A client from Orland Park recently inquired regarding the 2024 lifetime exemption amounts for gifts and transfers at death. The update is that the lifetime exemption for gifts and transfers at death has been increased in 2024 to $13.61 million (up from $12.92 million for 2023).
What Continue reading
Technically, you already have an estate plan. If you do not create a personalized estate plan, state laws dictate who will receive your money and property and the amount your spouse, children or other relatives will receive.
Generally speaking, if you are married with children, your Continue reading
Your revocable trust is a legal entity that holds and manages your assets during your lifetime and distributes them to your beneficiaries according to your instructions after your death. But for your trust to do its work effectively, you need to actually transfer/fund your assets Continue reading
What is “marital property” and how does it come into play in estate planning?
This is a question that comes from a client in Palos Heights, Illinois.
The classification of property as “marital property” or “non-marital property” is important in a divorce setting and related property Continue reading
