Demetrius J. Karos, Ltd. Tax Representation From A Former IRS Employee

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Estate Planning Archives

We can help put an estate plan in to effect

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 conflict and as a minimal of a tax burden as possible.

Using an LLC as an estate planning device

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 benefits to businesses.

When might a family need a guardianship for a loved one?

People who are disabled either due to an illness or injury or simply on account of condition they have had since early childhood may require a lot of care and support. Likewise, an Illinois resident getting along in years may suddenly find himself no longer capable of handling his basic financial or personal affairs.

What is the difference between a living will and a health proxy?

As part of almost any estate plan, a resident of the greater Chicago area is going to want to give some guidance on how she want her health care to go. This is particularly important as the chances of a serious illness increase because the person may not be able to make such decisions for herself, even when those decisions involve life or death.

The benefits of a special needs trust

In in general, trusts can be a beneficial component of an estate plan. A trust is an arrangement wherein property is managed for the benefit of another party. The party managing the property is referred to as the trustee and the party receiving the benefit is referred to as the beneficiary.

Understanding the importance of a will

Having a validly executed will is the basic foundation of a good estate plan. A will provides a cornerstone for the estate planner's overall estate plan and directs how property will be divided to beneficiaries. Personal property that may be distributed in a will can include real property such as a home, household items, bank accounts, jewelry, clothing, cars and books, as well as other items of personal property.

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