What is Title Insurance in a Real Estate Transaction? If you are buying or selling real estate you have most likely heard of title insurance. Many people simply know title insurance to be that charge that appears on the closing statement. The title insurance charges are significant, and that is for good reason. There is
How Are Heirs Determined in Illinois? An heir is someone who is legally entitled to receive property upon a person’s death. Every state gets to decide who the natural heirs of a decedent are, and the states will publish their own laws of descent and distribution outlining heirship. The laws of descent and distribution are
The 5 Things to Do If You Are Named Trustee of a Trust If you have been named a trustee of a family member’s or friend’s trust there are many things to know. It is advisable to speak with an attorney to know the full extent of your obligations as trustee. Here are five things
I’d Like to Make Gifts to My Children But I am Concerned About the Gift Tax If you are interested in making gifts to your children, you may be worried about the gift tax and estate tax. The tax can be substantial, so it is best to fully understand the ramifications of making the gift
If I Move to Another State is my Will Still Valid? If you had your Will created in Illinois but plan on moving to another state in the future, there are many things to consider. If your Will was validly executed in Illinois, then other states should honor it. If it was not validly executed
What is an Irrevocable Life Insurance Trust? An Irrevocable Life Insurance Trust, also known by its acronym, ILIT, is a useful estate planning tool for some families. In the past, when the federal estate tax exemption was much lower, ILITs were much more common. However, they are still useful for some people who have more
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 To Do If You Are Named Executor of a Will in Illinois If you have been named Executor of another person’s will in Illinois, then you are probably wondering what needs to be done during the person’s lifetime and upon their death. Acting as an Executor is a crucial role but one fraught with
How to Find Assets of a Deceased Loved One When a person passes away, it is up to his or her Executor (if one was appointed in a Will) to find any assets of the estate. This is referred to as “marshaling the estate assets.” If the decedent had no Will then an Administrator may
Navigating the Illinois Court System in Foreclosure If you are in foreclosure, upon receipt of the summons and complaint, you will receive information as to what court the foreclosure suit was filed in. The Illinois state courts have three levels: the circuit level, the appellate court, and the Illinois Supreme Court. If this is a