If you are thinking about purchasing a life insurance policy, or, you have already done so to provide financial resources for your family in the event something should happen to you, you should consider establishing a trust to hold the policy. Contrary to popular belief, trusts are not just for the wealthy. Trusts are a very practical part of a comprehensive estate plan for everyone, especially for families with minor children. Trusts can hold money or other assets, including life insurance policies.
How Do Life Insurance Trusts Work?
Instead of listing your spouse and children as the beneficiaries of your…
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Commercial real estate disputes tend to be quite complex for both property owners and developers. Issues may arise related to prior or subsequent owners, neighbors, governmental agencies, or other third parties. If you are a commercial property owner or developer, these problems can become costly and time consuming. In order to improve your chances of prevailing in any dispute, it is imperative to have a skilled Illinois real estate litigation attorney on your side. At Momkus LLC, our knowledgeable civil and commercial litigation attorneys have extensive experience with Illinois zoning and commercial real estate cases. We have represented countless developers,…
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Proper estate planning involves more than just deciding on how to distribute your assets to your beneficiaries after your death. Actuarial reports indicate that during our working lives, we are more likely to incur an event of disability. Thus, estate planning includes planning and making arrangements in the event you have a future disability, or to ensure that a child or family member with special needs is taken care of. Estate planning and disability planning can be complicated, and you should not make any decisions about what tools to use without speaking with a knowledgeable DuPage County estate planning attorney…
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When couples are going through a divorce, they are typically focused on topics like division of property, child custody and support, alimony, and more. However, other important aspects should be considered, including the tax consequences for each spouse. Divorce will have an impact on the finances of both parties, and failure to address tax consequences can take a seemingly favorable outcome and transform it into a financial nightmare.
It is important to speak with an Illinois divorce attorney, even in a situation in which you and your spouse are able to reach an agreement about the division of marital …
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If you are going through a divorce or are in a domestic dispute, you may feel threatened or in danger at some point. In the event this happens, you may need an order of protection, which is a court order that protects a family member from the actions of someone in their household. Orders of protection are valuable tools when used correctly. When seeking an order of protection, a skilled Illinois family law attorney can ensure that you receive the protections you need.
Orders of protection are sometimes requested during divorce proceedings, but they can also be filed separately,…
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As a small business owner in DuPage County, your immediate concerns probably center around positive cash flow and stability with your balance sheet. Since you are focused on the present and near future, planning for retirement or how to hand the business over to someone else is likely a lower priority. However, it is important to establish a business succession plan, especially if you are nearing retirement age. The idea of coming up with a business succession plan can seem daunting, but it does not have to be. An experienced business law attorney can advise you on the best…
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Most people are familiar with the terms “will” and “trust,” but are you aware of the differences between the two? Despite what some people believe, wills and trusts are not the same thing, nor are they interchangeable. In some cases, it is advisable to have a trust in addition to a will. If you have questions about the right estate planning tools for your particular situation, it is important to speak with a DuPage County estate planning attorney who can give you the proper legal advice.
A Will Takes Effect After Death, and a Trust Starts Immediately
One of the…
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