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 »
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 »
Family Trust -An Easy Guide to Understanding Them
March 07, 2022Understanding a Family Trust A Family Trust is a good idea to ensure your legacy and benefits for your loved ones. It is a legally binding Estate Planning tool that’s set up to financially protect and benefit you and your family. The purpose is to establish a way for your family to reap direct financial… Read more »
The State of The Estate Tax
January 06, 2022The State of The Estate Tax 2021 was aflutter with drama about the future of the estate and gift tax. Yet despite all the proposals that floated through both chambers of Congress, the estate tax is ending the year right where we started -the only change is to account for inflation. Why was there such… Read more »
My Husband Did Not Have a Revocable Living Trust.
June 14, 2017A Scenario about Revocable Living Trusts My Husband Did Not Have a Revocable Living Trust. Why do I need revocable living trusts? If my husband only had a will and there were no big problems when he passed away isn’t that enough? This specific situation would need to be reviewed by your professional advisors-they might… Read more »
Are My Assets Are At Risk if My Beneficiaries Die?
June 12, 2017What Happens to My Assets if None of the Beneficiaries Named in My Living Trust Survive Me? Your living trust should include an “ultimate distribution” provision that addresses the unlikely scenario that all of your beneficiaries—typically your spouse, children or grandchildren—do not survive you. What is sometimes referred to as a the “family disaster” provision… Read more »
Can My Child Serve as Trustee of Their Trust Share and Still Have Protections?
May 05, 2017Reviewing my Trust Documents and Wondering if My Child Can Serve as Trustee of their Trust Share? Yes. Your child can serve as trustee of their own trust share. Our estate planning attorneys highly recommend familiarizing yourself with the details involved though. Clients often include one or more trusts in their estate plans to insure… Read more »
How Do I Plan for My Adult Children?
April 27, 2017Important Parts of Estate Planning What Things Should I Consider as I Plan for My Adult Children? Like every other part of your plan, you should start by determining your children’s needs and your specific goals for their future.” Fair is not always equal and equal is not always fair,” is a common estate planning… Read more »
When Does the Common Trust End and What Happens Then?
April 25, 2017Most common trusts are designed to terminate when the youngest child reaches a certain age or completes college. At that time, the funds that are left in the trust are divided among all the children, equally or unequally, according to the trust instructions. Instead of outright distributions at that time, you may specify that the… Read more »
I’ve Been Told That Even if I Plan with a Revocable Living Trust, I’ll Still Need Something Called a Pour-Over Will. What is That?
February 28, 2017Questions about Revocable Living Trust I’ve Been Told That Even if I Plan with a Revocable Living Trust, I’ll Still Need a Pour-Over Will. The Pour-Over Will serves as a safeguard in case an asset gets left outside of your trust. It’s not uncommon to find that in the process of funding a trust (changing… Read more »
