Blogs From the Plan Forward Legal Team
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Common Clauses Found In Wills and Trusts
While each will and trust expresses the unique wishes of the people who create them, they also contain standardized provisions that help the documents serve their intended purpose and comply with legal requirements. Wills and trusts can accomplish the same purpose and may contain similar clauses, but they operate differently, and each has distinctive provisions…
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How Much Money Can You Gift Tax-Free?
Is the federal government really going to try to take another piece of the money that you already paid taxes on when you want to give money to someone else? You bet they are! Yet they don’t want to be completely rude about it, so there is a threshold amount each person can gift before…
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Can You Sell A House During Probate in Illinois?
Yes, you can usually sell a house during probate in Illinois. However, the person handling the estate must have legal authority to sell it and must follow the rules that apply to the probate case. In some cases, the court must approve the sale before it can move forward. Selling a loved one’s home can…
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Pros and Cons of a TODI in Illinois
You may want your home or other real estate to pass to your family without putting them through a long court process. One way to do this is through a Transfer on Death Instrument (TODI). It lets you name who should receive Illinois real estate after your death while allowing you to remain the full…
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What Happens When A Will And Deed Conflict?
In Illinois, both a will and a deed can transfer real estate when a person dies. If both attempt to transfer the same property to different beneficiaries, the beneficiary named by the deed will typically get the property. Nevertheless, the beneficiary under the will isn’t absolutely dead in the water (estate-planning humor) and may be…
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The CLARITY Act: What It Is and Why It Matters for Your Estate Plan
The CLARITY Act is one of the most significant cryptocurrency bills Congress has considered in years. Its purpose is straightforward: create clearer rules for digital assets by defining how cryptocurrencies and other blockchain-based assets should be regulated in the United States. For years, investors, businesses, and even federal agencies have debated which digital assets should…
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What’s the Difference Between an Estate Plan and a Will
So you’ve heard you should have an estate plan. Isn’t that basically the same thing as having a will? No, it isn’t. A will can be a really good start, but an estate plan is concerned with more than just what happens when you die. Estate planning is about making important legal decisions that will…
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Common Estate Planning Documents To Know
Estate planning is about more than just what happens to your property when you die. Common estate planning documents let you appoint people to handle your affairs if you become disabled, communicate your wishes regarding medical treatment, and nominate guardians for minor children. A comprehensive estate plan protects your family now and into the future.…
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From Tenants in Common to Joint Survivorship: How One Couple’s Deed Tells the Story of Marriage Equality
Sometimes, history shows up in unexpected places. Not in a museum. Not in a textbook. Sometimes, it appears in a handwritten note on a property deed. Recently, we met with a couple who had purchased their home together in Illinois in 2000. As we reviewed their documents, one detail immediately stood out. Written by hand…