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Tag Archives:  Chicago Wills Lawyer


Renunciation of Will by Surviving Spouse

Illinois law allows a surviving spouse to renounce the will of a spouse by filing a written instrument of renunciation within seven months of the admission of the Will to probate. The effect of the

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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 – FIRST IN A SERIES ANSWER NO. 1

Chicago Estate Planning Lawyer

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 the

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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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NEW ILLINOIS EXEMPTION: PERSONAL PROPERTY

Both houses of the Illinois General Assembly have passed legislation to amend the Illinois statute which provides for the exemption of personal property of individuals from judgment, attachment or distress

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ASSISTING ELDERLY PARENTS WITH THEIR FINANCES

What should you do (or not do) to assist an elderly parent in handling their finances? The time honored (or dishonored) technique is to put your name on their accounts or other financial instruments

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ILLINOIS STATE DEATH TAX EXCLUSION INCREASES

Good News! The Illinois state death tax exclusion has increased from $2 million to $3.5 million effective January 1, 2012. Therefore, for estates of persons dying in 2012, Illinois’ piece of the

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