Estate planning is the preparation for the distribution of your estate in anticipation of your passing. An estate plan is made during the testator's life. Typically, an estate plan includes a will, trust, beneficiaries, executor of the estate and power of attorney....
You may have heard people talking about how the IRS is expanding due to new funding that they received. They are going to hire around 19,000 new workers over the course of 2023, these reports continue, which is roughly the same amount of people who are hired in 2022....
A last will is a crucial legal document that lets you distribute your assets to the people and causes you care about when you die. Without one, Illinois intestacy laws would dictate who gets what, and you might not like this. However, you cannot include everything in...
If your tax returns have sufficient indications of fraud, the IRS will conduct a civil examination to uncover the truth, commonly known as an eggshell audit. As the name suggests, you must take great care to avoid facing criminal consequences. For instance, you may...
The shift to remote work has changed life dramatically for a lot of people. While there are still plenty of jobs that have to be done in person, many jobs that are done on computers can be handled anywhere. A company could be based in Illinois and hire workers from...
Sometimes when a couple who has been married for many years embarks on their estate planning, they initially plan to have a joint will. They share their assets and agree that whoever is the first to go will leave everything to the other. Then, when they’re both gone,...
Tax evasion and avoidance sound almost similar, but they are like day and night. While one is perfectly legal and widespread, the other is unlawful and could land you in trouble with the IRS. Understanding the differences between the two will ensure you stay on the...
Have you remarried? Does your new spouse have children that are now part of your family? If so, it is important to update your estate plan to ensure your new, blended family receives your assets after you pass away. While this can be somewhat confusing, these three...
Creating a will is a smart and responsible step to take as an adult. It's also an important part of any estate plan. However, before thinking all your affairs are settled, you must ensure the will is valid in the state, which means you have met all legal...
In many cases, people who are setting up a trust will do so with a set of written directions and instructions. This creates a very specific way that the money in the trust can be used. For example, you may be hoping that your heir will go to college, so you set the...
