ESTATE PLANNING LEGAL NEWS

Chicago Estate Planning Law Blog Updated : Wed, 01 Sep 2010 21:47:29 +0000 Planning an Illinois Estate Persons with larger estates should review their estate plans at a set time each year. Estate plans are prepared on the basis of certain things. As these things change, so should the plan. Births, deaths, changes in marital status, changes in law, changes in residence, changes in wealth, changes in the composition and titling of [...] Publ.Date : Wed, 01 Sep 2010 21:47:29 +0000 What is a ‘pay on death’ account? It’s exactly what it sounds like. There are a variety of bank accounts which pass on death to a named survivor. During the life of the owner of the account the survivor has no rights. That is, the survivor cannot withdraw funds from the account like a joint tenant could. A will does not affect these [...] Publ.Date : Wed, 18 Aug 2010 13:57:02 +0000 Estate Planning: Illinois Marital Tax Deductions All property passing to a spouse is deductible – whether by lifetime gift or at death. This means that while the value of these transfers is in the estate, it is also deductible. Whatever is given to a spouse is not taxable. If you give your spouse $10 million during life or at death there [...] Publ.Date : Thu, 05 Aug 2010 21:45:20 +0000 Chicago Estate Planning: Income Splitting Today: Income splitting in Illinois Sometimes it is possible to shift income within a family from someone in a higher tax bracket to someone in a lower bracket. This is difficult with children under 14 since their unearned income (except for the first $1600) is taxed at their parent’s tax rates. However, not all children are [...] Publ.Date : Tue, 20 Jul 2010 21:27:57 +0000 Estate Planning: Pre-Nuptial Agreements This is a written agreement entered before a marriage that usually deals with what happens to the parties’ assets and income in the event of divorce or death. For instance, it can specify what a surviving spouse gets on the death of the other spouse. It can increase or decrease inheritance rights. To be enforceable [...] Publ.Date : Tue, 06 Jul 2010 22:43:07 +0000 Charitable Lead Trust This is for persons who are charitably inclined and also want to make discounted gifts to their children or someone else. The gift to charity leads to an income tax deduction if the trust is structured properly. The remainder which is given to the kids is valued for gift tax purposes at its present value, [...] Publ.Date : Thu, 26 Aug 2010 22:06:08 +0000 What is a Trustee? A trustee is someone who holds legal title to assets or property for the benefit of someone else. The trustee can be an individual or an entity such as a bank trust department. The trustee is responsible for managing the property and paying it out according to the terms of the trust. A trustee should [...] Publ.Date : Thu, 12 Aug 2010 22:24:29 +0000

FIND A LAWYER BY AREA OF PRACTICE:

FIND A LAWYER BY GEOGRAPHIC LOCATION: