IL divorce lawyerGoing through a divorce in DuPage County can create complications in many different areas of a person’s life, from financial matters and employment schedules to estate planning. While estate planning might not be the first thing on your mind when you are in the middle of a divorce, it is essential to think carefully about estate planning—and to make any necessary changes—in conjunction with your divorce.

At the Farooqi & Husain Law Office, we routinely serve members of the Muslim community in a variety of divorce matters, and we can assist you with questions concerning divorce and estate planning in DuPage County. One of the Oakbrook Terrace divorce lawyers at our firm can speak with you today.

1. You Should Revisit Your Will

When you are planning for a divorce, you should understand how Illinois divorce law works. At the same time, you should be speaking with your divorce lawyer about revising the terms of your will and how you might make changes according to the Illinois Probate Act. Most parties will leave property to their spouses in a will, and most of those parties will want to make changes after a divorce. If you do not change your will, a divorce will not result in any automatic changes. You need to make those amendments or revisions with your lawyer’s help.

...

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.

...

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?

...

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? 

...

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?

...

Recent Blog Posts

Categories

Archives

Contact Us

NOTE: Fields with a * indicate a required field.
*
*
*

10 Best Attorney Award

Chat Us Text Us