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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,…
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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…
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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…
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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…