If you have a residence outside of Illinois, you’re probably aware that the state laws surrounding wills and estate plans can be markedly different. If you have a family home in nearby Gary, Indiana, or frequently travel north to Wisconsin, which state law takes precedence if you die … [Read more...] about The “New Illinois Trust Code” For 2020
Do I Have To Pay Taxes On Money Given To Me As A Gift In Chicago, IL?
You’ve just been gifted a sum of money either by a relative, or through a deceased person’s will. And you are wondering "What tax implications come with it?" What Does “Gift” Actually Mean? A gift is something given without the expectation of something in return. When someone gives you … [Read more...] about Do I Have To Pay Taxes On Money Given To Me As A Gift In Chicago, IL?
What Are The Different Kinds Of Wills Available In Illinois?
If you’re just beginning your estate planning, you’re probably thinking that you should start with a will. Without it, the state will take care of your affairs, and probably not in the way you might have wanted. This is especially true if your children are minors, and they could end up with … [Read more...] about What Are The Different Kinds Of Wills Available In Illinois?
What Information Do You Need To Begin Forming An Estate Plan?
The first step of forming your estate plan involves one thing: getting started. You may be avoiding it because you feel overwhelmed. But like any big project, you have to start somewhere. In the end, you’ll have a thorough, complete estate plan that will protect your interests, follow your wishes, … [Read more...] about What Information Do You Need To Begin Forming An Estate Plan?