Articles
When a person engages an attorney for estate planning, they are often focused solely on the disposition of their assets upon death. They may not have considered various other important questions. For example, if the client is leaving a substantial inheritance to a child, is there a concern about the child’s ability to manage it. Is the client prepared to have others make their medical decisions if they are incapacitated? There are multiple tools to aid person through the estate planning process.
Choosing between a will-based or revocable trust-based estate plan depends on various factors such as the complexity of the probate process, a client’s financial situation, and personal preferences. Both a will and a revocable trust are tools for managing assets, but they operate differently in key areas like probate, privacy, and administrative ease. Both can help ensure your possessions go to the right people, but there are some key differences.
When starting a business, choosing the right type of legal entity is a key decision. Each business structure has unique features, affecting everything from taxes to liability and management responsibilities. These entity types each offer unique benefits and risks. Understanding the basics of each can help business owners decide which structure best fits their goals and needs.
When transferring a house, stocks, or a business, federal and Illinois taxes may apply if the total estate is over set limits. Illinois taxes estates above $4 million, even if they aren’t taxed federally. Gifting stocks or assets during life, or donating to charity can reduce taxes. Each type of asset has unique rules, so planning ahead can save money and help keep wealth in the family.
