Blogs From the Plan Forward Legal Team
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What Is a Durable Power of Attorney (DPOA)?
Planning for the future is not only about what happens after you are gone. It is also about who can step in and help if you are injured, ill, or simply unable to manage things for a while. That is where a durable power of attorney, often shortened to DPOA, becomes important. A durable power…
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End-of-Year Charitable Contributions and Estate Planning
Many people find themselves thinking about charitable giving as the year comes to a close. Part of that is driven by tradition and the desire to support causes that matter. Another part is practical. The IRS allows taxpayers to deduct qualified charitable contributions if they itemize their deductions, and those donations must be made before…
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How to Set Up a Trust in Illinois
Setting up a trust in Illinois gives you more control over your property, protects your family, and helps your loved ones avoid the delays of probate. Illinois uses the Illinois Trust Code, which lays out the rules for creating and running a trust. This guide walks you through the basics so you understand what is…
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How Do I Avoid Probate In Illinois?
When a will is the estate planning tool used to transfer property at death, probate is the court-supervised process that legally transfers property ownership from a deceased person to the appropriate recipients. For those who want to avoid probate in Illinois, there are other estate planning tools that can do everything a will can, but…
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How Long Does Probate Take In Illinois?
Probate is the court-supervised process of legally distributing assets whether the deceased person does or does not have a will. Without any issues, including disgruntled family members, probate can close the estate within 10-12months. However, even with a “simple” estate, probate can take several years. At Plan Forward Legal, our Chicago estate planning attorney helps…
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Year-End Gift Tax Moves: Should You Give Before December 31?
As the year winds down, people start thinking about more than holiday travel and wrapping paper. They begin to consider whether the final weeks of the calendar year are the right moment to transfer wealth to the next generation. For families focused on long-term planning, the question isn’t simply “Should I give?” but “Should I…
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Cryptocurrency and Your Estate Plan: How to Protect Digital Assets for Your Family
Cryptocurrency has moved from a niche curiosity to a real part of modern wealth. Many Americans now own some form of digital currency or token. Major financial institutions like Fidelity and BlackRock offer crypto products or exposure. Families who never would have pictured themselves as Bitcoin holders a decade ago now treat digital assets like…
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Yes, Mom & Dad, We Do Need an Estate Plan: 5 Main Reasons
If you’ve clicked into this blog, congratulations, you’re already ahead of the majority of Americans. Surveys show that more than half of adults still do not have any estate planning documents. Not a will. Not a trust. Not even a power of attorney. Just vibes and a dream. Estate planning attorneys see this every day.…
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What’s The Difference Between a Revocable Trust and an Irrevocable Trust?
A trust is a separate legal entity that can own assets. The trust relationship separates the ownership of assets into a legal owner (the trust) and a beneficial owner (the beneficiary). An appointed trustee manages trust assets. Estate plans can use trusts to protect wealth, preserve privacy, minimize taxes, manage a business, or provide for…