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Estate planning insights and legal resources.
What Happens to Real Estate With a Mortgage When I Die?
Your mortgage, like the rest of your debt, does not simply disappear when you die. If you leave your home that has an outstanding loan to a beneficiary in your will or trust, your beneficiary will inherit not only the property but also the outstanding debt. They may have the right to take over the
April 23, 2024
Inspiring Action: The Guide to Creating or Updating Your Estate Plan
Creating or revising an estate plan can feel overwhelming, causing many people to procrastinate. But the longer you put it off, the more potential there is to be caught unprepared in an emergency. So how can you motivate yourself and your loved ones to begin the process? Here are some strategies to help you overcome
April 23, 2024
What Is a Residuary Clause and Why Is It Important?
When developing your estate plan, it is nearly impossible to address every account or property you own. There are sure to be some things you unintentionally overlook. However, by including a residuary clause, you can intentionally disburse any remaining items inadvertently left over during the estate or trust administration process to a named beneficiary or
April 23, 2024
Saying Goodbye Is Hard: How a Comprehensive Estate Plan Can Help
When people think about estate planning, they usually focus on who will receive their money and property when they pass away and how it will be received. However, estate planning can also address your end-of-life wishes—the considerations and expenses involved when it is time to say goodbye to your loved ones. The following are important
April 23, 2024
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