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
Buying or selling a home or piece of residential land can be an exciting prospect, regardless of whether you’re the buyer or the seller. To be sure, a real estate transaction is usually associated with a new beginning and adventure, an economic opportunity, and a chance to embrace something new and different. But as exhilarating
Real Estate Transactions in Libertyville Illinois Libertyville is a beautiful suburb of Chicago located in Lake County, Illinois. Libertyville is an affluent community with great public resources, a scenic historic downtown with excellent restaurants, and a variety of home types to choose from. Libertyville has superb schools that are well known throughout the state for
How is Debt Treated in Probate? When a person passes away with debt, administration of the estate can be confusing for the family. On the one hand, you may have a will or trust that directs the distribution of assets to the beneficiaries. On the other hand, valid creditors have a right to be paid
Is Gift Tax Due Immediately Upon Making or Receiving a Gift? For 2019, the annual gift tax exclusion set by the I.R.S. is $15,000 per person making the gift, and per recipient. Married couples can gift double that amount per recipient, up to $30,000 annually. Gifts can be made to an unlimited number of people
What Type of Ownership is Best For My Home? If you are purchasing a home in Illinois this season, you may have been asked how you want the home to be titled. There are many different types of real estate ownership. The major ones are as follows: 1. Sole Ownership. If you are purchasing a
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.
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
Real Estate Attorneys Beware: Do Not Revoke Prior Powers of Attorney In a real estate transaction in Illinois, it is common practice now for buyers and sellers of residential real estate to name their attorney as power of attorney for property, to execute the real estate transaction on their behalf. This allows for the buyers
Guardianship Arising From Personal Injury Matters Despite vehicles becoming safer, car accidents resulting in death or serious injury are still all too common in Illinois. In 2016, there were over one thousand (1000) deaths from vehicle accidents in Illinois alone. But what is not reported in the statistics are the number of people who are