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Recent blog posts
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Selecting the right trustee is one of the most important decisions you will make when creating a trust in Illinois. The trustee is responsible for managing trust assets, following the terms of the trust document, and acting in the best interests of the beneficiaries. A well‑chosen trustee can ensure your estate plan works exactly as…
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Succession Planning for Family-Owned Businesses in Illinois
: Succession Planning for Family-Owned Businesses in IllinoisYou care about your family-owned business. There has been a lot of hard work in getting it off the ground and successful. Whether you’ve had the business for a few years, or many decades, you want to ensure it is protected after you pass away. Without a clear succession plan, your business could face big…
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After losing a loved one, the last thing you want to think about is the cost of probate. However, it is a part of administering the estate. Probate often gets the reputation for being slow and expensive. In Illinois, most estates can move through pretty efficiently, reducing fees depending on the size and complexity of…
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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…
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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…
