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RECENT ESTATE LAW LEGAL ARTICLE

  • 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…

  • Types of Claims against an Illinois Probate Estate

    Types of Claims Against an Illinois Probate Estate A probate claim refers to a claim for money, or other property, that someone has against the estate of a deceased individual. If the individual owed money during his or her life, then that debt remains, and it is the responsibility of the decedent’s estate to pay…

  • Chicago IL Power of Attorney

    Common Asset Protection Issues

    Common Asset Protection Issues in Chicago In our asset protection practice, we often encounter clients who come to us after it is too late for us to help them. The cardinal rule of asset protection is that the planning must be put into place well before there is a claim against you or any of…

  • chicago attorney estate planning

    Identifying Elder Abuse and Financial Exploitation

    Identify Elder Abuse and Financial Exploitation Approximately one in ten individuals over the age of 60 has experienced elder abuse. As the population ages, the instances of financial abuse are on the rise. This abuse is generally perpetrated by scam artists or trusted people in their lives who simply take advantage of them. Reported instances…

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    How Do I Contest a Will?

    How Do I Contest a Will? Contesting a will is not usually a simple matter. There are, however, some specific legal grounds for contesting a will that can be used successfully. Ultimately, you may be best served by consulting a probate or estate attorney. We’ve consulted with top attorneys across the nation, and have found…

  • Chicago Power of Attorney

    How Do I Execute a Valid Power of Attorney for Healthcare?

    Securing a Valid Power of Attorney for Healthcare As we have discussed in previous blogs, the Power of Attorney for Healthcare is one of the simplest and most effective estate planning tools. With a Power of Attorney for Healthcare, you can nominate a person to act on your behalf to make decisions based on your…

  • Small Business Service Agreement

    Can a “Deadbeat” Parent Inherit from the Neglected Child?

    At Hays Firm, we recognize that an individual’s family does not always include those people who are defined as “family” under the law. We have helped many families of all shapes and sizes navigate the probate process after the death of a loved one. In two recent cases, we have invoked a rarely used procedure,…

  • Trust Litigation

    What is Probate?

    Get the Facts Straight About Probate The word “probate” often makes people nervous or worried about an extended legal battle. We have all heard stories from family and friends about property being “tied up” in probate. We have often been encouraged to avoid probate by attorneys and financial planners. However, the probate proceeding is simply…

  • Chicago IL Power of Attorney

    What Happens If I Don’t Have a Power of Attorney for Healthcare?

    What If I Don’t Have a Power of Attorney for Healthcare? The Power of Attorney is the most effective estate planning tool that an individual can have. It is also the easiest to put in place. It is impossible to predict an accident or the onset of a serious illness. With a Power of Attorney…