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July 20, 2008
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Welcome to Chicago Estate Planning Law Firms.com

 


 
Did You Know?    
 
 
A "Living Trust" can be used to hold legal title to and provide a mechanism to manage your property
You can select the person or persons you want -- often even yourself -- as the Trustee(s) to carry out the instructions you want in the Trust and name one or more Successor Trustees to take over if you cannot. Unlike a Will, a Trust usually becomes effective immediately, continues in force during your lifetime even in the event of your incapacity, and continues after your death. Most Trusts are "revocable" which allows the person who creates the Trust to make future changes, modifications and even to terminate it.

 



In Chicago if you die without a will, your family could be in for more than they bargained for. You sons and daughters could be left fighting over their share of your estate. If you are located in another region of the country contact one of our estate planning attorneys nationwide. Don’t make them go through that hassle; contact our Chicago Estate Planning Lawyer to help get your affairs in order.

Click here for your free legal evaluation.

 
Estate Tax Returns Filed in 2001: Gross    
 
 
[1] Gross estate is shown at the value used to determine estate tax liability. The value could be determined as of the decedent's date of death or 6 months thereafter (i.e., alternate valuation method).[2] Includes U.S. territories, U.S. citizens domiciled abroad, and a small number of returns for whom State of residence was unknown.[All figures are estimates based on samples--money amounts are in thousands of dollars] in Illinois
Gross estate tax purposes 5,105
Gross estate tax Amount 10,226,744
Total allowable deductions Number 5,105
Total allowable deductions Amount 4,042,403
State death tax credit Number 2,734
State death tax credit Amount 328,028
Net estate tax Number 2,560
Net estate tax Amount 1,202,108

Source: Internal Revenue Service, Statistics of Income Division, Unpublished Data, April 2003.
 

Our Chicago Estate Planning Attorneys can help you decide how best to transfer property, and how to resolve other personal matters including tax planning. Estate-planning lawyers can also help you with the most important part of the estate planning process: Making a will.

If you don’t have a will, the state of Chicago will control who gets your property by default. While most states have their own unique laws descent and property distribution, most states give your children priority when it comes to doling our your possessions.

State laws are modeled after what the legislature thinks most people will want to do, but whatever the laws say might not be in line with your wishes. An estate-planning lawyer can help you draft a will that explains your wishes in great detail.

Our Chicago Estate Planning Attorneys can also help you set up a trust. A trust holds your property until your death and then disperses the property according to your wishes. Trusts can can be created by your will, or the can be revocable or irrevocable.

Most parents use trusts to better prepare for their children’s needs at the time of their death.

Issues and topics related to Chicago Estate Planning include:

  • Wills and Trusts
  • Uniform Probate Code
  • Gift Tax
  • Asset Protection
  • Personal Finances
  • Pensions

Contact our Chicago Estate Planning attorney now to receive a professional consultation.

 
Chicago Audio & Video    
 
  Pensions and the Future of Savings
Audio, RM, 44 Kbps, 8:46, 11/17/2004

Pension plans were once considered a good bet for a comfortable retirement -- but these days it can all seem like a gamble. Major companies are defaulting on their pensions, and it's not clear who's going to pick up the tab. We discuss the future of pensions.
Source: National Public Radio
 
 
Chicago External Sites    
 
 

United States Bankruptcy Court Northern District of Ill
Court of Cook County, Illinois against Meyer and several other defendants ... consulted an estate planning attorney, Mr. Babarik, and instructed him
United States Bankruptcy Court Northern District of Ill
consulted an estate planning attorney, Mr. Babarik, and instructed him to ... Fraud in law is a constructive theory of fraud under the Illinois Unifo

 


  Newsroom  
 


Latest news about Financial & Estate Planning in Chicago and nationwide:

Committee To Present Adams Pro Bono Publico Awards
In recognition of outstanding commitment in providing volunteer legal services for the poor and disadvantaged in Massachusetts, Supreme Judicial Co...
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Appointment To State Bar Of Michigan Board Of Commissioners
ANNOUNCED BY MICHIGAN SUPREME COURT

LANSING, MI, June 28, 2006 – The Michigan Supreme Court today announced the following appointments to t...

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New members to the Committee on Professional Standards
Presiding Justice Anthony V. Cardona of the Supreme Court, Appellate Division, Third Judicial Department, recently announced the appointment of thr...
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Estate Planning Terms

 


Today's Terms

Gross Estate

Definition:
The value of an estate before the debts are paid. In California Probate statutory attorneys and personal representatives fees are usually calculated based on the gross value of the estate, so that the value of the home is calculated before deducting the amount due on the mortgage.

Informed Consent

Definition:
An authorization to proceed by a person who has been given and understands all of the relevant facts.

Trustee

Definition:
A person or institution responsible for the management and distribution of property held in a Trust. The trustee has the authority to act according to the instructions provided in the trust agreement. See Fiduciary.

More Estate Planning Terms >

 

Estate Planning Resources

 


Search Estate Planning resources in our resource center:

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Estate Planning Hot Topics

 
Topics Related to Estate Planning:

  • Trusts
  • Wills
  • Uniform Probate Code
  • Gift Tax

More Estate Planning Topics >

Chicago Estate-Planning Attorney

 
If you live in the following cities and need an Estate-Planning attorney you should contact our Estate-Planning Attorney as soon as possible:

  • Arlington Heights
  • Aurora
  • Bartlett
  • Berwyn
  • Bolingbrook
  • Buffalo Grove
  • Carol Stream
  • Chicago
  • Chicago Heights
  • Cicero
  • Des Plaines
  • Elgin
  • Glenview
  • Granite City
  • Harvey
  • Joliet
  • Lockport
  • Lombard
  • Mchenry
  • Moline
  • Mount Prospect
  • Normal
  • Oak Lawn
  • Palatine
  • Plainfield
  • Tinley Park
  • Waukegan
  • Wheaton
 


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