What is the Illinois Estate Tax?

What is the Illinois Estate Tax? Many Illinois residents are surprised to learn that Illinois has an Estate Tax separate from the more familiar Federal Estate Tax. The Illinois Estate Tax provides for a $4,000,000 exemption from tax per estate. If you have more than $4,000,000 in assets, it is important to speak with an

What is a UTMA Account?

What is a UTMA Account?  If you have minor children, you may have heard of a UTMA account. UTMA stands for Uniform Transfer to Minors Act, and it governs how the money of a minor should be handled for the minor’s benefit. The UTMA permits the use of a UTMA account, which is a type

What Information do I Need for an Estate Planning Initial Consultation?

What Information do I need for an Estate Planning Initial Consultation?  If you are interested in determining what estate planning you might need, you will want to gather the following information to be fully prepared for an initial consultation with an estate planning attorney: A List of Close Family Members. It is important for an

Do I Need a Will and a Trust?

Do I need a Will and a Trust? If you have determined that your estate planning will include a Revocable Trust, you may also be considering whether you need a Will as well. Understandably, many people believe that a Trust is superior to a Will and thus supersedes a Will. This is untrue, as a

What is a Certification of Trust?

What is a Certification of Trust?  If you have a Trust and have either put assets into it or are attempting to put assets into it, then you may have been told you need a certification of Trust, a/k/a certificate of Trust. For instance, it is common for a home loan lender to require a

What Happens to My Student Loans Upon Death?

What Happens to My Student Loans Upon Death? If you went to college and now have significant student loan debt, you may be worried about what might happen to those student loans if you were to pass away before repaying them. Student loan debt has been steadily rising in the United States, with soaring college