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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…

business succession plan

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…

estate planning property transfers

Estate Planning for Property Transfers to a Non-Citizen Spouse

As 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…