One of the biggest issues in estate planning is how much the beneficiaries will actually receive once probate is finally completed. For high-net estates, this can be a serious concern, leading to trusts and other instruments that take assets out of an estate for the purpose of probate. If you’re … [Read more...] about “Grantor Retained Annuity Trust” In Chicago, IL?
For most people, receiving an inheritance is a pleasant experience. It’s a final gift from a relative and can either be saved, invested, or used for something that isn’t in the current budget. Sometimes an inheritance is an unexpected surprise. However, if the recipient is on Medicaid, that … [Read more...] about How Can I Protect My Inheritance From Medicaid In Illinois?
After you’ve completed your estate planning, you may feel like you’ve taken care of everything, dotted all the I’s and crossed all the T’s. You’ve written a will and created trusts to keep as much as you can out of the probate process. But it’s also possible that you’ve overlooked something, … [Read more...] about How Pour-Over Wills And Living Trusts Work Together In Glenview, IL
A complete estate plan involves a number of different pieces—a will, trusts, powers of attorney (particularly a durable POA), medical directives, a letter of intent (for the executor), guardianship directives (if applicable), and designations of beneficiaries. When the time comes, everything … [Read more...] about Benefits of “Planned Giving” in Chicago, IL
You’ve probably heard of the Setting Every Community Up for Retirement Enhancement Act (SECURE) that went into effect on January 1, 2020. Part of a larger federal spending package, the Act brings about reforms intended to make saving for retirement easier and within reach of more Americans than ever … [Read more...] about How Does the 2020 SECURE Act Affect Illinois Retirement Planning?