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August 2017 Archives

How to get started with a charitable trust

If you want to protect your heirs from incurring large capital gains taxes on an asset that has increased significantly in value -- or if you want to sell an asset and benefit from the profits without getting hit with the taxes -- a charitable trust could be the right choice for your needs.

Art and estate planning: A delicate process of preparation

Some art investors have a knack for buying and selling works of creative inspiration. The investments they make can pay dividends as their art pieces climb in value. However, when you own a number of works of art that have increased in value significantly over the years, planning for how these assets will be transferred to heirs can be complicated.

Tax preparation advice for Park Ridge residents and businesses

Not all Illinois residents go to a tax accountant to prepare their tax returns. Some go to tax lawyers who can help them prepare their tax filings in a legally appropriate manner. Fortunately, many tax lawyers offer competitive rates that compare to accounting firms that perform similar services.

Avoid probate with a death beneficiary

Probate will not necessarily be an easy process for your heirs. It will cost money, it will take time and it could bring a certain amount of stress. As such, many Illinois estate planners will want to take action to help their heirs avoid probate wherever possible.

What are the benefits of a spendthrift trust?

A spendthrift trust is a special kind of trust for estate planners who are worried about gifting a large sum of money to their heirs all at once. Perhaps you're concerned that a teenage heir is too immature to handle a big inheritance. Or, maybe you have a someone you want to give money to, but he or she has a history of bad financial decisions. A spendthrift trust can give you peace of mind in these situations.

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