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September 2017 Archives

Types of trusts

When it comes to estate planning, people in Illinois should know the various options available to provide for their loved ones. One way to pass an inheritance onto selected beneficiaries is to establish a trust. The Internal Revenue Service defines a trust as placing the care or ownership of property into someone's hands on behalf of someone else. In other words, this document establishes who will assume control of a person's assets and disburse them accordingly when the owner passes away. Some trusts take effect while the benefactor is living, while others only go into effect after death.

The usefulness of a spendthrift trust

A spendthrift trust in Illinois is a tool to protect heirs from themselves. A person with substantial assets may naturally want to give the fortune to heirs. However, knowing the heirs' propensity to overspend whatever they have, the settlor may want them to not have access to the bulk of the assets. They cannot spend what they do not have.

3 important things to include in your estate plans

One reason many people in the Mokena area create estate plans is to reduce the amount of conflict that may occur between their family members after they die. They believe they only need to create wills. There are other estate planning documents they should consider using to protect their estates and prevent disputes. 

What are the elements of estate planning?

Estate planning in Illinois requires you to consider a range of issues. It is not just about what you will leave to heirs when you die. Estate planning encompasses much more than that if you want to do it correctly. This is why you should begin planning long before you ever begin to anticipate your own demise.

Unique estate planning considerations for blended families

In many areas of Illinois, the typical family is blended. That is, there are exes, stepparents, stepchildren, step-grandparents and the like. Each blended family is unique, but many have specific estate planning considerations that may not apply to "traditional" families.

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Zapolis & Associates, P.C.
9991 191st Street
Mokena, IL 60448

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