When deciding between a will and a trust, it’s best to have a clear understanding and know the differences between the two. A trust is a legal document where a third party or trustee is authorized to manage the assets that are held in the trust. The trustee makes sure the correct heirs gain the…
Are you wondering what a Small Estate Affidavit is? It’s a legal document that speeds up the asset distribution process when someone dies with a small estate. In Illinois, the term “small estate” usually refers to estates with assets totaling up to $100,000 or less, and there is no real estate involved. This mechanism allows…
When it comes time to plan your estate, it is more than just drafting a will or deciding who gets your personal belongings. You need a strategy that helps manage your assets, avoids unnecessary legal complications, and protects your wealth. One of the most effective ways to do this is through a trust. But not…
When you’re a business owner, estate planning isn’t just about what happens to your home or personal belongings after you pass. It’s also about what happens to the company you’ve worked hard to build. One crucial piece of this puzzle is understanding how probate works, especially in Illinois, where the legal landscape can be complex….
Spring is a time for fresh starts and clean slates. As you dust off your shelves and organize your closets, consider taking a closer look at your estate plan. Just like your home, your estate plan needs regular attention to stay in order. A plan that worked a year ago might not reflect your current…
When someone dies without a will in Illinois, the court does not leave the estate in limbo. Instead, it follows a legal process known as intestate succession. This process determines how the deceased person’s property will be divided among their relatives. Without a valid will, the state controls who receives what, regardless of the person’s…
A will is supposed to bring clarity and peace of mind after a person passes away. But sometimes, the process doesn’t go as smoothly as intended. In Illinois, a will can be contested if certain concerns arise about its validity or fairness. These disputes can lead to drawn-out court proceedings and strain family relationships. Understanding…
Estate planning often brings up tough questions. How do you protect your loved ones? What happens to your assets after you pass? In Illinois, one tool that many families consider is the revocable living trust. While this type of trust offers some clear advantages, it’s not the right fit for everyone. If you’re considering a…
The passing of a loved one is always an emotional time. On top of the grief, families are often faced with a series of legal steps that must be taken to handle the person’s estate. In Illinois, that process is known as probate. While the word itself might sound complicated, understanding what probate means, and…
After the loss of a loved one, many families are left with questions, both emotional and legal. One of the most common concerns we hear is about timing: “How long will this probate process take?” The answer isn’t always straightforward. In Illinois, probate can move quickly in some cases, while in others, it can take…
When someone passes away in Illinois, their will typically outlines how their estate should be distributed. However, there are instances when a will is missing, or the validity of the will is questioned. If you are in a situation where a will cannot be located or is believed to be invalid, it is crucial to…
When a person passes away in Illinois, their estate may need to go through probate, a legal process where the court oversees the distribution of assets to heirs and beneficiaries. However, not all assets are subject to probate. Understanding which assets must go through this process can help families plan effectively and avoid unnecessary delays….
The probate process in Illinois can be complex and often overwhelming, especially during a time of grief. A key figure in navigating this process is the executor, a person designated in a will to manage the deceased’s estate. Understanding the executor’s role and responsibilities is crucial for both those named as executors and beneficiaries of…
Probate, the legal process of administering a deceased person’s estate, can be complex and time-consuming. In Illinois, certain common errors can significantly delay this process, causing stress and added expense for beneficiaries. Understanding these common errors can help executors and families avoid unnecessary delays, ensuring a smoother administration of the estate. At Bielski Chapman, LTD.,…
The short answer is: It depends. Technically, you do not need a lawyer to file probate in Illinois. However, while it is possible to file for probate without legal assistance, most people find that having a probate lawyer is beneficial. Here’s why: Navigating the Complexities of Probate Probate can be a complicated process, especially if…
Probate is the legal process through which a deceased person’s estate is administered and distributed according to their will or the laws of the state if there is no will. In Illinois, the probate process can seem overwhelming for families and loved ones left behind. One common question that often arises is: How much does…
A will is a crucial legal document that outlines your wishes for the distribution of your assets after your passing. In Illinois, a well-crafted will can provide peace of mind, protect your property, and ensure your legacy lives on. At Bielski Chapman, LTD., we understand the importance of estate planning and are here to guide…
When creating an estate plan in Illinois, it’s important to understand the various tools available to ensure that your assets are distributed according to your wishes. One such tool is a pour-over will. While it may sound complex, a pour-over will plays an important role in ensuring your estate is handled properly. What is a…
Filing for guardianship in Illinois allows someone to make decisions for a person unable to care for themselves. Whether due to age, disability, or other circumstances, this legal arrangement can provide essential support to vulnerable individuals. At Bielski Chapman, LTD., we understand that navigating the guardianship process can be daunting. We are here to guide…
When planning for the future of a loved one with special needs, establishing a Special Needs Trust (SNT) is often a vital component of an estate plan. For residents of Illinois, it is essential to understand the unique estate tax considerations that can arise with these trusts. This knowledge can ensure that your loved one…
Special needs planning is a component of estate planning designed to address the requirements of individuals with disabilities or chronic conditions. For families in Illinois, this planning is essential to ensure the long-term care and financial stability of loved ones with special needs. Bielski Chapman, LTD., our respected Illinois estate planning attorneys are here to…
When a loved one passes away, the probate process can be emotionally and legally complex, particularly in Illinois. While the goal is to ensure the deceased’s wishes are carried out, we understand that family disputes often arise during probate proceedings, adding an extra layer of stress to an already challenging time. At Bielski Chapman, we…
The loss of a loved one is a difficult time, and the process of handling their estate can add to the emotional burden. In Illinois, there are two primary methods for managing an estate: probate and small estate administration. Both serve the purpose of distributing a deceased person’s assets, but they differ in terms of…
Asset protection is often perceived as a concern for the wealthy or the elderly, but young adults in Illinois also have significant reasons to consider safeguarding their assets. Whether you’re just starting your career, building savings, or investing in your first home, understanding how to protect your assets can provide financial security and peace of…
The loss of a loved one is a difficult time, and on top of emotional burdens, there are often legal matters to address. In Illinois, probate is the court process that oversees the administration of an estate, ensuring debts are settled and assets are distributed according to the deceased’s wishes (or by state law if…
After a person passes away, there are situations where their estate will enter into probate. During this time, the court will administer and distribute the deceased’s assets and pay off any debts. While it is often necessary, probate can be a costly and time-consuming process. However, there are strategies you can use to reduce these…
Challenging a will is never an easy process. Many times, family members and other interested parties will question the validity of the will. As you can imagine, that leads to plenty of legal concerns and family challenges. However, this document must be authentic and respect the wishes of the decedent. If you want to know…
When it comes time to plan your estate, it is more than just drafting a will or deciding who gets your personal belongings. You need a strategy to manage your assets and ensure a smooth transition after you pass away. However, one aspect is often overlooked: asset protection. Let’s look at the importance of asset…
Not all estates have to go through a long and complicated probate process. If the estate is small, there are court procedures that can avoid those longer legal battles. Many times, this occurs when the deceased individual does not own many assets. If you would like to learn more about probate administration for small estates,…
Many people choose to use a trust for their estate planning and asset protection. However, there may be times when circumstances change in a person’s life. In these cases, they may need to modify or terminate the trust. In the state of Illinois, there are a few rules and procedures that must be followed. Let’s…
Losing a loved one is an incredibly difficult experience. However, dealing with legal matters can add to the emotional pain and stress of these events. No one wants to go through probate, but it is an unfortunate process for many estates. If you find yourself in this position, here are a few facts about how…
When you are creating an estate plan, more than likely, you will want to avoid probate. This process can be a long, arduous, and an expensive proceeding. Along with that, this can be a difficult experience for your beneficiaries. If you want to look for a better way to provide for your loved ones, it…
When it comes to estate planning, one of the most important decisions centers around choosing an executor or trustee. These individuals will be responsible for managing your estate after you pass. Additionally, they must be there to ensure your wishes are carried out by distributing your assets to your intended beneficiaries. For that reason, you…
Many jurisdictions across the country have provisions for those who want to apply to be a guardian for a minor child or an adult. Proceeding through this process can be complicated. However, with the help of an attorney, you can understand all the benefits and challenges of gaining guardianship of another individual. Here are a…
After someone dies, their assets go through a process known as probate. With that, the courts will ensure that their will is valid, along with identifying and distributing the property. Often, it can be lengthy and time-consuming. How can you better prepare yourself to navigate the probate process in Illinois? Here are a few tips:…
After someone passes away, their estate may end up in probate. Generally, this process involves ensuring that the deceased individual’s will is valid. The court will also identify and distribute their property to the person’s heirs. Many people want to avoid these proceedings because they are lengthy and costly. Is probate required in Illinois? Here…
With the upcoming family celebrations, it may be an excellent time to discuss your plans for the next year and beyond, especially those involving your estate. Holidays are full of celebrating and spending time with loved ones. What better gift can you give than securing their future? Here are a few tips if you want…
The holiday season is a time for fun, festivities, and family time. During the merriment, you may not think about estate planning. But bringing the family together is the ideal time to discuss these issues. You can outline your wishes and have peace of mind in the process. Here is what you need to know…
If you want to make sure your business is sustainable for the future, you need to have a succession plan. A succession plan outlines who will take over your business when you retire, become incapacitated, or pass away. Creating these plans can reduce any issues when it comes to transitioning leadership in a company. Here…
At first, estate planning and a business succession plan might seem the same. However, they are two different processes that help ensure a smooth transition of assets and delegation of responsibilities. These plans help with the transfer of wealth in a person’s personal and professional life. If you want to know the difference between estate…
The death of a business owner can have far-reaching consequences, affecting the personal lives of their family and loved ones and the business’s future. When a business owner dies, the remaining family members or partners must consider the company’s legal, financial, and operational aspects. Learn about the steps to take once a business owner passes…
As a business owner, you do everything to protect your company. However, many people need to realize that estate planning should be a part of that process. While estate planning is not an exciting part of entrepreneurship, you need it to have a smooth transition of assets and minimize tax liabilities for beneficiaries. Here is…
A clear property title is your golden ticket in the real estate world. It guarantees that the property you want is free from legal claims or complications. If there are issues with a title, that could cause problems with your ownership rights. A property title search can provide peace of mind during this time. Here…
Real estate investments can provide a road to financial prosperity and stability. However, the property’s ownership structure may impact your control, taxation, and financial stability. Whether you wish to buy commercial or residential real estate, make sure you know which structure is the right one for you. Sole Ownership The most straightforward property ownership structure…
With any residential or commercial real estate deal, it requires a well-structured agreement to protect the interests of all parties. One important document is the Purchase and Sale Agreement (PSA). This legally binding contract outlines the terms and conditions for transferring properties from sellers to buyers. Take a look at all the aspects of Purchase…
Many people turn to LLCs to protect their business and personal assets. From stronger asset protection to simplified estate planning, putting this business entity into a trust can offer plenty of benefits. If you want to secure your finances and businesses, here are a few reasons why you should consider putting your LLC into a…
Being a caregiver to a senior loved one can be difficult, even when you are next door or across town. But what if you are several time zones away? Trying to provide (or monitor) care from a distance can seem almost impossible. When you are far away, it is difficult to know what to do…
Placing business assets in a trust can offer many benefits. A trust can help with asset protection, estate planning, and managing the business after an owner’s death. However, trust law can be complicated, and it would be best to seek advice from a qualified professional. Whether you live in Illinois or New York, here are…
Receiving a windfall, such as a cash settlement or inheritance, can be a life-changing event. However, for individuals who rely on Supplemental Security Income (SSI) and Medicaid benefits, it can also be a cause for concern. Fortunately, a few options can help individuals keep their SSI and Medicaid benefits while benefiting from the extra resources….
You may think that an irrevocable trust is set in stone and its terms can never be changed. This is not the case. Say Auntie Anne dies leaving the proceeds from her successful pretzel chain business in her trust to her two brothers, Barclay and Clemson, naming her nephew Dusty as her trustee. The trust…
Probate assets refer to any property (“asset”) owned by a decedent that must go through probatecourt to be transferred to the people who will ultimately inherit them. Probate is an expensivepublic proceeding, so if you want to maximize your estate and/or keep ownership of assetsprivate, note the common types of assets that typically go through…
If you are receiving a lump sum windfall, such as a lawsuit settlement, and you receive eitherSSI or Medicaid (or both), you will be temporarily cut off from your benefits until you re-qualify. You can avoid this cut off by contacting an attorney to take certain legal steps that willprotect your windfall and allow you…
When I was 15, I was in a car accident that hospitalized me for 6 weeks. Because I was a minor, the doctors treating me could legally communicate freely with my parents. Had I been 18, the doctors could not have spoken with my parents without a power of attorney in place. Our firm’s strong…
My dad was diagnosed with Parkinson’s when I was in law school, and as it became clearer that he was a fall risk – and too stubborn to stop going up and down stairs – we decided that it was best to sell the house where me and my two brothers grew up. The house was a Victorian in Wilmette, Illinois, and it was landmarked because it was so old – built in the 1850’s! Read more
Prior to law school I worked in consulting. My job was leveraging automation and digital tools to replicate time-consuming redundant tasks for privilege and discovery teams on a nationwide litigation effort. I used VBA, SQL and Acrobat to save $180,000 across a single team. My skills in this area have allowed me to operate a…
Three things in life are inevitable: death, taxes, and practice management software. Well, the third is only inevitable if you practice law… the moment you get sick of spreadsheets to keep track of your client matters is the moment you realize it’s time for practice management software. If you’ve been to a law seminar or…
In most counties in Illinois, the judge will appoint a Guardian ad Litem (frequently referred to by its abbreviation “G-A-L”) before appointing a guardian of a Ward. This is a confusing term because both “Guardian” and “Guardian ad Litem” have the word Guardian in them – but they could not be more different in their…
If you are a new homeowner, congratulations! Maybe someone recommended to you recently that now that you own a home, it is beneficial to put your real estate in a revocable living trust and you’re wondering why. Read on! By putting real estate in trust, clients ensure that their home will be transferred to their…
One issue that we come across frequently is a deed that has been sitting in a deceased parent’s name for years, and finally a child is ready to sell the property, but doesn’t have the authority to sell because their name is not on the deed. One way to go about selling the property is…
The first time I heard the word “probate” was after I had finished law school and passed the bar exam. If you are lucky, the probate process is a foreign concept to you. But most people come across it at some point in their lifetime, and we are here to demystify what exactly probate is. …
There are two types of estate planning: will-based planning and trust-based planning. Our office only does trust-based planning. While a Last Will and Testament will direct your executor how to distribute your property, your executor will be required to go to probate court to collect and distribute your property, opening up your estate to the…
Folks often believe that only the wealthy need a will or a trust. As a matter of fact, having an estate plan is not only about passing wealth on to future generations or avoiding taxes. People Who Need an Estate Plan Estate planning has numerous benefits for all of the following groups. If you fall…
What do you do when you’ve lost a trust? You go back to basics: the elements of a trust, and when all else fails, probate! A Short Story About a Client Who Lost a Trust We had a case where a client’s mother (let’s call the mother Betty Smith) had deeded her home into trust…
When my dad was diagnosed with Parkinson’s, my parents were living in my childhood home in Wilmette, and they had a modest life savings. In the course of sharing my dad’s diagnosis with friends and family, one thing they kept hearing was how expensive Long Term Care would be; the cost could completely drain their…
Listing your Chicago property on Airbnb may seem lucrative, but if you’re not careful, it can cost you. Homeowners who want to list their property must be careful to avoid penalties by paying attention to the restrictions in the Chicago Shared Housing Ordinance and their building’s governing documents. The restrictions are noted below, along with…
As a general rule, spouses can transfer an unlimited amount of property to each other without paying tax on the transfer.[1] The rule includes transfers made upon death.[2] The so-called “unlimited marital deduction” delays taxation on the transfer of property until it is transferred out of the marital unit. The rule applies to US citizens as well…
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