Estate Planning News + Trends
Commonly asked questions and trending topics of discussion. Search previous topics of discussion below.
Why do I need both a Will and a Trust?
A Revocable Living Trust accomplishes many goals that a Will does not, including probate avoidance, asset protection for your children and estate tax minimization. However, when you have a Trust, you should still have a proper Will in place. Commonly referred to as...
Adopted Adults Entitled to Inherit
A recent decision in the Appellate Court of the Fourth District of Illinois leaves us with several lessons, particularly the importance of reviewing your estate planning documents in the event of a significant change in your family or financial situations (In re...
Powers of Attorney: More Important Than Ever
Powers of Attorney have never been more important than they are in the current environment. The costs and consequences of not having Powers of Attorney in place far exceed the cost of having the documents prepared. Every adult who is responsible for his or her own...
Your Estate Planning Goals
Estate planning is about much more than just who will receive your assets after death. Proper estate planning can reduce the cost, time and likelihood of conflict when your assets are to be transferred to your loved ones. Planning for specific circumstances, such as...
The Costs of Procrastinating on Your Estate Planning
1. Estate planning encompasses more than just taxes and asset distribution. 2. Failing to make your wishes known through legal documents increases the likelihood of unnecessary family conflict, costs and delays. 3. Having a proper estate plan ensures efficient estate...
“Queen of Soul” Left Behind a Holographic Mess
World-renowned singer Aretha Franklin died on August 16, 2018, at the age of 76 in Detroit, Michigan. Franklin’s two marriages had ended in divorce and she had four children, the first when she was only twelve years old. She reportedly left behind an estate worth...
John Singleton Survived by Outdated Will
John Singleton, writer and director of the seminal 1991 film, Boyz n the Hood, died on April 29th at the young age of 51. Singleton, who had reportedly been diagnosed with hypertension, suffered a stroke on April 17th and was in a coma for 12 days until his death....
Karl Lagerfeld’s Cat May Inherit Estate
Renowned fashion designer, Karl Lagerfeld, died on February 19, 2019, at the age of 85. Lagerfeld was not married and did not have any children, but he is survived by his cat, “Choupette.” With nearly 300,000 Instagram followers (@choupettesdiary), Choupette is a...
Your Estate Planning Goals
> Estate planning is about much more than just who will receive your assets after death. > Proper estate planning can reduce the cost, time and likelihood of conflict when your assets are to be transferred to your loved ones. > Planning for specific...
U.S. Supreme Court Rules on Beneficiary Designation Dispute
> Relying on state or federal laws to administer your estate is never advisable. > Beneficiary designations supersede the provisions of a Will or Trust. > By organizing your assets as a part of your estate planning, you can ensure that designations are...