In Illinois, after someone passes, there is an administrative process called probate that handles the deceased’s final affairs including distributing their assets and property of their estate according to their will. This is the purpose of probate in Illinois. This court-supervised process … [Read more...] about The Purpose of Probate in Illinois
Things To Know About Trusts
Many people believe that trusts are only for very wealthy people, in part because of the term “Trust Fund Baby.” But actually, a trust can be a useful estate-planning tool for lots of people. To know if a trust should be part of your plan and if so, what type, you will want to discuss this with your … [Read more...] about Things To Know About Trusts
The Biggest Threat to Your Tax-Exempt Status
At my law firm, James C. Provenza and Associates, we spend a lot of time repairing organizations that have lost their tax-exempt status. We have noticed a pattern as to why it happens. In this article, we address the primary causes. The first thing we have noticed is that many small … [Read more...] about The Biggest Threat to Your Tax-Exempt Status
Things To Know About Wills
Creating a will alone or as part of a larger estate plan can seem a big deal. But it is a fundamental task that without it, any wishes about how you want your assets to be distributed will not be known. If you die without a will, then the state will distribute your assets through the probate court … [Read more...] about Things To Know About Wills
How Can I Get Help With Estate Administration?
When someone dies, your first thought is about final arrangements. Funeral, cremation, or burial arrangements follow. But you also must think about estate administration very soon after. Your loved one’s personal affairs must be handled as they may directly affect spouses, family members, … [Read more...] about How Can I Get Help With Estate Administration?