The Palley Law Office Post
Read informative articles on wills, trusts, estate planning and probate.
- How to Avoid Probate in Illinois
When someone dies, the process of settling their estate in Illinois often involves the court-supervised system known as probate. During probate, a court oversees the payment of debts, the validation of a will (if any), and the distribution of assets to heirs. Avoid probate and you avoid this expensive and lengthy process. While probate can offer… Read more: How to Avoid Probate in Illinois - Empower Your Legacy: Give Back With Estate Planning
As Thanksgiving approaches and Giving Tuesday follows, many of us feel inspired to give back to our community. It’s a season of gratitude and generosity. One meaningful way to give back is by incorporating charitable giving in your estate plan. Not only does this allow you to support the causes you care about, but it can also offer… Read more: Empower Your Legacy: Give Back With Estate Planning - How Long Does Probate Take? What You Need to Know
Discover how long probate takes in Illinois, what factors influence the timeline, and strategies to simplify probate and protect loved ones. As with all content on this website, this article is educational in nature, and is not to be relied upon as legal advice. Consult an attorney for counsel specific to your circumstances. Understanding the… Read more: How Long Does Probate Take? What You Need to Know - Probate Fees vs. Trust Setup Costs: What You Need to Know
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 - The High Cost of Not Having an Estate Plan
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 - Learn how to protect and pass on cryptocurrency in your 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. - Estate Planning for Parents in Illinois: Protecting Minor Children
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 - Vernon Martin – Appraising Foreign Real Estate for U.S. Estates
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 - Gestational Surrogacy and Estate Planning for Male Gay Couples in Illinois: What You Need to Know
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 - How to Protect Your Children’s Inheritance in a Blended Family
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