Each state in the country sets its own intestate succession laws. These laws determine who is going to get the estate of a person if that person passes away without a will in place. They are very strict and can’t be bypassed unless you have your estate plan set up...
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Estate Planning
Tell your children what they’ll inherit
On Behalf of Demetrius J. Karos, Ltd. | Jul 24, 2020 | Estate Planning
Americans often feel like financial details are very private and personal. They don’t like to talk about them, even with members of their own family. This extends to estate planning. While just how much you tell anyone is up to you, of course, there are actually some...
What happens if you die without a last will in Illinois?
On Behalf of Demetrius J. Karos, Ltd. | Jun 30, 2020 | Estate Planning
Putting off the creation of a last will is a very common behavior, and most people don't want to really think about their own death. Many people will choose to wait until they're ready to retire or even later in life before they sit down to create an estate plan. ...
Beneficiaries? Heirs? Aren’t they the same thing?
On Behalf of Demetrius J. Karos, Ltd. | Jun 7, 2020 | Estate Planning
Not exactly. The difference between a beneficiary and an heir is something that confuses a lot of people, so if you don’t know the difference, you’re definitely not alone. Your heirs are anyone who could potentially receive an inheritance from you after your death. If...
An important task of parenthood: Choosing a guardian
On Behalf of Demetrius J. Karos, Ltd. | Apr 28, 2020 | Estate Planning
If you’re a parent of minor children, you shouldn’t delay in naming a guardian for your youngsters. Knowing that they will be well cared for in the event of your death would be a great comfort to you. But maybe you’ve hesitated to create your will and execute the...
Planning for unexpected health issues
On Behalf of Demetrius J. Karos, Ltd. | Apr 1, 2020 | Estate Planning
Unexpected health issues may become more common as you grow older. You can’t predict when these issues may strike or exactly what challenges you will face, but we do know that aging takes a toll and that some issues -- cancer, strokes, etc -- are more common in the...
The numbers show why business succession planning is important
On Behalf of Demetrius J. Karos, Ltd. | Sep 27, 2019 | Estate Planning
According to some statistics, fewer than 1 out of 3 family-owned businesses actually make a successful transition in ownership from one generation to the next.The prospects of a family-owned business making it down to the fourth generation or further are quite slim,...
We can help put an estate plan in to effect
On Behalf of Demetrius J. Karos, Ltd. | Aug 30, 2019 | Estate Planning
Previous posts on this blog have discussed how our law office can help clients in the Chicago area plan to pass their wealth down to the next generation. Indeed, careful estate planning can ensure that a family receives their loved one's property with as little...
What is a power of appointment?
On Behalf of Demetrius J. Karos, Ltd. | Aug 2, 2019 | Estate Planning
A power of appointment is an estate planning device, used in a will, with which many people in the greater Chicago area may not be familiar.Basically, a power of appointment confers on another person the ability to give to a third party some portion of a decedent's...
Using an LLC as an estate planning device
On Behalf of Demetrius J. Karos, Ltd. | Jul 5, 2019 | Estate Planning
When people think of setting up a limited liability corporation, or LLC, it is usually for business reasons. For example, a businessperson may like the idea of having some degree of legal protection like what an LLC offers. Moreover, an LLC also offers important tax...