Estate taxes in Illinois cause confusion because many people think the state also imposes an inheritance tax. What is inheritance tax in Illinois? Illinois does not have an inheritance tax. Instead, the state enforces an estate tax that applies to estates above a set value before heirs receive any … [Read more...] about What is Inheritance Tax in Illinois
Do You Need an Irrevocable Life Insurance Trust?
Estate planning often raises questions about how property passes to heirs and how taxes affect that process. One option available involves an irrevocable life insurance trust, also called an ILIT. This trust holds life insurance policies and controls how the proceeds reach your heirs. We explain … [Read more...] about Do You Need an Irrevocable Life Insurance Trust?
What Happens If You Don’t File a Will Within 30 Days In Illinois?
Filing a will in Illinois within 30 days of a person’s death is required by law. What happens if you don't file a will within 30 days in Illinois? The law may create complications for you and your family. You need to know the deadlines, the legal requirements, and the penalties for late will filing … [Read more...] about What Happens If You Don’t File a Will Within 30 Days In Illinois?
How Much Does an Estate Have to Be Worth to Go to Probate in Illinois
You need to know when an estate must pass through probate in Illinois. This process can involve court supervision, strict legal steps, the involvement of an estate planning attorney in Chicago, IL, and delays for heirs. Understanding how much does an estate have to be worth to go to probate in … [Read more...] about How Much Does an Estate Have to Be Worth to Go to Probate in Illinois
Differences Between a Minor’s Trust and a Custodial Account
You face two main paths when you set aside funds for a minor child. You can create a minor’s trust or open a custodial account with the help of an estate planning attorney in Chicago, IL. Both options hold assets for your child, and understanding the differences between a minor's trust and a … [Read more...] about Differences Between a Minor’s Trust and a Custodial Account
