Blogs From the Plan Forward Legal Team
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Illinois Estate Tax: What Families Should Review Before Updating Their Estate Plan
Imagine a couple who signed their estate planning documents several years ago. Since then, their home has increased in value, their retirement accounts have grown, and one spouse has become a business owner. They still want their property to go to the same people. Does that mean their plan can stay exactly as it is?…
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Estate Planning for Blended Families in Illinois
You want your spouse to be comfortable if something happens to you. You also want the children from an earlier relationship to receive the inheritance you have in mind. Maybe you want to include stepchildren, too. How do you put those wishes together? Estate planning for blended families starts with those everyday questions. Creating an…
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Transfer-on-Death Deed or Living Trust in Illinois?
You want your home to reach the right people without leaving them a legal puzzle. Someone suggests a transfer-on-death deed. Someone else says you need a trust. How do you know which advice fits? An Illinois transfer on death instrument can arrange for real estate to pass at your death. An Illinois revocable living trust…
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How to Get Power of Attorney in Illinois
To get power of attorney in Illinois, the person granting authority chooses an agent, completes the appropriate document, and signs it using the rules for that document. For everyday estate planning, that usually means preparing separate powers of attorney for property and health care. If you are planning for yourself, you are the principal. The…
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What Is a Spendthrift Trust in Illinois?
A spendthrift trust in Illinois is a trust with a provision that restricts a beneficiary from transferring their trust interest and generally prevents the beneficiary’s creditors from reaching it before the beneficiary receives a distribution. The trust can hold an inheritance and provide support over time under instructions you choose. That protection has limits. The…
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Who Pays Property Taxes In A Trust?
The document creating the trust will typically designate who is responsible for paying any property tax due on trust property and may further specify the financial resources to be used for payment. Most often, the named trustee, whose job it is to manage trust property, will be responsible for paying the tax. If property taxes…
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Does A Will Have To Be Registered?
Once a valid will is created, it does not need to be filed with an official registry to have legal effect upon the death of the person who wrote it. However, it must be filed with the clerk of the probate court shortly after the testator dies so a judge can declare the will valid…
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Living Will Versus Advance Directive
Thinking about future health care choices isn’t always easy, but an accident, serious illness, or other medical emergency can happen with little warning. A Chicago estate planning attorney can help you put your wishes in writing before that happens. At Plan Forward Legal, we help individuals and families plan for important medical decisions as part…
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Quitclaim Deed in Illinois
Changing the name on a home or other real estate may seem simple, but a deed can affect your ownership rights, mortgage, taxes, and estate plan. In Illinois, a quitclaim deed is one way to transfer an interest in real estate from one person to another. A Chicago estate planning attorney from Plan Forward Legal…