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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…
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Estate Tax Considerations for Special Needs Trusts in Illinois
: Estate Tax Considerations for Special Needs Trusts in IllinoisWhen 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…
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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…
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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…
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The Importance of Estate Planning Over the Holidays
: The Importance of Estate Planning Over the HolidaysThe 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…
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How Do I Create a Succession Plan for a Small Business?
: How Do I Create a Succession Plan for a Small Business?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…
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What Is the Difference Between Estate Planning and Business Succession Planning?
: What Is the Difference Between Estate Planning and Business Succession Planning?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…
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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…
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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…