A trust is a legal arrangement in Illinois under which you name someone else as a trustee and give them rights to operate your property on your behalf. A trust can be irrevocable or living. Either way, the beneficiaries of the trust will get to inherit the property...
Year: 2019
Is it time to update your estate plan?
Residents of Illinois who have already drafted an estate plan may feel as though their job is done. Unfortunately, this isn't always the case. Life can change all the time, and your estate plan can become inaccurate. Cobizmag.com lists a few different reasons to...
Estate planning tips for young adults
Illinois residents in their 20s may not give much thought to estate planning. They may assume that it is only for the elderly and the rich. Since they do not anticipate death in the foreseeable future, and they likely have not yet accumulated much in the way of assets...
How does a trust work?
When creating your estate plan in Illinois, you may have questions about trusts. Contrary to popular belief, trusts are not only for rich people. In the interest of avoiding probate, some people use a trust instead of a will, while others find that an estate plan is...
Do you need a lawyer to help manage an estate?
When someone in Illinois passes away and leaves behind an estate, it is usually up to his or her close family and loved ones to sort it out based on what is left in a will and what is applicable in local law. One thing we know from experience at Lifka & Lifka,...
Estate wins long battle and may now give $2.2M to charities
A longstanding dispute over a widow's estate held up the distribution of millions of dollars and prevented intended cash gifts from going to Illinois charities. As reported by Crain's Chicago Business, the jury found that a neurosurgeon defrauded the deceased wealthy...
Selling your home to a real estate developer
When an Illinois real estate developer has its blueprints for a building approved by local officials, there may be little that you could do to prevent the plans from being carried out. At the law office of Lifka & Lifka, P.C., Attorneys at Law, we understand how...
Will I have to pay estate taxes on my parent’s estate?
After the death of a parent, the last thing you are probably thinking about is paying taxes. However, taxes are one thing even death does not stop. In fact, you may be on the hook to pay certain taxes out of your parent's estate. The Illinois probate process will...
Why do you need an estate plan?
Many people associate estate planning with the ultra-wealthy or the elderly, but the truth is that anyone, regardless of their financial status or their family dynamics, can benefit from a thorough estate plan. That said, only 42% of American adults have estate...
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This blog highlights compelling stories and information regarding legal matters of interest to our firm and clients. Watch for new posts spotlighting estate planning, business and real estate legal issues.