In today's digital age, many people include cryptocurrency in their financial portfolios. With assets like Bitcoin and Ethereum becoming more common, you should consider how to include digital currencies in your estate plan. Properly managing cryptocurrency ensures...
When discussing wills, we usually refer to legal documents with instructions on distributing assets after a person’s death. However, an estate plan might also include another type of will: a living will. This document indicates end-of-life plans and preferences,...
Long-term care services, like nursing home care, in-home care, and assisted living, can be expensive. If you are not prepared for these costs, they can quickly deplete your savings. Estate planning isn't just about deciding who gets your assets when you pass away;...
Probate can be quite complicated, so understanding the process and its implications is crucial. This is especially true when it comes to the ownership and transfer of personal assets like vehicles. In Illinois, the probate process can affect how a deceased...
Creating an estate plan is just the beginning of a lifelong process to secure your wishes and ensure the proper distribution of your hard-earned assets. This plan, consisting of crucial legal documents, serves as a roadmap for your loved ones, guiding them through...
Undue influence occurs when someone persuades a person to act against their own free will, usually for the benefit of another person. In estate planning, this can mean someone is manipulated into changing their will or other estate documents. In Illinois, avoiding...
Creating a power of attorney allows you to keep your finances and property under the control of someone you trust if old age, disability or a serious illness makes it impossible for you to make decisions for yourself. You may grant your POA many kinds of powers,...
Minimizing estate taxes is an important part of estate planning that can significantly affect the financial legacy you leave behind. You can use specific strategies to help reduce the estate taxes your heirs might face. Gift assets during your lifetime One...
Using a trust to convey your money and property to your adult child may give you peace of mind. It is true that a trust offers many protections for an inheritance. Still, your trust may become a contested object if your child gets a divorce. It is possible that the...
Life is dynamic, marked by various milestones and changes that can impact your estate plan. To safeguard your wishes and provide for your loved ones, it is important to ensure your will is up-to-date. By doing this regularly, you can ensure that your will accurately...
