The elderly may find themselves facing financial ruin in their later years. Fortunately, there’s Medicaid, but in most cases, they have to spend down almost all their savings — money they may have spent their entire working lives amassing. Fortunately,…
Estate Planning Lawyer in Palatine IL If you’re thinking of transferring assets to your children, grandchildren and distant descendants, you may want to consider using a grantor retained annuity trust (GRAT) or an intentionally defective grantor trust (IDGT). Both estate…
Estate Planning Lawyer in Palatine IL “Shirtsleeves to Shirtsleeves” is a phrase I heard at a recent estate planning attorney conference. It means that often wealth is created by the 1st Generation, perhaps an immigrant who comes to the United…
Estate Planning Lawyer in Palatine IL It’s summertime! Because many people did not go on vacation in 2020, the airports and hotels are booming again with tourists and visitors. I read an article that the mayor of Maui is asking…
Estate Planning Lawyer in Palatine IL We’ve all had dreams about striking it rich with a Powerball lottery, a progressive jackpot win, or an unexpected inheritance and all the things we’d buy with it. But what would you do if…
Estate Planning Lawyer in Palatine IL It is an honor to be named the successor Trustee of a loved one’s Trust. As the name implies, you’ve been given a position of trust and responsibility, and it means that your loved…
Estate Planning Lawyer in Palatine IL What are the benefits of a living trust? It allows you to retain control over the trust property until death. The trust is turned over to the successor trustee, who is chosen by you,…
Estate Planning Lawyer in Palatine IL It may sound simplistic, but making sure you’ve let your heirs know where your inheritance plans and paperwork — and passwords — are and how to find them is one of the top will…
Estate Planning Lawyer in Palatine IL A spousal lifetime access trust (SLAT) is an irrevocable trust that authorizes the trustee to make distributions to a spouse if a need arises. It can be designed to benefit one’s children, grandchildren or…
Estate Planning Lawyer in Palatine IL The first step in financial planning is determining your short-term (under a year), mid-range- (three to five year) and long-term (over five years) financial goals. The next step is setting a strategy that will…
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