Civil Union Couples – Estate Planning

Civil Union Couples – Estate planning is now essential.  With the passage of the HB 2234, ptherwise known as the Illinois Religious Freedom Protection and Civil Unions Act,  a person who has entered into a civil union shall be included in any definition of use of the terms:  SPOUSE, FAMILY, IMMEDIATE FAMILY, DEPENDENT, and NEXT OF . . . → Read More: Civil Union Couples – Estate Planning

Estate Plan Review and Modification

Estate plan review and modification should take place intermittently after wills, trusts and Powers of Attorney are executed.  Guidelines regarding WHEN estate plans should be reviewed are as follows:

Large Estates – where assets are valued in the millions, marital exemption trusts are established, and federal taxes are an issue, an estate plan should be reviewed annually.

Small . . . → Read More: Estate Plan Review and Modification

Power of Appointment

What is a power of appointment?  A question that is often asked by individuals and couples when engaged in the process of estate planning, is not as easily answered.

France – monastery

As defined by the Internal Revenue Code, a “general power of appointment” is a power which can be exercised in favor of the decedent, his . . . → Read More: Power of Appointment

Trusts – Types and Uses

Trusts – Types and Uses:  There are many forms of Trusts, other than a revocable or “Living Trust.”

Here are some types of trusts, with explanations of their uses and functions:

Family Trust – commonly a testamentary trust (created upon the death of the testator), usually gives income to the surviving spouse and the remainder to descendents, without . . . → Read More: Trusts – Types and Uses