The moment when a loved one passes away feels, inevitably, insurmountable. Aside from the overwhelming feelings of trying to sort out funeral arrangements, the legal aspect of managing someone’s finances after they pass away can seem perplexing to a grieving family. Which brings up the question: What types of taxes are due when a person... Read more »
Domestic asset protection trusts (DAPTs) are powerful tools for shielding your assets from potential creditors. Understanding how DAPTs work can help you create a formidable, secure estate plan. However, they can be misused as well. This article aims to provide a brief overview of domestic asset protection trust basics and how to set one up... Read more »
The IRS Announces the 2020 Estate Tax Exemption and the 2020 Gift Tax Exemption Every year the Internal Revenue Service (IRS) releases the annual estate tax exemption for those passing away during the calendar year as well as the annual gift tax exemption for those gifting assets within the calendar year. For the calendar year... Read more »
How to Contest a Will in Illinois A will is one of the most important documents used in an estate plan, allowing the testator to leave property to whomever they intend, name an executor of their estate, name a guardian for minor children, and more. And while wills can be used to mitigate tensions between... Read more »
Upon Death Do My Assets Automatically Transfer to My Spouse or Children? In Illinois, for those passing away without any estate planning, the rules of descent and distribution govern who inherits the assets of the deceased. Considering that less than 50% of Americans have a Will, it is not unusual for the rules of descent and distribution... Read more »
How to Fund a Trust If you have had a trust drawn up for estate planning, it is important that you verify that your trust is properly funded. Ensuring that assets are either in the trust or transfer to the trust upon your passing will help prevent an unnecessary probate and potential tax liability issues.... Read more »
How To Transfer Car Title After Someone Passes Away For many people, cars can be significant assets of their estate. Upon passing, the family will have to determine how to transfer ownership of the car to a family member or how to sell it as an estate asset. But the process for transferring ownership of... Read more »