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RECENT LEGAL ARTICLE

  • Chicago Power of Attorney

    Power of Attorney for Property – What Decisions Can Your Agent Make?

    Power of Attorney for Property – What Decisions Can Your Agent Make? At Hays Firm, our Chicago-based elder law attorneys work with our clients to make plans for an unknown future. The future may entail a period of time in which our clients are incapacitated and unable to make their own financial decisions. A Power…

  • Power of Attorney Chicago

    Planning for Incapacity and Power of Attorney for Healthcare

    Planning for Incapacity and Power of Attorney for Healthcare Individuals aged 50 and over should make a plan to provide for their care in case they become incapacitated. Incapacity, in a legal sense, does not refer to a physical disability or physical impairment. Rather, when elder law attorneys discuss incapacity, they are referring to an…

  • Chicago IL Power of Attorney

    What Happens if I do not have a Power of Attorney for Property?

    What Happens if I do not have a Power of Attorney for Property? A Power of Attorney for Property is one of the most powerful Estate Planning tools available. A Power of Attorney for Property document is useful while an individual is still alive. Unlike a will, the terms of a Power of Attorney for…

  • Business Law Transaction

    What is the right business entity for your small business?

    What is the right business entity for you? The legal structure used to set up your new small business is a very important decision that will have ramifications throughout the life of your business. The chosen structure dictates the rights and obligations amongst the owners of the business and the level of financial risk that…

  • Grounds for contesting a will in Illinois

    Grounds for contesting a will in Illinois: After a loved one’s death, there is nothing more unsettling than finding out that they left a will which (1) appears to be the product of coercion by some outside individual or (2) was executed after the decedent lost the mental capacity to sign a will. If you…

  • Contesting a Will in Illinois Based on Lack of Capacity:

    Contesting a Will in Illinois Based on Lack of Capacity: Illinois law recognizes that any testator (the person who executed the will) must have sufficient mental capacity to complete his or her will (also known as “testamentary capacity”). Sometimes the testator will execute a will shortly before their death or during a time when they…

  • Council Advisement

    Contesting a Will in Illinois Based on Undue Influence:

    Contesting a Will in Illinois Based on Undue Influence: Illinois law recognizes that individuals may be subject to the undue influence of those around them. When someone is a victim of undue influence, the result is the creation of a will which does not truly reflect their wishes and leaves most or all of their…

  • steps for estate planning chicago

    What is the Difference between Estate Tax and Inheritance Tax?

    What is the Difference between Estate Tax and Inheritance Tax? It is easy to confuse the terms “estate tax” and “inheritance tax”. Most people do not know if these terms are synonyms or if they are actually different types of taxes. The current political discussion over “death taxes” only makes this discussion more confusing. In…

  • What is a Fraudulent Transfer in Illinois?

    What is a Fraudulent Transfer in Illinois? The term “fraudulent transfer” refers to a transfer of property which is made for the purpose of deceiving a creditor and inhibiting the creditor from collecting a debt owed. An example of a fraudulent transfer would be the following: Day 1: An individual has $200,000. Day 2: A…

  • What is the Estate Tax?

    Understanding Estate Taxes in Chicago The federal estate tax is a tax on property that passes from a deceased person’s estate to their heirs. This tax affects only the wealthiest families in America. This is because the current law (Tax Year 2017) excludes the first $5.49 million of an estate from estate tax ($10.98 million…