There are many reasons why you may want to give to a charity: You may give because you believe strongly in a cause or organization, but it can also reduce your yearly income tax bill and remove value from your overall estate. If you are considering making a donation, but are unsure of how to proceed, we are here to …
If you are considering making a donation to a public charity, you are not limited to donating cash. Depending upon your financial situation, giving objectives, and the needs of the charitable organization, certain accounts or pieces of property may be better suited for donation to the charity. Cash Writing a check to your favorite charity is the fastest and easiest …
Considering the myriad of trusts available, creating the right estate plan can seem daunting. However, that is what we, as estate planning attorneys, do every day. We know the laws and will design a plan which addresses your specific situation. Here is a look at the basics of ten common trusts to provide you with a general understanding of the …
Your family and your business are two of your top priorities. You would not do anything to compromise either of them. But working with family members in a family-owned business presents unique challenges that can cause lasting damage to both if not properly managed. Family-owned businesses are capable of the same success as any other business. Walmart, Chick-fil-A, Comcast, Carnival, …
Estate planning is not just about what happens to your stuff when you die. It is about coordinating all aspects of your life so (i) you can be taken care of during times when you are unable to care for yourself, and (ii) your money and property are distributed to the individuals you have selected upon your death, in the …
The death of a loved one is never easy. Regardless of your relationship with the deceased (blood relative, life partner, or close friend), you need space and time to process and grieve your loss. Once you have had time to cope with all that has happened, you should consider updating your estate plan in light of your loved one’s death. …
The first step to determining what type of divorce will be right for you is to discuss it with your spouse and try to get on the same page. An uncontested divorce will only work if you are both on the same page. What is an Uncontested Divorce in Illinois? Uncontested divorce in Illinois means that both spouses agree on …
According to a 2019 survey conducted by the Pew Research Center, 7 percent of surveyed adults were living with an unmarried partner, up from 3 percent in 1995.[1] More people such as yourself are entering long-term committed relationships without getting married. Unfortunately, many state and federal laws do not protect unmarried couples as they do married couples when it comes …
Studies estimate that 70 percent of family wealth is lost by the end of the second generation and 90 percent by the end of the third generation.[1] To help your loved ones avoid becoming part of this statistic, you need to educate and update your extended family about your wealth transfer goals and the plan you have put in place …
Getting married is a major life decision that no couple enters into lightly. Demonstrating this is the fact that more couples are choosing to enter a prenuptial agreement before saying, “I do.” If you’re considering marriage, schedule a meeting with a Champaign prenup attorney to learn how this document can protect both of you and any children you may have …
Trusts are usually associated with estate planning, but trusts can also apply to business operations. As a small business owner, you can hold the business in a trust instead of using a business entity such as a limited liability company (LLC) or corporation. Business trusts offer several potential benefits—and drawbacks—compared to a traditional business structure. Understanding their pros and cons, …
You spend a significant part of your life building your business, and it becomes a major part of your legacy. But when you die, everything you have built could fall apart if you have not taken the time to create a business succession plan. Without a plan in place, your business’s fate may be decided by a court instead of …