Illinois Estate Planning and Elder Law Blog
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Covers articles on Estate Planning, Elder Law, Asset Protection, Trusts, Real Estate, and more. Wilson & Wilson Law Offices is a multi-generational law practice specializing in Estate Planning, Trusts, Elder Law, Medicaid Planning & Special Needs Trusts.
Illinois Estate Planning and Elder Law Blog
1w ago
Although planning for your death is unpleasant, it’s important to take the time to do so for your loved ones and family that you will leave behind after you pass away. Things such as a will, power of attorney, and wishes for your funeral and burial are all important parts of this plan. In addition ..read more
Illinois Estate Planning and Elder Law Blog
2w ago
This week (October 21-27, 2024) is National Estate Planning Awareness Week. Congress passed a resolution in 2008 for this to occur during the third week of October each year as it is estimated that over 120 million Americans do not have up-to-date estate plans to protect themselves and loved ones if they become ill or ..read more
Illinois Estate Planning and Elder Law Blog
1M ago
According to recent data, the majority of American investors in committed relationships say they trust their significant other and that both partners share the same retirement goals. However, over half of them have not yet put an estate plan in place. According to Ameriprise Financial’s “Couples, Money & Retirement” report, which was released earlier this year ..read more
Illinois Estate Planning and Elder Law Blog
1M ago
Estate plans aren’t just important for older adults with large estates, they are also vital for young adults who own any assets to ensure that these assets will be handled according to your wishes should something happen to you. In this post, I’ll share about the documents you need to have as a part of ..read more
Illinois Estate Planning and Elder Law Blog
1M ago
There are a number of milestones associated with young adulthood – such as landing your first job with a 401k, opening a savings account, owning a car, or buying your first home – that mean that you have an estate. An estate refers to your possessions, including tangible personal property (your home, car, furniture, jewelry ..read more
Illinois Estate Planning and Elder Law Blog
3M ago
The person you choose to be the executor of your estate could be a relative, trusted friend, or even a professional such as an attorney or financial planner. In some cases, your choice for executor may be very clear to you. If your spouse, for example, already knows your finances well, is skilled in the ..read more
Illinois Estate Planning and Elder Law Blog
4M ago
Like the quarterback of a football team, the executor of your estate is the person who calls the shots for and passes your estate through probate. Deciding who to “draft” for this role requires a lot of careful forethought. This post will focus on some of the responsibilities of an executor.
Responsibilities of an executor
It is the executor’s responsibility to shepherd your will through probate in order for assets that need to pass through probate to be distributed to the beneficiaries you have chosen. The executor must obtain a “letter of testamentary” from the court. This authorizes them to ..read more
Illinois Estate Planning and Elder Law Blog
5M ago
In the last post, I began writing about global families and estate planning for non-U.S. Citizen spouses. Today I will write about planning for international assets and bequests.
Planning for International Assets and Bequests
Because estate planning laws can vary greatly between countries, understanding the legal intricacies of your home country, your country of residence, and the residence of your beneficiaries is crucial. Some countries have “forced heirship” laws that often prioritize family members over wishes communicated in one’s will. There are also some countries that have inheritance ..read more
Illinois Estate Planning and Elder Law Blog
5M ago
Estate planning can be overwhelming for many people, and it can be even more complex for today’s global families with international loved ones or with assets outside of the United States. For instance, someone whose spouse is not a U.S. citizen must keep unique legal considerations in mind while creating their estate plan. An increasing number of families also have international beneficiaries or own properties and assets in more than one country, and the laws and tax regulations of each jurisdiction need to be taken into account.
Planning for Non-U.S. Citizen Spouses
When it comes to estate pl ..read more
Illinois Estate Planning and Elder Law Blog
6M ago
For those born between 1981 and 1995, estate planning may be associated with older generations and with being very wealthy. However, many millennials are at the age where they may be starting their own families or caring for aging parents. As millennials take on more responsibility in caring for loved ones, there is a greater need to plan for the possibility of becoming seriously ill or incapacitated as well as for how their family will be cared for after their death.
Where Can I Start?
Starting with the basics can help younger clients prepare for the future and protect their loved ones ..read more