The big news for estate planners in the U.S. tax legislation passed last year isn’t the $5 million estate-tax exemption — though that number is far higher than expected — it’s the $5 million lifetime gift-tax exclusion. That is so much higher than it has been historically, and provides so many opportunities for estate planning [...]
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 MoreIn Illinois to make a will a person must be 18 and of sound mind and memory. The will must be in writing and signed by the person making it who is called the testator. It can also be signed by some other person for the testator if it is signed in the testator’s presence [...]
Read MoreIn any trial where a deceased person’s administrator or executor or a disabled person’s or minor’s guardian sues or defends no adverse party or person directly interested in the action can testify on his or her own behalf to any conversation with the deceased or minor or disabled person or to any event which took [...]
Read MoreThe organs, tissues or parts of a decedent’s body may be donated to hospitals, doctors, schools, organ banks or storage facilities, organ procurement agencies or individuals for research, therapy or transplantation. The gift may be made by the decedent while alive or by certain persons in the order designated by statute in the case of [...]
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