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Estate planning insights and legal resources.
Testamentary Trusts: The Best of Both Worlds
You have several different options when it comes to creating the right estate plan. Some people believe that a revocable living trust is the best way to go, while others think that a last will and testament (commonly known as a will) is best under certain circumstances. Others may find that a combination of both—through
April 23, 2024
What Happens to My Twitch Account When I Die?
In the digital age, our online presence extends beyond social media. Platforms like Twitch, where users engage with live-streamed content, present unique considerations when it comes to estate planning. Do you know what happens to a Twitch account after an individual passes away? If you die and a loved one needs to take care of
April 23, 2024
I m a Survivor . . . and Now I Have My Own Trust?
Many married couples share almost everything, including finances. This may be reflected in their estate plan by using one joint living trust instead of two separate trusts. Separate trusts can provide greater flexibility, but a joint trust can be structured so that when one spouse passes away, the trust is split into two subtrusts: a
April 23, 2024
Watch Out for Stolen Items in Your Loved One s Estate
Your family member went through a meticulous estate planning process to organize and distribute money and property for the benefit of their loved ones, including you. But you may suspect that some of the high-value items in their estate originated as stolen property. The possibility of discovering stolen items within an estate is often overlooked,
April 23, 2024
What is the Last Surviving Spouse Rule?
Estate planning can be a significant part of successful financial management, especially for married couples. One key consideration is minimizing estate taxes, which can substantially affect the distribution of money and property to a married couple’s loved ones. What Are Gift and Estate Taxes? In 2024, a $13.61 million federal exemption per person for gifts
April 23, 2024
Illinois Estate Planning Mistakes to Avoid: Common Pitfalls and How to Prevent Them
Creating an estate plan is one of the most effective ways to ensure that you leave a lasting legacy for your loved ones. But if you’re just getting started or are exploring your options, it’s normal for the estate planning process to feel overwhelming. Unfortunately, those feelings of overwhelm can lead to several common mistakes .
April 16, 2024
4 Mistakes Many People Make With Their Estate Plan
Creating an estate plan is an essential step in making sure your loved ones are cared for and your wishes are honored when you pass away. Unfortunately, many people end up making mistakes when creating an estate plan that makes it harder for their loved ones in the long run. While working with an Illinois
March 20, 2024
Illinois Estate Planning Essentials: A Comprehensive Guide
Without an estate plan in place, it’s up to the state to distribute your property fairly to your closest living relatives and family members. Creating an estate plan is a simple and effective way to make sure your loved ones are looked after when you’re no longer able to provide for them or when you
March 20, 2024
Will vs. Trust: Which Is Right for Your Estate Plan?
Creating a comprehensive estate plan is the best way to preserve your legacy and ensure that you’re leaving your loved ones with a clear plan to follow when you pass away. There are many ways to accomplish this, but two of the most common methods people use to leave clear instructions and provide for their
February 17, 2024
What Is the Order of Inheritance in Illinois?
Leaving a lasting legacy is a priority for many people, and creating a good plan with the help of an Illinois estate planning attorney can help you do just that. But before you start drafting a will, it’s helpful to make sure you understand the order of inheritance in Illinois. This determines who inherits what
February 17, 2024
Tell-Tale Signs It’s Time to Review Your Estate Plan
Estate plans are far from static things. They can and should grow with you throughout your life. But many people end up creating an estate plan and letting it sit for years on end. Reviewing your plan regularly is the best way to make sure it adequately represents your wishes and protects your full estate
February 7, 2024
5 Things to Know About Estate Planning in Illinois
There are a lot of misconceptions circulating about estate planning, and those misconceptions can encourage people to put it off for far longer than they should. Your Illinois estate planning lawyers at Legacy Life Law Firm want you to be able to prepare for your future with confidence. Here are a few key things
February 7, 2024