Married couples frequently have separate property—that is, property that belongs to one of the parties, and isn’t part of the marital estate. It could be a piece of real estate, a business, or other asset that they had prior to the marriage or inherited during the marriage. Separate property … [Read more...] about What is a “Transmutation” in Estate Planning in Illinois?
You’ve just been gifted a sum of money either by a relative, or through a deceased person’s will. 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 money, with or without a … [Read more...] about Do I Have To Pay Taxes On Money Given To Me As A Gift In Chicago, IL?
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?