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estate planning Archives

Using trusts to protect financially irresponsible heirs: Part 1

Estate planning enables you to control the transfer of your assets in Illinois when you die. You create plans to reduce the involvement of probate court, minimize estate taxes and prevent/minimize creditor access. What can you do to prevent your heirs from squandering away all the fruits of your labor? Though your voice is no longer heard once those assets change ownership, you can structure your estate plans to include provisions when concerns about financial irresponsibility exist.

Creating an estate plan during the summer

For many families, the summer months offer a break from school, and even work responsibilities. From spending more time with children to planning vacations, there are a number of reasons why the summer can be an excellent time of year. Moreover, summer can be a great time to set up an estate plan, since some people have more free time during this season. Parents may be free from some of the responsibilities that consume their time during the school year, and they may have more time to focus on setting up a will or a trust. However, there are multiple issues to consider with respect to the creation of an estate plan during the summer.

How can you reduce estate taxes for loved ones?

As a resident of Illinois who is trying to decide how to handle matters of your future passing and how it will impact your loved ones, you will surely have a lot to decide. We at Zapolis & Associates, P.C., are here to help you during this decision-making process. Today, we will take a look at some of the things you can do to reduce the estate taxes your loved ones may have to pay.

How do I keep the family business in the family?

If you have started a successful business in Illinois, it is no surprise that you would want to keep it in the family. After all, the family business is your legacy. When managed correctly, it can continue to provide a steady source of income for the family, generation after generation.

Is it a good idea to disinherit a child?

In Illinois, the process of planning for your estate after you die is an important one. You can never know when death is coming and caring for your spouse, children and other beneficiaries should be at the top of your list. Unfortunately, there are times when a parent is struggling with a child and concerned about them receiving their part of the estate. In this situation, is it a good idea to disinherit the child?

Can you benefit from an estate plan?

In Illinois, there is a bit of a misunderstanding of estate plans. Many young or middle-aged people look at them in the same way one might look at retirement - something distant that you don't yet have to worry about. Today, we at Zapolis & Associates, P.C., will help expand your knowledge on estate plans and understand how they can fit into your life at any age.

My adult child is an addict, now what?

Estate planning in Illinois can be difficult on its own, but it's even more so when you have an adult child who is an addict. While you want to provide for your child after you're gone, you naturally don't want to contribute to a damaging and life-threatening habit. As opioid addiction rates rise around the country, MarketWatch offers the following advice to elderly estate planners faced with addiction in their families.

How can I avoid estate planning scams?

An estate plan is crucial to protect both your assets and your family after you're gone. While it's crucial that people in Illinois have a solid estate plan in place, it's also important that you know what to look for when it comes to common scams. Forbes offers the following information, which will help you remain vigilant.

How can I protect a loved one from scams?

It's sad to say, but many elderly people are subject to financial scams. In this case, it's crucial for you to protect your loved ones against potential frauds, which can deprive them of money and even impact their estate planning process. AARP offers the following tips, so you can rest assured your family members are safeguarded from the nefarious actions of others.

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Mokena, IL 60448

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