Consumers may be able to retain their homestead and vehicle when filing for bankruptcy in Illinois, but specific conditions apply. Whether a certain property is exempted depends on the value of the property and the exemptions that are available.
Consulting with experienced trust attorneys can help Illinois residents avoid common estate planning mistakes. Estate planning errors and omissions can make a loved one’s death even more difficult and stressful for surviving family members. Everyone with any amount of assets should
Setting up a family trust can protect financial assets for heirs and beneficiaries. A family trust provides many benefits for family members and acts as an instrument to pass assets along to future generations.
The federal government has laws that require certain types of health care facilities to tell patients their rights upon entry, but they do not cover what will happen in the event that the patient is unable to understand those rights. To ensure that patients have some form of control over their care, even if they are unconscious, Illinois has…
Declaring bankruptcy does not mean a person needs to surrender all of his or her assets or possessions to satisfy debts. Under Illinois and federal law, there are numerous exemptions that help give individuals the opportunity to make a fresh start following the conclusion of bankruptcy proceedings.
When lack of capacity or undue influence is factors in the creation of a will or trust, there exists the possibility to challenge the document. In Illinois, these constitute grounds to invalidate provisions relating to the disposition of property, financial assets, donations, etc.
Wills and trusts are two common legal instruments of estate planning. A will is a legal declaration of an individual’s wishes for the distribution of their assets after they have died. A trust also provides for asset distribution upon death, but can also control assets during the client’s lifetime and can place parameters on distribution after death.One of the…
There are no restrictions on how many bankruptcy cases a person can file, but there are restrictions on the time between filing. A bankruptcy attorney can explain the bankruptcy process and the required waiting period between filings.
Living trust beneficiaries have certain rights that are designed to help protect their interests with regard to the trust at hand. The type of living trust (revocable or irrevocable) and the type of beneficiary involved determines which rights apply.
There are a few facts about revocable living trusts that might seem a bit surprising to many individuals who are interested in this effective estate planning tool. While a living trust is often an adequate solution for avoiding lengthy probate and the expenses that are associated with this burdensome process, it may not be the right choice for everyone….
