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A loved one’s passing is felt by their entire surviving family. But when it comes to carrying out the decedent’s final wishes, not everyone has an equal say. If you are the executor of your loved one’s estate or the trustee of their trust, there are some things you need to know. However, the attorney–client relationship extends solely to you. If you are currently serving as an executor or trustee and need assistance navigating the administration, this blog will provide more information about your rights, duties and obligations of an executor or trustee.

Annual exclusion gifts are transfers of money or property in an amount or value that does not exceed the annual gift tax exclusion which in 2021 is $15,000 per recipient. The Internal Revenue Service does not consider gifts that are equal to or less than the annual exclusion amount to be taxable gifts at all. Therefore, do not let constant political and financial speculation prevent you from making tax-free annual exclusion, medical payment, and educational gifts to or for the benefit of your loved ones. Read this blog for more ideas on tax-free gifts.

Although creating or updating your estate planning may seem like a daunting task, a proper estate plan can help address the concerns you may face as a senior citizen. We are here to help you! This blog provides information on some critical estate planning documents that you should consider as a senior citizen.

Comprehensive estate and financial plans are not just for the wealthy. Along with comprehensive estate and financial plans comes a team to help you create, manage, and support those plans. This team includes your estate planning attorney, financial advisor, certified public accountant, insurance agent, and even your spiritual advisor, who all work together to ensure that you are protected during your lifetime and that your loved ones and the causes you support are taken care of after your passing. Read more about how your estate and financial teams can support you during your life, as well as after your death.

You spend a significant part of your life building your business, and it becomes a major part of your legacy. But when you die, everything you have built may fall apart if you have not taken the time to create a business succession plan. Without such a plan in place, your business’s fate may be decided by a court instead of according to your wishes. Take actions now to position your business for continued success.

Although you hold title to all of your assets jointly before doing estate planning, it may make sense to set up separate Revocable Living Trusts (RLTs) - one for each spouse. Some of the benefits are greater asset protection and ease of administration after the first spouse's death. Read this blog for a better understanding of why an estate planning attorney generally recommends separate RLTs for married couples in Illinois.

“Basis” is a term used frequently in tax law but you may not really understand it. A basic knowledge of the concept can be very helpful for understanding important estate planning strategies used by your attorney and financial or tax advisors. Read this blog to learn more about what basis is.

Multilevel marketing (MLM) businesses sell products or services directly to retail customers using commission-based, non-salaried representatives who are encouraged to recruit new representatives and form their own sales networks. Understanding how MLM businesses work can help you avoid wasting time and money on an opportunity that is not a good fit—or is an outright scam.

Depending on how long a prior marriage lasted, the former couple may have engaged in certain levels of estate planning together. When that is the case, it is important to understand how a subsequent marriage can impact the estate planning from a prior marriage. If you or someone named in your estate planning documents has remarried, there are several major issues that you should be aware of, as well as steps you should take to ensure your estate planning continues to be appropriate for your current situation.

You may not understand what estate planning is. Below are some basic Q&A about the subject, as well as how estate planning, or the absence of a plan, may impact your life.

A financial power of attorney (POA) allows one or more people to act on your behalf if and when you become unable to act for yourself. However, a financial POA is not valid in certain situations.

While the Americans with Disabilities Act (ADA), which applies to “places of public accommodation,” was designed with physical spaces in mind, the proliferation of online services means that digital spaces must also comply with the ADA. Accordingly, websites and mobile apps must be accessible to disabled individuals.

Getting a job begins a major chapter in your life. To protect the future you are creating, you need proper financial and estate planning. As you navigate this new territory, we are here to help ensure a prosperous transition.

Starting a new job is an exciting new chapter in your life. But you may feel overwhelmed by the introduction and review of the many different types of employee benefits. The human resources representative at your new company can address a lot of your concerns regarding your emplyee benefits and our estate planning attorney can help you create a proper estate plan to protect the legacy you are building. Call us today!

There are no bright-line rules to help business owners determine whether a noncompete agreement will be enforceable, so it can be challenging to craft one that will provide maximum protection without being vulnerable to a challenge in court. Call our office to get a referral to a trusted attorney to ensure that you are using the right document for your business protection needs and to navigate the applicable law in your local jurisdiction.

Is it time to update your estate plan? If so, is that something that you can (or should) do on your own? A quick examination of each of these changes, and the consequences of attempting to alter your own documents accordingly, may help you determine whether you need the help of a professional. Although it may seem harmless and straightforward at the time, unforeseen consequences can often arise when you attempt to edit such legal documents yourself.

After the death of a loved one, there are a variety of tasks that must be handled to wrap up your loved one’s final affairs. Selling the deceased person’s real estate is one of the more daunting tasks! This article contains a few of the key issues you should be aware of as you work through this process.

At some point, an LLC member may find that they want or need to withdraw from the LLC. But this change takes careful consideration and is often more complicated than anticipated. We can help you assess your options and navigate a member’s exit.

The chances of a married couple dying in a common accident are probably quite slim but it happens frequently enough that most states have laws to address the issue. What are these laws, why do we need them, and can we work around them if we need to?

Living, and Testamentary, and Constructive Trusts, oh my! Even though these three types of trusts all share certain terminology (i.e., the word “trust”), they are very different in certain respects. And in one case, the term has almost no relation whatsoever to the other types of trusts.

When operating a business, failing to keep a written record of the factors that lead to business decisions can increase the risk of liability if things ever go awry. As a result, it is best practice for every company to keep some form of meeting minutes.

Marriage as a legal institution has taken a variety of forms throughout history and how we identify marriage in our society also changes. In some states, a couple may be deemed married without having participated in judicial or religious ceremonies. These marriages are called common law marriages and their existence creates some estate planning issues.

Owning a business can impact every area of a person's life. The impact is uniquely felt within a marriage. Married business owners must consider the ways in which their marriage may impact their business and vice versa. Failure to think about how these two significant institutions interact ca...

Occasionally, we are asked by clients whether a disabled individual can serve as an Executor, Trustee, or Agent. The short answer is yes! In general, a disabled individual can serve in any of fiduciary role as long as their disability does not materially interfere with their ability to carry out the legal responsibilities and duties imposed on them by law.

When you met with an attorney, all you expected was a simple will. But now that you have signed your documents, you may be wondering, “Why is my trust so long?”