Including Stepchildren in Your Estate Plan
October 06, 2022Adding Stepchildren to Your Estate Plan Requires Specifics Getting specific is always important in estate planning, but it is especially crucial when it comes to blended families. A stepchild cannot automatically inherit from a stepparent, you must create or update your estate plan as soon as stepchildren enter your life. Neglecting to do so will… Read more »
Snowbird Estate Planning-Where to Start?
September 14, 2022Thinking of Wintering Somewhere Warm? Don’t Forget Snowbird Estate Planning Many people planning for retirement dream of having the title “Snowbird.” This is the practice of dividing your year between two or more places you love-somewhere warm in the summer and a different one that is warm in the winter. Snowbirds can enjoy gorgeous northern… Read more »
Getting Ready for College with the Right Legal Documents
June 24, 2022Legal Documents – Are you Ready to Send Your Child to College? If you have a student going off to college for the first time or already living away at school, be sure you have certain important documents in place. Specifically, a medical power of attorney and a HIPAA release for college students. These key… Read more »
The Time to Update Your Will is Now
June 22, 2022Can’t remember the last time you reviewed yours-time to update your will! Do you even have a will prepared? Changes in tax law and in your personal life mean that most likely you need to update your will. Use this quick checklist to see if you need to update your will: • You drew it… Read more »
Financial Literacy Tips from Estate Planning Attorney
May 12, 2022Financial Literacy refers to having a thorough understanding about personal finances. Budgeting, saving, and planning for the future are an essential part of wealth planning You need financial literacy to effectively manage your money and strategically plan your financial future. You want to be prepared to make the best decisions possible about everything related to… Read more »
Billionaire Minimum Income Tax’s Impacts Wealth Management
May 11, 2022Billionaire Minimum Income Tax proposed in President Biden’s 2023 Budget Plan At the end of March 2022, President Biden proposed the Billionaire Minimum Income Tax (BMIT) requiring the wealthiest Americans to pay tax of at least 20% on all income. The White House states that currently “billionaires” pay an average of only 8.2% of their… Read more »
Irrevocable Living Trust-What is it?
April 29, 2022When it comes to estate planning in Chicago IL, as with other cities and states, there are tons of complex laws, paperwork, and other regulations to follow. This sentiment is true when it comes to creating irrevocable living trusts. Working with a reputable Chicago estate planning lawyer is the key to handling all paperwork and legalities… Read more »
Five Errors in Estate Planning that are Executor Mistakes
April 19, 2022So You Are Named An Executor Administering a trust or an estate is an important responsibility, this is the role of an executor. In addition to keeping track of all relevant assets, income and expenses, executors must attend to the interests of the beneficiaries while often undergoing the grieving process themselves. Review the following to… Read more »
What Is a Lifetime Trust?
April 15, 2022Des Plaines estate planning attorneys Anthony J. Madonia & Associates, Ltd. share the basics of a lifetime trust and what it does. Learn the benefits of having a lifetime trust and why you should always have a lawyer present during the creation. What Is a Lifetime Trust? A trust that is created within a person’s… Read more »
What you need to know about SLATs
March 23, 2022Being happily married, healthy and wealthy is one of life’s great trifectas. It is hard to imagine improving on that but there’s a tax perk that can make it even sweeter. Known as a Spousal Lifetime Access Trust, or SLAT, this trust has a major benefit for high-net-worth couples: Offering the ability to take assets… Read more »
