Estate Planning News + Trends
Commonly asked questions and trending topics of discussion. Search previous topics of discussion below.
July 1, 2011 – Illinois’ New Powers of Attorney
Beginning on July 1st, Illinois’ new Powers of Attorney laws will go into effect. Any Powers of Attorney executed in Illinois on or after July 1 must use forms updated to reflect the changes required by the new law.
Protecting Your Child’s Inheritance
An outright bequest made either through a Will, Revocable Living Trust or intestacy allows the beneficiary to directly inherit the assets—as long as he or she has reached the age of 18 in Illinois—and do with it as he or she may please. However, there are many...
Out-of-State Property & the Probate Process
Keeping trust assets out of probate is a benefit that not only reduces legal fees for the estate but also expedites the distribution of assets to beneficiaries. An additional benefit that may apply to you is that placing out-of state property into your Revocable...
Naming the Right Beneficiary for Your IRA
One of the benefits of Estate Planning is that it forces people to organize their assets, often realizing that they have additional planning needs or that they overlooked a significant detail that may have serious tax consequences. One such detail may be that the...
Naming Guardians for Your Children
The thought of your children having to grow up without their parents is, of course, a grim and terrifying notion, but proper planning can provide great peace of mind as well as efficient personal and financial care for your loved ones. Below, you will find a brief...
Illinois Civil Union Act Signed into Law
On January 31, Governor Pat Quinn signed into law the Illinois Religious Freedom Protection and Civil Union Act (the “Act”), effective June 1, 2011, which recognizes the members of a civil union in Illinois as having the same rights as the members of a “spousal...
Illinois Estate Tax Reinstated
On January 13th, Illinois Governor Pat Quinn signed into law the Taxpayer Accountability and Budget Stabilization Act (the “Act”)—legislation that received significant national attention due to the 66% increase in state income tax. However, the Act also addressed the...
Mark Madoff’s Will & Updating Your Estate Plan
Mark Madoff, son of the infamous “Ponzi” schemer Bernie Madoff, executed a Will in late 2007. According to the New York Post, the Will set aside assets in trust for Mark’s two children from a previous marriage and his daughter from his current marriage and left the...
Elizabeth Edwards’ Will & Privacy
Elizabeth Edwards, who passed away on December 7, 2010, left a Will which made a significant omission. The Will, signed on December 1, 2010, just days before her death, makes no mention of her estranged husband and former presidential candidate, John Edwards. John...
The 2011 Estate, Gift & GST Taxes
With the new year, we have new legislation providing updated Estate, Gift and Generation Skipping Transfer Tax provisions affecting decedents dying between January 1, 2010, and December 31, 2012. Congress has finally given us a long-awaited answer to the question of...