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RECENT ESTATE LAW LEGAL ARTICLE

  • 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…

  • 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…