630-466-1600

160 S. Municipal Dr. Suite 100, Sugar Grove, IL 60554

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estate planning review, estate plan, Kane County estate planning attorneyIf you already have an estate plan in place, congratulations! You have taken a very important step in securing a future for your heirs. However, it is crucial to also understand that, contrary to popular belief, estate plans are not evergreen. Instead, they must be periodically reviewed and, if necessary, updated. The frequency and timing will vary, based on your particular circumstances, but the following guidelines should help give you an idea of when a review or update may be necessary.

Size of Estate a Factor

Because state and federal tax laws change each year, those with larger estates (i.e. estates that exceed state or federal exemption minimums) should review their estate plans annually. Those with smaller estates may be able to get by with a review every five years, so long as the valuation of their estate remains below the applicable state and federal exclusions and their personal situation has remained the same. There are, however, additional factors that may require a review prior to the one or five year time frames.

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powers of attorney in Illinois,  Sugar grove estate planning lawyerThinking about the future and what can happen in case of illness, disability, or incapacity is not something that everyone likes to do. However, planning for these situations can be a great way to be prepared and to ensure that your wishes for your future finances and health care are honored. One way to accomplish this in Illinois is through the creation of a power of attorney (POA). A POA can be beneficial in most situations. However, it is limited in terms of planning for situations after death. For after death planning, there are other estate planning methods that are better suited to accomplish that long term goal.

What is a Power of Attorney? 

A power of attorney is a legal document authorizing an arrangement between two people in which one person, known as a principal, appoints an agent and authorizes him or her to make property, financial, personal, and health care decisions for the principal. The agent who acts on behalf of the principal in this arrangement does not have to be an attorney.

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Posted on in Estate Planning

protecting assets, living trust, Sugar Grove estate planning lawyerTestamentary documents are among the most important papers you will ever sign. It is very important to partner with an experienced estate planning attorney who can learn who you are and will understand your family’s unique situation. A solid estate plan can make your wishes clear, help ensure that those wishes are effectively carried out, and help your heirs avoid costly legal disputes.

What is a Will?

Simply put, a will is better than nothing. This basic estate planning document may do little more than parrot the state’s intestacy laws–the statutes that determine what happens to dependents and property if a person dies without a will. An executor oversees the mechanical distribution of assets upon the testator’s death. There is little or no discretion or judgment involved.

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Posted on in Estate Planning

young adult inheritance, Kane County estate planning lawyerFor years, the traditional age of inheritance has been 18. However, research may give some people a reason to rethink conventional wisdom in this important area.

In one recent study, only 15 percent of Millennials said they felt “grown-up” at age 21. Among females, the proportion was much lower (8 percent). Millennials were more prone to cite events like the first job after college or the birth of a child as the transition into adulthood. This recent survey confirms previous scientific research that the brain continues developing even in late adolescence, after people reach age 18. A British psychologist claims that 25, as opposed to 21, is a much more accurate threshold age.

New Inheritance Strategies

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630-466-1600

160 S. Municipal Dr. Suite 100, Sugar Grove, IL 60554

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