Estate Planning

If you knew something harmful was about to happen to your family, wouldn't you act to protect them? That is what estate planning is all about. Your decision today protects them tomorrow. Don't allow outdated wills or trusts, or worse, a lack of appropriate plans leave your family and business unprotected when they are most vulnerable. Whether you need to create an estate plan, or review and update your existing plan, don't jeopardize the future of those you love by putting off this easy but very important step.

Articles on Estate Planning

When Should Your Will be Reviewed?: November 2011 by Kerry M. Lavelle; An often asked question by our estate planning clients is “when should I have my will and trust reviewed by an attorney?” Very often the standard answer from attorneys is “every five years.” But a more accurate answer is that it depends. You really need to be aware... read more
New Medicaid Regulations: October 2011 by Robert P. Iverson; After months of negotiations between attorneys and Illinois state legislators, new regulations have been released that will alter the way senior citizens can shelter assets for long-term care Medicaid planning purposes. The new regulations are scheduled to become effective January 1, 2012 and will... read more
Planning for your Digital "Afterlife": September 2011 by Heather Guilette Walser; If you’re like most people today, chances are that you have multiple active email accounts with hundreds – possibly even thousands – of messages stored on your computer hard drive or on remote servers. You probably also have numerous other online presences – a Facebook profile,... read more
Planning for the Disparity in the Federal and State Estate Tax Exclusion Amounts: August 2011 by Robert P. Iverson; For the years 2011 and 2012, Congress has increased the exemption amount for federal estate tax purposes to $5,000,000, however the Illinois estate tax returned this year recognizing an exemption amount of only $2,000,000. Because the goal of estate tax planning for married couples is often to defer... read more
Irrevocable Life Insurance Trusts: August 2011 by Heather Guilette Walser; You may be surprised to learn that upon your death, the proceeds of your life insurance policies are includable in your taxable estate – and potentially subject to state and federal estate tax. This is true even if the policy has no accessible cash value during your lifetime, and even though... read more
2011 Tax Changes Have Potential to Impact Estate Planning: May 2011 by Robert P. Iverson; The federal estate tax returns a kinder, gentler tax than anticipated this year. At the end of 2010, practitioners and taxpayers prepared for a return of the constrictive pre-2001 rate of 55% on estates greater than $1 million. However, Congress did act in December and the result - for the next... read more
Estate Planning for Alzheimer's Patients: May 2011 by Heather Guilette Walser; When a loved one develops Alzheimer’s Disease, dementia, or other illnesses that will ultimately affect mental capacity, families and caregivers face a variety of challenges, including coping with legal and financial issues. Because people with these illnesses will eventually lose the ability... read more
Planning for the Federal Estate Tax Portability Feature: May 2011 by Robert P. Iverson; As part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, the exemption amount for Federal estate and gift tax purposes has been increased to $5,000,000. Moreover, the unused portion of the exemption is portable between spouses. That is, if husband has made... read more
Estate Tax Rules and Opportunities: May 2011 by Kerry M. Lavelle; As you probably heard, over the past twenty eight months, four sets of the estate tax and gift rules have been in effect, with the individual exemption bouncing from $2M (2008), to $3.5M (2009), to unlimited (2010), to $5M (effective January 1, 2011). Therefore, even if you do not want to make changes... read more
Asset Planning for a Child with Disabilities: March 2011 by Heather Guilette Walser; A primary goal of asset planning for a child with disabilities or other special needs is to ensure that the child will remain qualified and eligible to receive need-based public benefits, whether now or in the future, while at the same time retaining control over the child’s assets or any assets... read more
Estate Planning for Disabled Beneficiaries: June 2010 by Gillian Nagler; Individuals with disabilities often rely on federal and state government programs such as Medicaid and Supplemental Security Income (SSI) to help with their financial needs. These programs provide cash benefits as well as coverage for necessary medical and long-term care services. In order to qualify... read more
The 2010 Estate Tax Repeal - How is your Estate Plan Affected?: April 2010 by Gillian Nagler; As of January 1, 2010, the federal estate tax has been repealed for estates of people dying this year. While that may seem like good news for the beneficiaries of your estate, there are potentially negative consequences of the repeal. First, many estate planning documents are drafted based on the assumption... read more
Guardianship Options In Illinois - A Summary: August 2009 by Gillian Nagler; Guardianship proceedings may be necessary in a variety of situations. The Illinois Probate Act provides for several types of guardianships for both minor children and disabled adults. With respect to a minor child, a guardianship may be established when neither of the child's parents is willing... read more
Transferring Money To Family Members - Gift or Loan, and Why It Makes a Difference: June 2009 by Gillian Nagler; Giving money to family members is a common occurrence, especially in tough economic times when many people are in need of financial help. However, before you give cash or property to a child or other relative, it's important to determine whether you're making a gift or a loan to avoid confusion... read more
Getting Your Estate Plan in Order: February 2009 by Gillian Nagler; Just as your car needs an oil change every 3000 miles, your estate plan also needs a periodic check-up. The documents should be reviewed approximately every three to five years to make sure they are up-to-date. Below are some quick and easy steps to make sure your estate plan is in order: Review... read more