Estate planning is vital for everyone, regardless of age or financial status. Illinois law clearly outlines key documents that residents should have in place to protect their assets and ensure their wishes are honored. Proactively creating these documents can save your loved ones significant stress and confusion in the future.
Essential Estate Planning Documents for Illinois Residents
1. Last Will and Testament
A Last Will and Testament allows you to outline how your assets will be distributed after your
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Financial
A Guide to Storing Your Estate Planning Documents
Creating a comprehensive estate plan is a vital step toward ensuring your wishes are carried out and your loved ones are taken care of after you’re gone. However, equally important is knowing how and where to store these critical documents. Proper storage and accessibility are key to effective estate planning. Here are three steps to ensure your estate planning documents are secure and available when needed.
Step 1: Organize Your Estate Planning Documents
The first step is to gather…
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2025 Estate Planning: Post Election Changes
Learn what you need to know about 2025 estate planning and how to position your legacy for the future. The 2024 election has ushered in a pivotal moment for estate planning, especially for high-net-worth individuals. With significant tax changes on the horizon, now is the time to revisit and refine your estate plan to ensure it aligns with the evolving financial landscape. The anticipated continuation of favorable tax policies presents an opportunity to preserve and transfer wealth efficiently, but…
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Legacy Estate Planning: Lighting the Way for the Future
As the holiday season brings family and loved ones together, it also offers an opportunity to reflect on the values, memories, and traditions that define your legacy. While holiday lights brighten our homes and hearts, estate planning can illuminate the path to securing your family’s future and ensuring your wishes are carried out.
Here are a few steps to consider as you plan your legacy during this season of giving:
1. Gather Together: Open the Conversation
Just as families…
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Important Update on Beneficial Ownership Reporting Requirements
A recent federal court order has temporarily stopped the enforcement of the filing requirements for beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN).
Therefore, at this time, reporting companies (existing and newly organized) are not required to file beneficial ownership information reports and will not be held liable for failing to do so while the order remains in force.
The reporting companies, however, may file their reports voluntarily.
On December 3, 2024, in Texas Top Cop Shop v. Garland,…
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Charitable Giving in Your Estate Plan
The holiday season is a time for giving and reflection. As you consider your loved ones and the year ahead, it’s also an opportune moment to think about your legacy and how you can make a lasting impact on the causes you care about.
Charitable Giving and Estate Planning
Incorporating charitable giving into your estate plan can be a powerful way to support your favorite charities while also achieving significant tax benefits. Here are a few strategies to consider:…
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High-Net-Worth Families- Secure Your Legacy This Thanksgiving
High-net-worth families have so much to be grateful for. Thanksgiving is a time for gratitude, family, and reflection. As you gather with loved ones to give thanks for your blessings, it’s also an opportune moment to consider the legacy you wish to leave behind. For high-net-worth families, effective estate planning is essential to ensuring your wealth and values are passed on seamlessly to future generations.
Why Thanksgiving is the Perfect Time for Estate Planning Discussions
- Shared Presence: Family
…
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‘Tis the Season to Plan: Holiday Insights for Business Owners

The holiday season is a time for joy, reflection, and gratitude. However, it’s also a great opportunity to take stock of your business and personal affairs. As a business owner, you’re likely busy with year-end tasks, holiday parties, and family gatherings. But don’t forget to carve out some time to address your business and estate planning needs.
Holiday Insights for Business Owners
1. Year-End Business Planning:
- Review Your Business Goals: Take a moment to reflect on your business’s achievements
…
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Why Estate Planning Matters for High-Net-Worth Individuals
You’ve dedicated countless hours and immense effort to building a life of prosperity and success. It’s a testament to your hard work, intelligence, and unwavering determination. But as your wealth grows, so does the complexity of ensuring your legacy lives on.
Perhaps you’ve envisioned your children pursuing their passions without financial worry, or maybe you dream of making a lasting impact on your community through charitable giving. Whatever your aspirations, a well-crafted estate plan is the cornerstone of securing…
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2025 Qualified Plan Cost of Living Increases, 2025 Social Security Taxable Wage Base
On November 1, 2024 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits. Almost all of the limits shown below have increased from last year.
Qualified Plan Limit
Cost-of-Living Adjustments
401(k) and 403(b) elective deferral limit
2024 – $23,000
2025 – $23,500
$200,000 compensation limit
2024 – $345,000
2025 – $350,000
$160,000 defined benefit limit
2024 – $275,000
2025 – $280,000
$40,000 defined contribution limit
2024 – $69,000
2025 – $70,000
$80,000 definition…
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When to Create an Estate Plan: Key Milestones to Consider
For many high earners and families, estate planning often comes as an afterthought. However, putting an estate plan in place early can provide peace of mind, protect your loved ones, and ensure your assets are distributed according to your wishes. Here are some key life milestones when to create an estate plan and when to start planning.
Key Life Milestones to Start Planning
1. Starting a Family
Having children or expanding your family is one of the most important…
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Preparing for the Federal Estate Tax Changes
As the seasons shift and we head towards the end of the year, many of us reflect on change. Yet, for high-net-worth individuals and families, there’s an upcoming “sunset” that may impact their financial future—one that’s not found on the horizon but rather in Washington, D.C. The current federal estate tax changes to exemptions is set to be reduced in 2026, and this change could significantly impact how much wealth you can transfer tax-free.
What Does the Estate Tax…
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Succession Planning for Ambulatory Surgery Centers and Their Physician Investors
“If I have seen further, it is by standing on the shoulders of Giants,” said Sir Isaac Newton of the contributions his predecessors made to his own work.1
The same might be said by a young physician today, reflecting on the legacy of those who pioneered the free-standing ambulatory surgery center (ASC), just over 50 years ago. Little could those early innovators imagine the complexity and scope of the procedures now performed in this type of facility.
As…
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Are Your Children Prepared for Their Inheritance?
As a high-earning individual or licensed professional, you’ve likely worked hard to build and protect your wealth. But have you considered whether your children are ready to responsibly manage the inheritance you plan to leave behind? Preparing children for inheritance goes beyond accumulating assets—it involves ensuring they’re equipped to handle the responsibilities that come with wealth.
In this blog, we’ll explore how preparing children for inheritance can safeguard your financial legacy and set your heirs up for long-term success.
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What is the Difference Between a Private Foundation and a Donor-Advised Fund?
When high-net-worth individuals and families incorporate charitable giving into their estate planning, they often consider donor-advised funds and private foundations as vehicles for managing their philanthropy. Both options have unique advantages, and the choice depends on the donor’s goals, level of control, and financial considerations.
Donor-advised funds are like charitable savings accounts. Donors contribute to a DAF through a sponsoring organization, receiving an immediate tax deduction, while funds can be invested or disbursed over time. DAFs are easy to…
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Avoiding Probate with Proper Estate Planning
When it comes to estate planning, one of the most important things you can do for yourself and your loved ones is to avoid probate. Probate is the legal process where the state steps in to distribute your assets after you pass away. While this process is necessary in some cases, many people would prefer to have more control over what happens to their hard-earned money, property, and possessions.
In this blog, we’ll discuss what probate is, why you…
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