Estate planning often seems like a tool only for the wealthy, but everyone benefits from having a plan. A complete estate plan ensures your wishes guide asset distribution and protect your loved ones. Estate planning allows you to control your property, prepare for incapacity, and address potential … [Read more...] about Is It a Good Idea To Do Estate Planning?
What is Inheritance Tax in Illinois
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
