles and responsibilities must be clearly outlined. These may include:
House-Flipping in Illinois - Where Are the Hottest Spots to Invest?
House-flipping has become somewhat of a trend in the United States - and for good reason. Financing options are more plentiful and far easier to obtain than they once were, and the housing market is finally starting to recover from the Great Recession. However, not all areas are profitable for investors. The following information can help point you into some of the hottest communities to flip in, and it provides you with details on what a seasoned real estate attorney can do to protect your investment portfolio and financial future.
Chicago and Surrounding Cook County Areas
Of all the areas in Illinois, the most promising for flippers can be found in Chicago and the surrounding areas in Cook County. Experts say that investors are seeing as much as a 97.7 percent ROI, which is much higher than most areas in the nation. To break that down into dollar terms, the average purchase price for flipped houses is at about $88,500. Those houses have sold for an average of $175,000. While that is a decline of about 2 percent from last year (and thereby suggestive that opportunity in the market is slowly diminishing), homes can still be purchased at a deep discount in the area.
Cryptocurrencies in Your Estate Plan - What You Need to Know
Bitcoin, Ethereum, and other types of cryptocurrencies have made many savvy investors quite wealthy - and many of them have been able to keep their wealth secret. Unfortunately, the very thing that makes such currencies appealing can also endanger the wealth of one’s heirs. Learn how and why you should add your cryptocurrencies into your estate plan, and discover how a seasoned Illinois wills and trusts lawyer can assist with the process and mitigate any financial loss.
The Hidden Nature of Cryptocurrency Creates Issues for Heirs
Because the money is entirely digital, cryptocurrencies can be easily lost. In fact, there are stories about investors who have had to dig through their trash after losing their password and login information. Others choose to keep their currency stored offline, on a thumb drive. However, even this presents a problem in estate planning.
