Estate Planning starts with an analysis of — Your assets Your liabilities Your present and future needs and desires The present and future needs and desires of your family and relatives Your and their future prospects. Estate planning consists of planning and structuring your assets to meet those needs and desires. Some of the considerations [...]
Read MoreMany people want to avoid probate for the following reasons: It is expensive. It takes time. It is public. An estimate of the value of your assets is filed and an inventory of property may be filed It provides a forum for creditors to get paid. It allows a spouse to claim a statutory share [...]
Read MoreAsset Protection A variety of steps can be taken to protect assets from creditors. One simple step is to transfer your assets to your spouse. This assumes you have a healthy marriage and that your spouse’s creditors are not a problem. It may also interfere with planning to avoid estate taxes. Other devices which are [...]
Read MoreWelcome to the Chicago Estate Planning Law Blog. This estate planning blog is brought to you by the Law Offices of Donald Thompson. Mr. Thompson is an estate planning attorney located in downtown Chicago. Visit the Wills, Trusts and Estate Planning website for more information.
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