The ABC's of Estate Planning for Illinois Residents

        This 75 page softbound book covers all the basic estate planning topics, and introduces the reader to advanced estate planning topics. It is written by Illinois attorneys for Illinois residents in plain, simple and concise English. The book will give you an advantage in getting your estate planning efforts on the right track from the start. Estate planning law is a combination of federal and state law. The book will help you sort through your options, plan for the distribution of your estate to your heirs and beneficiaries, and plan for future disabilities. There are hundreds of copies of this book in circulation in Illinois; feedback received has only been positive. First published in 1998, the book is updated several times a year to reflect changes in the law. It is not available for purchase anywhere else, and no other books like this covering Illinois law are currently in print.

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                                      The book covers the following topics:

The Basics of Estate Planning - A general discussion of wills, living trusts, powers of attorney and guardianships. A more in depth treatment of distribution planning is the subject of the Wills and Livings Trusts section. More information on disability issues is found in Disability Planning. If you expect to receive large gifts or bequests during your life, or you are a donor and want to insure your gifts are used with maximum effectiveness, the treatment of Spendthrift Trusts and the Supplemental Needs Trusts in this section will be of interest to you. These trusts enhance a gift or bequest with debtor/lawsuit protection, fund management, transfer tax exposure reduction, collateral public assistance, and post-death remainder disposition features.

Wills

Living Trusts

The Spendthrift Trust

The Supplemental Needs Trust

Property Powers of Attorney

Living Wills and Health Care Powers of Attorney

Do I Need a Will? - some people don't need a Will; this section will tell you when it would be better to use alternative property transfer vehicles, and what they are; explains in detail who gets your property if you die without a Will.

Wills and Living Trusts

Distribution in Trust vs. Outright - explains when you should consider including a trust in your will, instead of leaving property outright, for your heirs and beneficiaries.

Specific and Residuary Legacies - two different ways of leaving property to loved ones, and what difference it makes.

Disability Planning - a thorough treatment of the methods for easing the transition to disability, if this may occur in your case.

Guardianship

Living Wills

Statutory Power of Attorney Documents

Specifying Your Powers of Attorney

Probate and Estate Administration - an introduction to the process by which a decedent’s assets are collected, his debts, taxes and expenses are paid, and his heirs and/or legatees are distributed what is left over. Methods of limiting probate expense exposure are discussed.

The Big Picture for Big Estates - an overview of tax sheltering vehicles for people whose estates are exposed to transfer taxes at death. Estate taxes are imposed on combined lifetime and testamentary property transfers exceeding $2,000,000 (rising to $3,500,000 in 2009, then unlimited (i.e., repealed) in 2010, and then returning to the $1,000,000 level in 2011 and thereafter).

Estate Tax Exemption Utilization - discusses estate tax reduction methods using exemptions provided in the tax code.

The Credit Shelter Trust

The Marital Deduction Trust

Lifetime QTIP Trust

Generation Skipping Trust

Crummey Power Trust

2503(c) Minors Trust

Irrevocable Life Insurance Trust

Tax Favored Giving Strategies

Estate Valuation Freezing and Discounting - discusses more advanced estate tax reduction techniques.

Grantor Retained Annuity Trust (GRAT)

The Qualified Personal Residence Trust (QPRT)

The Personal Residence Life Estate Trust (PRLET)

Asset Installment Sale

Self-Canceling Installment Note

Family Partnerships and Corporations (FLP)

Charitable Giving - acquaints the reader with donor scenarios that produce a bigger bang per charitable buck expended. The reader is also introduced to two of the most common charitable trusts used in the estate planning context, the Charitable Remainder Trust and the Charitable Lead Trust.

Charitable Remainder Trusts

Charitable Lead Trusts (CLT)

Illinois Land Trusts - Vince Tolve, Vice President and Trust Officer of Lakeside Bank in Chicago details the benefits of using a land trust for holding title to your real estate.

A Funeral Overview - a treatment of the basic concepts, issues and options involved in the process of leaving your loved ones to rest.

The Purpose of Funerals

Funeral Etiquette

The Jewish Funeral - a description of traditional Hebrew remains disposition procedures.

Business Succession Planning - a discussion of the process by which a smooth succession of ownership and control can be achieved by the small business owner and his family.

The Tools of Business Succession Planning

Conclusion

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