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September 2017 Archives

What is a life estate?

Imagine that you want to provide money and income to a specific beneficiary in your estate plan; however, you want to ensure that additional assets will be available to someone else after the first beneficiary dies. For example, maybe you want your spouse to benefit from your estate, but you want the core of your estate to be inherited by a child after your spouse passes away.

The Illinois death tax: Will your heirs have to pay?

Illinois is one of the few states that still charges its residents a death tax. This means that when you die, depending on the size of your estate, your estate may be subject to pay part of its value to the state of Illinois. The question is, will your estate be subjected to the death tax, or will it be exempt?

What's a mutual will?

A mutual will is a common estate planning tool that governs the estate of more than just one person. Usually, the people who enter mutual wills with one another are married couples or couples who are in seriously committed relationships.

Did your employer start deducting more taxes from your paycheck?

If you work for an employer in Illinois that deducts tax money from your paycheck each week, you may have noticed that more deductions are being applied to your salary. Since last July, human resources departments throughout the state have been notified of the increased state income tax obligations that Illinois workers must pay.

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