Estate Planning News + Trends
Commonly asked questions and trending topics of discussion. Search previous topics of discussion below.
Murderer Inherits Victim’s Estate; Court Intervenes
On December 17, 2008, Dianne Edwards (“Edwards”) was choked to death. Edwards’ Will, which was admitted to probate on October 5, 2009, named her daughter, Deanna Palladino (“Deanna”), as the sole beneficiary of Edwards’ estate, which consisted mainly of Edwards’...
Gay Spouses Struggle to Claim Benefits (external)
Great article on financial planning for same-sex couples in InvestmentNews (excerpt below): http://www.investmentnews.com/article/20120527/REG/305279997 Even in states such as Illinois, which grants partners in a civil union many of the rights traditionally reserved...
Estate Planning With Life Insurance
Life insurance can serve many purposes. Whether you own a policy as income replacement security for your family, through your employer or as an investment asset, life insurance can be a multi-dimensional tool. However, with all of the financial planning instruments...
Lessons from Whitney Houston’s Estate
Celebrity estate plans are often the subject of much discussion and speculation with regard to the decedents’ relationships and mentality. Whitney Houston’s estate will likely be no different. Houston, who died on February 11, 2012, left only a Will, filed in Fulton...
Issues to Be Considered Regarding Joint Accounts
Joint accounts are often used as a simple way to give a caretaker access to the account to pay the bills of someone who is unable to do so. It seems simple enough—mom cannot make trips to the bank or keep up with paying her bills, so she will add her daughter on the...
Asset Protection Through Estate Planning
It is a natural inclination to want to protect the assets that you have worked hard to obtain. There are many levels of asset protection and the proper method must be determined depending not only on the type of asset, but also on the possible source, timing and...
Estate Tax 2012 and Beyond
Over the past decade, transfer tax exemptions, rates and planning opportunities have varied from year to year due to nearly annual changes in the laws. As the calendar turns to the new year, it is important to take a look at what Federal and Illinois legislatures...
Top Five Questions in Estate Planning
Some questions regarding Estate Planning are unique and based on specific family situations, but many are common questions that arise from misconceptions regarding Estate Planning. Below, you will find the top five questions that I receive from clients, along with a...
Year-End Planning
As the end of the calendar year approaches, it is important to take advantage of the annual Gift Tax exemption, which expires on December 31st and cannot be carried forward. If you are making gifts directly to your beneficiaries, it is crucial that such gifts be made...
Steve Jobs’ Estate Will Not Owe Tax, But Yours Might
It seems outrageous that the estate of one of the wealthiest men in the world, with an estimated net worth of $7 billion,1 likely will not owe any estate tax, but your estate might receive a hefty tax bill from your State and Federal governments. However, this is not...