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Two-Thirds of Americans Do Not Have an Estate Plan
March 28th, 2024
A recently released survey* revealed only one in three (34%) American adults has an estate plan. Of those who do have an estate plan, 20% have not updated their plan in the last five years. 72% of women are without an estate plan compared to 59% of m…
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Increased Gift and Estate Tax Exemption Amounts for 2024
February 15th, 2024
The US Internal Revenue Service has announced that the annual gift tax exclusion is increasing in 2024 due to inflation. The exclusion will be $18,000 per recipient for 2024—the highest exclusion amount ever. The annual amount that one may give to…
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The Benefits of a Trust vs. a Will
December 1st, 2023
While a Last Will and Testament will direct your executor how to distribute your property, your executor will be required to go to probate court to collect and distribute your property, opening up your estate to the public eye and making it easier fo…
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Consider A Trust for Your Estate Plan
August 17th, 2023
Estate planning can be a challenge for Illinois residents. People want to share their assets without burdening their loved ones with heavy estate taxes, or the time and expense of going through the probate process. Establishing a trust may offer bene…
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A Common Misconception: Will vs Trust
May 30th, 2023
The Two Components Two components included in basic estate plans include a Last Will and Testament and a Trust. These can be used in combination with each other but can also be used separately. Our firm believes that a well-executed estate plan inclu…
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Importance of Powers of Attorney
September 21st, 2022
Being proactive in life is a good thing — especially if you’ve taken the time to prepare a Will or Trust to reflect how you want personal and financial matters handled after death. Planning for who makes financial and medical decisions for you if…
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The U.S. May Already Be in a Recession: Will the Housing Market Collapse Again?
August 8th, 2022
The economy is shrinking. Inflation is soaring, and the stock market is losing value. Searches for “Is the U.S. officially in a recession?” are now trending on Google. If the nation isn’t already in a recession, it might well be on the precipic…
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Will home prices fall?
July 25th, 2022
The top question on the minds of homebuyers and sellers alike is whether home prices are going to fall—and if so, by how much. Many real estate experts anticipate the rate of price growth will slow down as the year goes on. Others predict prices wi…
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Mistakes to Avoid in Estate Planning
June 9th, 2022
Failing to plan, failing to update the estate plan, failing to coordinate beneficiaries, forgetting to plan for disability and long-term care are the most common mistakes to avoid in estate planning. Failing to involve a legal, tax, or financial prof…
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The Importance of Powers of Attorney in Your Estate Plan
March 25th, 2022
Your estate plan should contain several elements. These all work together to ensure that your wishes are followed when you are unable to speak for yourself. You probably know that you need to get your Will in place. You may even recognize that you sh…
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Meet Kevin Barry
For over a quarter of a century, Kevin Barry has provided quality legal representation to clients in the Chicagoland area. Mr. Barry has dedicated his legal practice to all aspects of real estate matters, estate planning, probate estates, guardianshi… Read More
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