The Palley Law Office Post

When planning your estate, one of the biggest questions is whether to rely on a will or create a living trust. Both options help direct how your assets are passed on, but the financial impact can be very different. Probate fees in Illinois often surprise families, while trust setup costs can feel like a bigger upfront investment.… Read more: Probate Fees vs. Trust Setup Costs: What You Need to Know

Many people assume that estate planning is something they can put off—or that it’s only necessary for the uber-wealthy. But the reality is that not having an estate plan carries significant costs, both financial and emotional. These costs can affect your family’s financial security, cause unnecessary stress, and in some cases, permanently damage relationships. Let’s look… Read more: The High Cost of Not Having an Estate Plan

Cryptocurrency has become a mainstream investment class. Not just tech enthusiasts, but everyday investors and families increasingly look to Bitcoin, Ethereum and other digital assets to diversify their wealth. Cryptocurrency estate planning is a must for holders of digital assets. Unlike traditional assets—such as real estate, bank accounts, or securities—cryptocurrency presents unique challenges when it… Read more: Learn how to protect and pass on cryptocurrency in your estate plan.

As parents, we naturally spend a lot of time thinking about our children’s future — their health, education, and opportunities. But one area many families overlook is what happens if children are left without parents before they’re adults. Who would raise them? How would their inheritance be managed? In Illinois, estate planning isn’t just about… Read more: Estate Planning for Parents in Illinois: Protecting Minor Children

In this post my friend and University of Chicago classmate, Vernon Martin, provides insights into the work he does for American clients with estates that have overseas real estate holdings. Vernon Martin has more than four decades of commercial appraisal experience and has appraised properties on six continents. A former chief commercial appraiser at three… Read more: Vernon Martin – Appraising Foreign Real Estate for U.S. Estates

For male same-sex couples in Illinois, gestational surrogacy offers a meaningful and legally supported pathway to parenthood. Illinois law, through the Gestational Surrogacy Act (GSA), recognizes both intended parents as legal parents from the moment of birth, assuming the Act’s requirements are met. However, while the surrogacy process may be secure under Illinois law, it… Read more: Gestational Surrogacy and Estate Planning for Male Gay Couples in Illinois: What You Need to Know

Estate planning is never one-size-fits-all. For blended families—particularly when each spouse has children from prior relationships—the process requires careful thought and strategic planning. While many couples begin with simple “mirror wills,” leaving everything to the surviving spouse and then equally to all children, this arrangement may not fully protect the interests of each spouse’s biological… Read more: How to Protect Your Children’s Inheritance in a Blended Family

At this time of year many of us are traveling to enjoy a vacation at a summer home. Perhaps you live in Chicago and own a lake house in Michigan. Owning property in more than one state can complicate the administration of your estate. Many people don’t realize that real estate is governed by the… Read more: Estate Planning for an Out of State Vacation Home

When a will includes multiple pieces of real estate—especially commercial properties—dividing those assets among several beneficiaries can create unintended financial consequences. One of the most overlooked risks is the devaluation that occurs when beneficiaries inherit partial interests in real estate. This is particularly true for commercial properties, where the sale of a minority or fractional interest often triggers a discounted appraisal.

Many successful individuals focus on the federal estate tax, but it’s easy to overlook state estate taxes that can hit much lower wealth levels. Illinois is one of many states with an estate tax, and it applies to estates over $4 million – far below the current federal exemption (around $14 million per person). In other words,… Read more: The Hidden Estate Tax Trap in Illinois—And How a Trust Can Save You