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ESTATE PLANNING FOR DISABLED PERSONS

Most people are under the impression that a mentally incompetent person is incapable of creating a will and/or trust. In fact, under Illinois statutory and case law, a disabled, incompetent person is

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FINAL REGULATIONS DEFINING MARITAL STATUS TERMS ISSUED

The IRS has released final regulations that reflect the holdings of Obergefell v. Hodges, a 5-4 decision of the United States Supreme Court, which declared that same sex couples are guaranteed

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DON’T LET THE TAIL WAG THE DOG: Wills and Trusts Are Still Necessary

Due to the surprising victory of Donald Trump and the success of the Republican party in the November election, many people may have come to the conclusion that they can put their efforts at establishing

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DURABLE POWERS OF ATTORNEY FOR PROPERTY: Uses and Abuses

Power of Attorney for Property Blog

A Durable power of attorney for property (POAFP) is a very useful and essential financial and estate planning device. Such powers allow a trusted individual to handle a myriad of financial transactions

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WHY A TRUST – SECOND IN A SERIES

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A living trust, unlike a will standing alone, allows individuals to maintain confidentiality as to their assets as well as the provisions concerning the disposition thereof, during their lifetime

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WHY A TRUST – FIRST IN A SERIES ANSWER NO. 1

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I have been asked many times-“Why do I need a trust?”  There are many reasons to set up a trust during your lifetime. Answer Number 1, which is probably the most common, but not necessarily

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DUELING EXEMPTIONS

Most people who are concerned about the payment of estate taxes concentrate their thoughts on the federal estate tax. Recently with the federal estate tax exemption having been increased to $5.34 million

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TRUST OWNERSHIP OF TENANCY BY THE ENTIRETY PROPERTY

As most of us know, married couples may hold title to their homestead property as tenants by the entirety. This classification of ownership allows a married couple to hold title to such property in

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ILLINOIS APPELLATE COURT ALLOWS EX-MEMBER OF LONG TERM UNMARRIED RELATIONSHIP TO ASSERT A PROPERTY CLAIM FOLLOWING SPLIT UP

Over the past three decades, legislative enactments have had the cumulative effect of eliminating what had been the long-standing public policy of Illinois which treated unmarried relationships, whether

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DISCOUNTS MAY BE ELIMINATED FOR FRACTIONAL INTEREST GIFTS:NEW REGULATIONS FROM IRS

Over the past several years, particularly under the Obama administration, the subject of eliminating discounts for gifts of limited liability company and limited partnership interests to family members

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