In Kelly Greene’s Wall Street Journal article regarding inherited IRAs, she points out that IRA owners must start taking required withdrawals from traditional IRAs by April 1 of the year after they turn 70 ½. If they are past that age and die before taking the current year’s withdrawal, their…
Under Illinois law, the executor or administrator of an estate may open the Probate proceedings with the court as an Independent Administration. Under Independent Administration, the executor or administrator has authority to administer most aspects of the estate without court supervision. He has authority to sell estate real estate without…
In Kelly Greens’s article in the Wall Street Journal, she points out that having a Will or a Living Trust doesn’t necessarily affect your estate planning for your retirement assets. This is because retirement benefits are passed to the beneficiary named in the plan. An individual should feel confident that…
In an article in Smart Money Magazine, Tania Karas points out the importance of securing and transferring your virtual estate upon death. Your virtual estate is the body of nontangible, digital assets an individual creates and stores on his computer and the Internet. One way to address the matter is…
For a Revocable Living Trust to function property, it is not enough for the Grantor (the individual who made the trust) to simply sign the trust agreement. He must fund his assets in the name of the trust. Funding refers to taking assets that are titled in the individual Grantor’s…
A concern for parents or grandparents of children with disabilities is how to assist with the child’s financial future. One way to assist is to set up a Third Party Special Needs Trust. Any funds left for a disabled child, whether from an estate or the proceeds of a life…
Individual Retirement Accounts (IRAs) need to be taken into account when doing estate planning. The most important thing to remember with an IRA for estate planning purposes is to name a beneficiary. While a spouse is usually the logical choice for a beneficiary, you should be sure to name contingent…
When you give anyone a gift valued at more than $14,000 in any one year, you have to file a gift tax form. This is so that the government can keep track of gifts you make during your lifetime. You can give a total of $5,340,000 over your lifetime without…
Durable powers of attorney for property and health care are two very important estate planning documents. Having both in place allows you to avoid opening a guardianship with the Court which is expensive and time consuming. Because the individuals chosen will have to coordinate your care, it is important to…
What do wills, trusts and ping pong have in common? All three will come together for the Fifth Annual LaGrange Area Table Tennis Tournament on Saturday, NOVEMBER 9, 2013 at 10 am sponsored by the Law Offices of Wilson & Wilson. The tournament will take place at Hinsdale South High…