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You have two primary options for leaving an inheritance to a child. The most straightforward is to give it to them in a single lump sum, with no strings attached. But this might not be the best option for some children. You may be concerned about the child’s ability to handle the money responsibly, fear they will spend it in pursuit of a cause you do not support, want to avoid the need for a court-ordered conservatorship to manage the funds if the children are minors, or have

Most people think of probate (the process of collecting, managing, and distributing a deceased person’s money and property) as a private process. However, because probate involves the court system, most filings become a matter of public record. That means your nosy neighbor Nellie can simply go to the courthouse or hop online to learn all about your probate estate, including what is in your will, who will inherit from you and how, as well as information about the accounts and

It has been said that the only thing harder than being an addict is loving one. It can be particularly difficult for a parent to bring a child into the world, full of hopes and dreams about their future, and then watch them spiral down into addiction. Having someone in your life who struggles with substance abuse is never easy, no matter the circumstances, the relationship, or their age. Estate planning often involves dealing with difficult situations. Putting off thinking ab

Your estate plan is one of the most important sets of legal tools you will ever create. An estate plan is designed to protect you, your loved ones, and your money and property. It can minimize taxes and fees and ensure that your loved ones are taken care of. Depending on the estate planning tools you use, it can also keep your personal matters out of the court system and away from prying eyes. However, an estate plan is not a “set it and forget it” set of legal tools. While e

Why Proper Estate Planning Matters More Than Ever If you’re considering your estate planning options in Illinois, there’s an important update you should know: the threshold for “small estates” has increased. Now, estates valued at $150,000 or less—excluding vehicles—can qualify as small estates under Illinois law. This change can make a significant difference in the administration of an estate, especially for families concerned about the time and expense involved in probate.

No one likes thinking about death or incapacity, but failing to plan for these inevitable life events can leave your Schaumburg family facing unnecessary stress, financial hardship, and legal complications. Estate planning isn't just for the wealthy—it's a crucial step for any family that wants to protect their assets, provide for their children, and ensure their wishes are honored. Many Schaumburg residents mistakenly believe estate planning is only necessary if they own sub

Estate planning isn't just for the wealthy or elderly—it's a crucial step for anyone who wants to protect their family's future and ensure their wishes are honored. For residents of Oak Park and River Forest, where property values are substantial and families have deep community roots, having a comprehensive estate plan becomes even more essential. Without proper planning, your loved ones could face lengthy probate proceedings, unnecessary taxes, and difficult decisions durin

Estate planning is about protecting what is important to you. Although much of the traditional estate planning conversation focuses on surviving spouses, children, grandchildren, and charities, many pet parents wonder what could happen to their “furry children” after their death. Enter the pet trust. This tool is something that can be easily incorporated into a new or existing estate plan to provide a strategy for your pet’s care. Even if you anticipate outliving your pets, i

Studies consistently find that only about 25–35 percent of Americans have an estate plan, a shockingly low rate when you consider that, in the absence of a plan, the state—not you or your family—decides what happens to your assets, including your business interests. For most business owners, their company is the most valuable thing they own. Yet more than one-third of all business owners do not have a legally binding plan in place addressing how their business ownership inter

With the increased coverage of artificial intelligence (AI) and all of the applications it can have in our everyday lives, some people may wonder whether an AI program can create an estate plan for them. While AI may be able to generate basic estate planning documents, including wills and trusts, there is no guarantee that they will be valid and enforceable. Providing accurate information and executing the documents in compliance with your state's laws is critical. Otherwise,

For many, the Memorial weekend, though rightfully a somber occasion full of reflection, signals the beginning of summer and enjoying warm-weather activities, including backyard barbecues with friends and family. Although a cookout may be an informal affair, planning is crucial to its success. This is true for estate planning, too. Just as preparations are necessary for a successful cookout, a little planning goes a long way to prevent a poorly designed estate plan (or no esta

An estate plan that includes a revocable living trust is an excellent way to protect yourself and your loved ones upon your passing or in the event you are unable to manage your own affairs. As opposed to other estate planning options, a revocable living trust gives you the ability to keep control of and enjoy your accounts and property during your lifetime and to maintain privacy in how the accounts and property are managed, and may save your loved ones the time and financia

The Federal Health Insurance Portability and Accountability Act of 1996 (HIPAA) was enacted to provide guidelines to the healthcare industry for protecting patient information and preserving privacy. This is usually a non-issue for minors because parents, as legal guardians, generally have access to their children’s medical information, make most of their medical decisions, and pay the expenses. However, once an individual turns 18, they are no longer a minor but a legal adul

So Your Family Always Gets Along? You Still Need an Estate Plan In many families, everyone gets along, happily gathering for the holidays, sharing laughs, telling stories, and enjoying each other’s company. Then, the matriarch or patriarch dies. Suddenly, disagreements surface (sometimes from years of pent-up resentment or hurt feelings, and the once-happy family is now embroiled in litigation over the head of the family’s money and property. Having an Estate Plan Is Crucial

Congratulations! Your child is now legally an adult. Your legal authority over your 18-year-old is limited, if not completely nonexistent. While this newfound freedom may sound exciting to your new adult, they should consider the following: ● Who can access their medical information? Legal adults are protected by the federal Health Insurance Portability and Accountability Act of 1996 (HIPAA). This means that medical professionals can disclose their private medical information