One of the most popular options for estate planning in Illinois is a charitable trust, where an individual donates and transfers valuable assets to a charity to “hold” until the owner’s passing. You still “own” your property as an appointed trustee, or you can appoint someone else to do it. … [Read more...]
Should I Have A “Living Trust” Instead Of A Will?
Estate planning is something many people just put off, and try not to think about until they have to. However, there's a lot at stake. When you’re gone, you won’t be able to say anything about how your estate and your assets are divided up, and it’s not unheard of for a will to be contested by a … [Read more...]
Can A Living Trust Be Contested in Chicago, IL?
Estate planning is supposed to take care of all of your final affairs and make sure your family doesn’t have to suffer through months or years of probate, or watching the state take money and property from them if you’re without a will. Creating a Chicago IL living trust allows your property to … [Read more...]
Planning for Your Minimum Required IRA Distributions
If you turned 70 ½ last year and did not take a required minimum distribution, make sure you take one by April 1, 2019, and your second distribution (for 2019) by December 31, 2019. If you don’t take the required minimum distribution you could be subject to a 50% penalty on the … [Read more...]
What Is The Definition And Purpose Of A Charitable Trust In Chicago, IL?
In the process of planning your estate, you may decide to incorporate a favorite nonprofit to make sure they continue to receive your help. There is a way to do that, and it doesn’t involve making your survivors or beneficiaries write checks every month. A charitable trust lets you give a … [Read more...]