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Recent blog posts
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What Happens If the Executor Fails to Act in Illinois Probate?
: What Happens If the Executor Fails to Act in Illinois Probate?The executor has a lot of responsibility to manage an estate through Illinois probate. If they fail to do their duties, it can have consequences. Beneficiaries can suffer and the executor may be liable for their failure to do the job correctly. The skilled estate planning lawyers at Bielski Chapman, Ltd. help you manage the…
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Gifting Strategies to Reduce Estate Taxes in Illinois
: Gifting Strategies to Reduce Estate Taxes in IllinoisKnowing the right way to gift can help with estate taxes later on. This helps preserve your wealth for the next generation. Federal exemptions are high for estate taxes, but Illinois’ is significantly lower. This means that, without proper planning, you could face a steep estate tax burden in the future. The skilled estate planning…
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How to Handle Out-of-State Assets in an Illinois Probate Case
: How to Handle Out-of-State Assets in an Illinois Probate CaseIf someone you loved passes away, they may own property in more than one state. This makes probate a bit more complex. For those who own vacation homes, accounts, or other assets outside of Illinois, you may have to deal with the probate and estate laws of another state. The right planning now could help…
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What Are Purchase and Sale Agreements in Real Estate Transactions?
: What Are Purchase and Sale Agreements in Real Estate Transactions?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…
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Why You Should Consider Putting Your LLC into a Trust
: Why You Should Consider Putting Your LLC into a TrustMany 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…
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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…
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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…
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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….
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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…
