Blog


  • Why Can’t We Have a Joint Trust If We Are Not Married?

    Joint trusts are beneficial for many married couples, especially if they have a stable relationship, do not have many creditors, and do not live in a state where their estate may be subject to a state death tax. Compared to separate trusts, they are easier to fund, allow the surviving spouse to have complete control over the money and property held in the trust, and may help avoid much higher trust income tax rates that are applicable to their spouse’s separate trust after their spouse dies.
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  • Why a Book Lover’s Collection Should Be Considered When Estate Planning

    An individual’s belongings—such as jewelry, furniture, photographs, and books—sometimes slip through the cracks of their estate plan. While certain books may be gifted to a beneficiary in a loved one’s will, a book lover may leave behind other books that the family must decide what to do with.
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  • The Death of Raquel Welch and What Her Estate Plan Is (or Might Be)

    Raquel Welch, whose acting career spanned five decades, passed away in February at the age of eighty-two. Welch appeared in more than thirty films and fifty television series, won a Golden Globe Award, and has a star on the Hollywood Walk of Fame. However, Welch was more than an actress. She was also a savvy businesswoman with several successful ventures, including a fitness program, wig line, and celebrity product endorsements.
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  • Ways Your Will Can Be Revoked

    A will (which should be accompanied by other important documents such as healthcare and financial powers of attorney, as well as an advance healthcare directive) is a foundational estate planning document. However, according to Gallup, only 46 percent of US adults have a will. This number has remained consistent in Gallup polls dating back to 1990. If you are among the minority of Americans with this crucial estate planning document, then you probably recognize the risks of not having a will.
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  • Things to Consider Before Leaving Your Retirement Account to Your Minor Child

    Your retirement account may be one of the most valuable things you own. When it comes to estate planning, many people consider naming their children as the beneficiaries of these accounts because they think it is a way of easily transferring their wealth if something happens to them. However, there are some factors that make this type of transfer more complicated than you may think, especially if your child is a minor.
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  • Are You Single with a Minor Child? If So, You Need a Plan

    As a parent, you carry the great responsibility of caring for and providing for your child. When you have minor children who depend on you for their survival, it is important to have a plan in place to make sure they will be cared for if you are unable to care for them
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  • Nonjudicial Settlement Agreements: The Good, the Bad, and the Ugly

    Some trusts are irrevocable as soon as they are created, which means that, in general, the trustmaker (the person who created and funded the trust) cannot terminate or modify it and take back the money or property that it holds.
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  • The Stuart Legacy Alliance has Merged with Pavone Law Group

    Effective January 2022, the Stuart Legacy Alliance merged with Pavone Law Group in Bloomingdale, Illinois. The merger will help better serve the Stuart clients with more depth of offerings, providing more personnel and practice areas.
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  • Have You Chosen the Right Trustee?

    Whether you are reviewing your existing trust or creating a new trust, you should understand the important role that a trustee plays not only in handling trust matters but also in providing for and protecting your loved ones. Designating a reliable trustee for your assets is a crucial step in the estate planning process and the estate planning attorneys at Pavone Law are here to help you learn more about the process.
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  • Have You Thought Through Your Retirement Plans?

    Beginning your retirement is a great milestone that is worth celebrating. You have put in many years of hard work, and you are now able to focus your energy on the next phase of your life. However, before you begin this next chapter, you need to make sure that you have fully thought through this exciting change in your life.
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