This is the time of year when some people spend time in their vacation homes. If you are fortunate enough to have a getaway out-of-state, you can enjoy your spare time to the fullest. Family members and friends can come by, and lasting memories are … [Read more...] about Own a Vacation Home? Beware of Ancillary Probate
Estate Planning
What Is the 2022 Illinois Estate Tax Exclusion?
There are 12 states in the union have state level estate taxes, and there is an estate tax that is specific to Washington, D.C. As luck would have it, Illinois is one of these 12 states. In this post, we will provide an overview of the state level … [Read more...] about What Is the 2022 Illinois Estate Tax Exclusion?
Is Probate Always Necessary?
You are here because you are interested in learning more about estate planning, and one of the first places to start is probate. This is a legal process that can enter the picture when assets are changing hands after someone passes away. It is not … [Read more...] about Is Probate Always Necessary?
The Foundation of an Estate Plan
When you think about estate planning, if you do not know much about it, you may equate it to the execution of a last will. This may seem like a very simple and straightforward thing that you can do at some point in the future. Indeed, the majority … [Read more...] about The Foundation of an Estate Plan
Use Gift Tax Exclusions to Gain Estate Tax Efficiency
The federal estate tax was initially enacted in 1916. If you were around at that time, and you found out that your estate was going to be taxed, what would you do? Clearly, you would resolve to give gifts to your loved ones that would eventually be … [Read more...] about Use Gift Tax Exclusions to Gain Estate Tax Efficiency
An Explanation of Five Unusual Trusts
One of the most compelling reasons to work with a lawyer to develop your estate plan is the fact that your attorney will explain the options that are available to you. There are many different trusts that can be used, and you may be surprised by some … [Read more...] about An Explanation of Five Unusual Trusts
