The Complete Guide to Planning Your Estate In Illinois A Step-By-Step Plan to Protect Your Assets, Limit Your Taxes, and Ensure Your Wishes Are Fulfilled for Illinois Residents - Softcover

Ashar, Linda C.

Softcover

ISBN 10: 1601384297 ISBN 13: 9781601384294

Publisher: Atlantic Publishing Group Inc., 2009

Synopsis

What happens to your estate after you are gone is very much within your control. Estate planning is not only for the wealthy; it is for everyone. It is simply the process of deciding where your assets are to be distributed after your death. For those people who wish to preserve their assets for designated purposes — such as family or special charities — it becomes necessary to make special advance preparations.

The right plan can protect the value of your estate and spare your loved ones unnecessary hassles and legal conflicts. The Complete Guide to Planning Your Estate in Illinois will help you glide through this complicated pro- cess. This new book has been adapted to offer Illinois residents state-specific advice for estate planning. Coau- thors Linda C. Ashar, attorney at law, and Sandy Baker have crafted an estate planning primer, allowing Illinois residents to become more informed and more involved during the process.

Illinois-specific information is offered throughout this book, including: Illinois’ probate code; Illinois rules, regulations, and laws specific to estate planning; elements of a valid Illinois will; planning your living will in Illinois; explanations of Illinois laws regarding durable health care power of attorneys, do not resuscitate (DNR) orders, and directives to withhold CPR. The book’s easy-to-understand context clarifies this complicated and sensitive subject and gives readers the power to take control of their future.

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About this title

About the Author:

Esq. Retired Estate Planning Attorney

Review:

Just mentioning the need for an estate plan often throws people into an instant state of guilt over not having one and confusion about how to start. What information is required? Which professionals should be contacted? What decisions need to be made? For most people, it is just easier to put it off again. Throughout my 18 years of practicing estate planning law, I constantly compared the ease of administering a clear estate plan to the turmoil caused when a family member died without a plan. One of the best gifts, and certainly the last gift, a person leaves his or her family is a well-planned estate. It is never too early to start thinking about an estate plan. The sooner a plan is started, the more options are available to the client. For example, life insurance frequently is an important component of a good plan, and policies are cheaper at a younger age. Starting relatively early in life usually means there is less financial information to organize, and updating becomes a lifelong habit. Moreover, clearly stating health care wishes and appointing a person to direct them are important at every age because accidents happen. The trauma of an accident is exacerbated when sensitive health care decisions must be made on assumptions, leaving family members, doctors, or even judges guessing about the patient s values. The Complete Guide to Planning Your Estate in Illinois is the perfect companion in the planning process. It explains the information needed to start what assets are included in the estate, the effect of debt, who can help and how to obtain that information. The terminology and options involved with probate, trusts, insurance, and the estate tax can be overwhelming. In my experience, many clients leave their first meeting with a professional feeling dazed. With The Complete Guide to Planning Your Estate in Illinois, clients can enter the meeting with an understanding of the process and know they have a resource to refer to every step along the way. Estate planning is a combination of federal tax law and state administration law. Any guide must include the fundamentals of the tax provisions and property transfer options, but also the particular rules specific to each state. Not following the state laws can cause delay and additional fees to correct mistakes, or worse, could invalidate portions of a plan. This guide is designed to inform Illinois residents of their options and the rules for implementing their plans. Recently, Stieg Larsson, the bestselling Swedish author, wrote all three books of the Millennium trilogy and died of a heart attack before any were published. They are a huge hit, resulting in millions of kroners in Larsson s estate. Who receives the money? He lived with a woman for years; she was his life companion, but they never married. He did have a will prepared years ago giving the money to an organization, but he never signed it. As in Illinois, Sweden has intestate laws that decide who receives a deceased person s assets in the event there is not a will. Under these laws, Larsson s father and brother are very wealthy men. If you don t have an estate plan, get started. --Kim L Allen-Niesen

About this edition

• Publisher: Atlantic Publishing Group Inc.
• Publication date: 2009
• ISBN 10: 1601384297
• ISBN 13: 9781601384294
• Binding: Paperback
• Number of pages: 336