1. Home
  2.  » Category: "Estate Planning"

Avoiding probate by using TOD accounts

Planning your estate should not feel overwhelming or impossible, even if you are new to the idea altogether. With a TOD account in the state of Illinois, it may be possible to skip the probate process when leaving assets, businesses, and properties to those in your...

Is it time to review your estate plan?

Your estate plan is crucial to ensuring that everything goes as smoothly as possible after your death. But in order for it to work to its fullest extent, you must personally keep it up to date with the happenings in your life. This means reviewing your estate plan...

Intestate succession in Illinois

Laying out your estate plans can seem like a daunting process. Confronting the prospect of your own mortality may seem unnerving, but beyond that, you may not look forward to potentially offending any of your descendants in Illinois. You may share the same assumption...

Taking advantage of estate tax portability

Past posts on this blog touched upon the fact that, should Illinois residents utilizing a gifting strategy as part of their estate plans, they may protect as much as $23.4 million from federal taxes. Yet what are the specifics details of such a strategy? Optimizing...

Using gifts as an estate planning strategy

Individuals planning their estate are likely to have questions regarding their tax implications. For most people, it is important to pass on as much as possible to their heirs while limiting tax liability where they can. Using gifts to reduce estate tax liability is a...

Estate planning for first-time parents

Whether adopting or giving birth to a new baby, expectant parents put a lot of energy into preparing for their new love. In addition to setting up a nursery, buying diapers, taking birthing or parenting classes, moms and dads should take the opportunity to update or...

Estate planning and retirement accounts

If you are in the middle of creating an estate plan, or you are thinking about changing your estate plan, it is important to carefully consider your retirement accounts. These accounts can affect your estate and your finances in many ways and if you are aware of any...