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Recent blog posts
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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…
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Does My Estate Qualify for a Small Estate Affidavit in Illinois?
: Does My Estate Qualify for a Small Estate Affidavit in Illinois?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…
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The Differences Between Revocable and Irrevocable Trusts in Illinois
: The Differences Between Revocable and Irrevocable Trusts in IllinoisWhen 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…
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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…
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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…
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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…
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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…
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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…
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Estate Planning for Property Transfers to a Non-Citizen Spouse
: Estate Planning for Property Transfers to a Non-Citizen SpouseAs 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…
