IL estate planning lawyerAs we approach the New Year, all families in DuPage County should recognize that it is the perfect time to consider estate planning issues or to review your estate planning documents. You may have developed your estate planning documents earlier this year, or you may have drafted estate planning materials years ago without considering updating those materials until now. Since you last considered estate planning more generally or created documents, laws have changed and your own personal circumstances may have changed.

We want to discuss some important estate planning issues that you should consider revisiting for 2019. No matter what changes you need to make, an Oakbrook Terrace estate planning lawyer can assist you.

New Tax Law Implications for Estate Planning

The first major change to the law that could have implications for your estate planning strategy is the new tax law that took effect in 2018. The Tax Cuts and Jobs Act (TCJA) raised the federal estate tax exemption. Between 2017 and 2018, the estate and gift tax exemption went up to $5.6 million per person from $5.49 million. As such, starting in 2018, a person can leave up to $5.6 million to family members without it being subject to a federal estate tax. Married couples who jointly leave an inheritance to their heirs can double the amount, meaning that up to $11.2 million can be exempt from federal estate tax. The federal tax exemption does not result in a change to the Illinois exemption, which is $4 million for an individual.

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Posted on in Estate Planning

Illinois probate attorneyWhen you lose a loved one in DuPage County or elsewhere in Illinois, how are assets of the deceased distributed? How do you handle the debts of your deceased loved one? Many Oakbrook Terrace residents assume that, as long as the person has a valid will, then assets simply can be distributed according to the terms of the will, and the family can begin moving forward after the death. However, it is important to understand that there is more to distributing someone’s assets than simply following steps laid out in a will. To be sure, in most cases, where assets either are distributed according to the terms of a will or the deceased dies without a will, the family members may need to prepare for a formal probate proceeding.

What is involved in probate, and will you need to go through probate in order for a family member’s assets to be distributed?

Probate in Illinois: What Do You Need to Know?

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last will and testament, Hajj,  DuPage County estate planning attorneys, Illinois intestate laws, pilgrimageDo you have a last will and testament? Hajj 2017 begins the evening of Wednesday, August 30 and ends the evening of Monday, September 4. Each year, millions of Muslims from around the world participate in the five-day Hajj pilgrimage. Indeed, as an article in the Independent suggests, about two million Muslims are likely to participate in the pilgrimage this year to Mecca. Given that Hajj is one of the five pillars of Islam, all Muslims who are able to make the pilgrimage are required to do so at least once.

Since the pilgrimage comes with physical challenges and requires travel to Saudi Arabia, it is important to have your affairs in order before going to Hajj. As such, if you are planning on going for Hajj, you should speak with a Muslim trusts and estates lawyer in DuPage County today to get started on this process.

Why Should I Create a Will Before Going to Hajj? 

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Posted on in Estate Planning

Illinois estate planning attorney, Illinois elder law attorneyWhen you are considering whether you need to make a will, it is important to think carefully about your assets and where you want them to go when you are no longer living. For most members of the Muslim community in DuPage County, it is extremely important to make a will. If you do not have a will at the time of death, then your assets will be distributed according to Illinois intestacy laws.

These laws are complicated, and they can prevent your assets from being distributed according to your wishes. While many people assume they only need to make a will if they have real property, any assets at all can be subject to Illinois intestacy laws at the time of death. By making a will, however, you can ensure that your property goes to the parties to whom you planned to leave it—whether it is your children or a neighborhood nonprofit foundation.

Do You Have Intended Beneficiaries Who Are Not Close Family Members?

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Illinois Islamic attorney, Illinois estate planning lawyerFor Muslims in Oakbrook Terrace who are currently planning for Hajj, you should ensure that you have your affairs in order before you begin upon this once-in-a-lifetime journey. While preparation for Hajj is an important time to create a Last Will and Testament, it is important for everyone, regardless of your income or the economic value of your possessions, to think about inheritance issues. Islamic law has specific mandates when it comes to inheritance, and if you do not prepare a last will and testament, your estate may be subject to Illinois intestate succession law.

The Hajj is the largest gathering of people worldwide, and for many Muslims, and given the sheer number of people, accidents can happen. To be sure, millions of people undertake this annual five-day pilgrimage, and you should have plans for your estate in place before you travel. An experienced Islamic lawyer in DuPage County can assist you today.

Islam Says You Should Have a Will if You Have Anything to Bequest

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