Minors do not have legal capacity to contract or deal with assets. They have no capacity to sue or be sued. For this reason minors do not usually hold title to property in their own name. Instead title to a minor’s assets is usually held by a guardian or property is given to a trustee [...]
Read MoreLife insurance plays a variety of roles in estate planning. The first is to provide a fund to support the surviving family of a breadwinner who dies young before building an estate. Another is to provide cash in large estates to pay estate taxes so other assets such as a family business or farm do [...]
Read MoreThere are a variety of bank accounts which pass on death to a named survivor. During the life of the owner of the account the survivor has no rights. That is, the survivor cannot withdraw funds from the account like a joint tenant could. A will does not affect these accounts. They pass to the [...]
Read MoreThis is a trust created by someone (grantor) who transfers assets to the trust. It is irrevocable. The trust exists for a set term of years. At the end of the term of years someone else (such as a child) gets the trust assets. This person is called the remainderman and gets the remainder. During [...]
Read MoreThis refers to preventing creditors from getting your assets. There are no magic techniques. A variety of techniques are used which may include: 1. Transferring your assets to your spouse – or someone else who is cooperative. There is an unlimited gift tax exemption for transfers to a spouse. 2. Tenancy [...]
Read MoreThe primary differences between ways of conducting business are in liability of the owners for debts of the business and in the tax treatment of the owners. There are other differences, but for the owners and operators of businesses these are the primary consideration. For operating businesses the usual choices depending on the number of [...]
Read MoreAll property passing to a spouse is deductible – whether by lifetime gift or at death. This means that while the value of these transfers is in the estate, it is also deductible. Whatever is given to a spouse is not taxable. If you give your spouse $10 million during life or at death there [...]
Read MoreThis is a written agreement entered before a marriage that usually deals with what happens to the parties’ assets and income in the event of divorce or death. For instance, it can specify what a surviving spouse gets on the death of the other spouse. It can increase or decrease inheritance rights. To be enforceable [...]
Read MoreEstate of Bantsolas v. Bantsolas, 377 Ill.App.3d 684, 316 Ill.Dec. 203, 878 N.E.2d 1227 (1st Dist., 2007). Where the documentation for a land trust requires that amendments are not effective until delivered to the trustee, an amendment made before death by a decedent is effective if delivered before death, even though not accepted by the [...]
Read MoreProbate is required only for property of the decedent which passes by the terms of a will or the laws of inheritance. If the decedent had no property at the time of death or his or her property passes to people designated to receive it in the property documents there is no estate to probate. [...]
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