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March 2017 Archives

Probate litigation rends high-value Midwestern estate

A highly regarded Midwestern political influencer's estate is currently contested, as the woman's daughter argues that her brothers "sabotaged" her inheritance. In a probate litigation suit filed against her family members in Illinois' neighboring state of Missouri, the daughter claims that her brothers coerced her mother into signing a document to reduce her inheritance amount. The documents demand that all legal bills related to certain types of litigation be paid by the younger woman's share of the estate.

What is the difference in revocable and irrevocable trusts?

How do Illinois residents who are looking to build an estate plan structure their asset distribution? Many people who are looking to complete their estate planning process feel ready to move forward, but they may not feel comfortable with information about trusts and other mechanisms that can help them preserve their estate. It does not have to be that way! Today, we explain the different types of trusts to help you with property distribution.

How does estate valuation provide asset protection?

Do you know how to find out how much your estate is worth? If you want to optimize your asset protection in your estate plan, you need to understand the process of determining the value of your property in accordance with federal law. Two types of valuation exist to allow your beneficiaries the most accurate assessment of your property holdings. This could mean the difference between paying the estate taxation, which is triggered at $5.45 million as of 2016 legislation.

Learning how probate litigation works with wills

Is it possible for you to challenge a will? Trying to work through probate litigation is a challenging situation, largely because wills are seen as the "voice" of the testator, or person who has died. The will "speaks" for the decedent, so most courts in Illinois and other states tend to hold the will and other estate documents in high regard. Here are a few tips if you decide that you think it is appropriate to challenge an estate plan.

The rise of robo-advisors in wealth preservation

Proactive wealth management is an important step in securing not only your future, but also the inheritances you leave behind for your loved ones. Selection of a financial advisor is an important choice and creates a bond of trust that a skilled professional will be looking out for your best interests.

Estate planning for your child with special needs

If you're a parent raising a special-needs child in Illinois, you're probably concerned about who will care for your child when you're gone. Let's say you have a child with a cognitive disability, and your child will never be able to live independently on his or her own. Knowing that only you can offer the highest level of love, attention and care, it can be frightening to consider what will happen to your adult child with special needs if you become incapacitated.

Avoid these mistakes in your estate planning process

When it comes to planning for the future of your estate after your death in Illinois, you may be confused about the variety of vehicles for protecting your assets. Estate planning requires a comprehensive understanding of state and federal statutes, which can be difficult for the everyday client.

Asset protection in estate planning: get experienced legal advice

Estate planning is a very individual undertaking, and must be done according to the unique circumstances and goals of each person. At the same time, there are certain issues that should always be taken into consideration in estate planning. One of them is asset protection.

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