3 Things a Last Will and Testament Can Accomplish (And 4 Things It Can’t)

A last will and testament, or ‘will’ for short, is a legal document that communicates your wishes regarding how your assets will be distributed after you pass away. Although wills are an essential part of any comprehensive estate plan, it is also important to understand what their limitations are so that you can create alternative arrangements, such as trusts and powers of attorney. Here are three things that your Read More

Illinois Child Support: Understanding the New Income Shares Model

For three decades, Illinois has been calculating child support by using a ‘percentage of income’ formula that applies a set amount of 20% to 50% to the supporting parent’s income. On July 1, 2017, when Public Act 99-0764 comes into effect, it will convert to the ‘Income Shares’ model that is already being used by thirty-nine other states, in addition to Washington D.C., Guam and the Virgin Islands. The Income Read More

When a Will Isn’t Enough: Understanding the Benefits of a Revocable Living Trust

A will, or last will and testament, is an excellent first step in most estate plans. Wills can effectively identify what assets you have, and what you would like to happen to them when you’re gone. For many people, there comes a point when their estate is too large or complex to be properly dealt with by a simple will. When this occurs, a revocable living trust is oftentimes the perfect solution. Revocable trusts Read More