Illinois has adopted the Uniform Fraudulent Transfers Act, which enables a creditor to obtain a court order voiding transfers of money that were made in order to avoid a judgement.
Estate Law
The sick and elderly are often exploited by the people closest to them. Illinois law protects individuals from exploitation by their fiduciaries by presuming that all transfers to such individuals are presumed to be fraudulent.
When a person dies, their heirs or beneficiaries may be a minor. However, minors are unable to open a bank account on their own.
Under Illinois law, an individual or business entity may file a lawsuit in probate proceeding. However, the individual or entity must have an actual legal interest in the probate estate in order to proceed with the lawsuit.
A living will helps a person prepare for a time in which they are suffering from a terminal condition. These conversations are difficult and emotional for families, however, it is necessary to have them during a time in which an illness or crisis is not occurring.
Many of our Estate Planning seek methods to help their family members become financially stable. A popular tool to minimize the tax implications, is to provide money to your loved one with an “intra-family loan.”
After a person dies, a probate estate may need to be opened to transfer property. This article will focus on the costs associated with opening a probate estate, transferring property, and closing a probate estate.
After a person dies, his or her real property may need to be sold or transferred to a beneficiary of the person’s estate. Real property includes homes, plots of land, or condominiums.
A Power of Attorney for Property document is a very helpful and very effective estate planning tool. You are able to name a person who can act for you in business and financial affairs.
In reality, many people think that a will is not necessary unless one has extreme wealth. However, a will can be useful if you have young children, and little assets, because you are able to nominate a guardian for your children.