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Estate Planning

Tuesday, August 6, 2019

The ABC’s of Inheritance Law in Illinois

When a person dies, his or her estate, assets, and property is passed along, or inherited by the deceased person’s heirs or named beneficiaries through either a last will and testament or, if no will exists, through Illinois Intestacy Laws. These estate, assets, and property are called the inheritance and an identified receiver is known as the beneficiary. Inheritance law can be confusing, and the process must be timely. This is why it’s a good idea to work with an estate planning attorney when finalizing your estate plan – and of course M&A Law Firm has the best estate planning legal experts in the Chicago area!

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Tuesday, July 30, 2019

All About the Illinois Power of Attorney Act

power of attorney allows a person (known as a “principal”) to appoint a representative (or agent) to manage their property and affairs in the event they are no longer able to do so for themselves. At some point, nearly everyone will need a power of attorney to represent them. But it’s hard to know what a power of attorney is, how to appoint the right one, and what type of power of attorney you need. This is why it’s always a good idea to discuss any power of attorney agreement with a local attorney well-versed in these matters like the skilled lawyers at M&A Law Firm.

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Tuesday, July 2, 2019

The Probate Process in Illinois

In Illinois, the probate process makes sure that a deceased person’s property and assets are distributed correctly and that any debts or taxes are paid in full. Probate is a court supervised legal procedure that may be required after a person’s death. Although many estates are unable to avoid probate in Illinois, the process can be very difficult to navigate. If you’ve found yourself caught up in the probate process, the skilled estate planning attorneys at M&A Law Firm can help you navigate your way through the sea of paperwork you may find yourself drowning in.


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Tuesday, June 18, 2019

Millennials' Frequently Asked Questions About Estate Planning

As the first of the millennials are starting to enter their forties, many of them are starting to ask questions about planning their estates. In the Chicago area, the skilled estate planning attorneys at M&A Law Firm have all the answers that their inquiring minds need to know. There remain, however, certain frequently asked questions millennials come to us with regarding estate planning, and we’ve summarized them here to help more young people get a better idea of why they need to start planning their estate sooner rather than later.


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Tuesday, June 4, 2019

Staying Safe with Your Power of Attorney

power of attorney is a legal document authorizing one person - referred to as an agent - to act on behalf of another person in business and legal affairs. Is this may become necessary, for example, when closing on the sale of a piece of real estate or undergoing life-threatening medical procedures. Power of attorney documents, in short, give your agent the authority to make legal decisions on your behalf. This authority may be temporary or permanent, or conditioned upon the occurrence of some future event such as permanent impairment or disability. Once given, a power of attorney must be revoked in writing - and in some cases, it cannot be revoked at all.

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Tuesday, May 21, 2019

Should a Charitable Trust Be Part of My Estate Plan?

There are many options available to you in designing an estate plan that is just right for you and your goals, and with the help of a trusted advisor you can put the pieces in place in a way that perfectly suits your needs. A charitable trust is one of the many tools you have at your disposal – but only a good estate planning attorney can give you the advice you need you make sure your estate plan suits all of your financial and personal needs.


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Thursday, May 16, 2019

What Happens if You Inherit a Property in Foreclosure?

 Knowing what will happen to your home or real estate properties after you pass is an important part of proper estate planning. However, it is an unfortunate fact that many elderly people face challenges paying their mortgages. This can add to the already daunting legal challenges that come with planning an estate, and sometimes properties our pass to inheritors in a will while the property is undergoing foreclosure proceedings. These circumstances raise unique legal issues that must be addressed with the help of a good real estate attorney.

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Tuesday, April 30, 2019

Living Trusts, Revocable Trusts, and Pour Over Wills - What's the Difference?

In Illinois, as in most states, there are several tools that are especially helpful to have at your disposal. Of special interest here are the estate planning instruments involving the establishment of a trust: inter vivos trusts, revocable living trusts, and pour over wills.  But what are these estate planning mechanisms, and how they can serve you in achieving your proprietary goals? Read on and learn!

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Tuesday, April 9, 2019

Top 3 Tips for Managing Estate Taxes

Much like filing your taxes, planning your estate is seldom easy and never fun. It requires you to think deeply about the circumstances you will leave your loved ones in after you pass. This can be tough to handle for anyone, but fortunately a good estate planning lawyer can help guide you though the process of planning an estate – a process that is often complex and fraught with pitfalls.

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Tuesday, March 19, 2019

Trusts vs. Wills: Understanding the Most Common Estate Planning Tools

Estate planning is complicated, and you should never attempt it alone. With that being said, it’s critical to educate yourself on the important aspects of estate planning. Wills and trusts are two of the most common legal tools in an estate planning lawyer’s toolbox, so you should consider whether either – or both – should be a part of your final arrangements.

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Thursday, March 7, 2019

Your Roles and Responsibilities as Executor of a Will

Everyone should have a will. It’s a keystone of any estate plan, and it’s a critical way to ensure that your assets pass to your loved ones – and not the state – after you pass. It’s easy to be intimidated by some of the technical aspects of estate planning, particularly given how specialized the concepts and vocabulary related to the execution of an estate can be. A skilled estate planning attorney is an important partner in the process of setting up your will. But just to give you a better idea of who and what is involved in the execution of your estate, or if you’ve been named as the executor of a will yourself, here is some helpful information that may help you grow more comfortable with the process.


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