Trends in Estate Planning for 2023
September 15, 20232023 Trends in Estate Planning Estate planning is a dynamic field, with changes driven by legislative shifts, advances in technology, and evolving family structures. So far, in 2023, the arena of estate planning in Chicago and across the United States has a new set of challenges and opportunities. These estate planning trends help keep people… Read more »
How To Protect Your Business Assets From Future Lawsuits
April 07, 2023With a proactive asset protection plan, you can prevent the loss of assets due to lawsuits. The Chicago estate planning attorneys at Anthony J. Madonia & Associates, Ltd. can help you implement strategies that minimize losses in case of future lawsuits. By meeting with our team of experienced attorneys, you can accomplish the following goals:… Read more »
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 Tax Impact on Wealth Management
May 11, 2022Billionaire Tax proposed in President Biden’s 2023 Budget Plan At the end of March 2022, President Biden proposed the “Billionaire Tax” a.k.a the Billionaire Minimum Income Tax (BMIT). This tax requires the wealthiest Americans to pay tax of at least 20% on all income. The White House states that currently “billionaires” pay an average of… 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 »
